Turning a Business Product into a Brand by Proper Marketing
For a business to say it is successful, it has to pass tests such as breaking even, paying its liabilities so as to be termed as successful. It takes quite a lot of effort to properly run and manage a business so as to safekeep the associated brand. It is in marketing where the business gets to know its customers and also show what it has for them.
Marketing simply entails thinking about the business in terms of customer satisfaction as well as their needs. So as to properly introduce a product into the market, the process involves the use of four strategies simply known as the four P’s of marketing. The first P is all about the product. During this stage, the product is identified and selected and then it becomes developed.
The second P in the marketing strategy is about pricing. It is within this second stage whereby after the product has been developed that its price is determined. The owners of a product will also compare pricing of their product with that of competitors so as to know the price range of such a product. This stage will help a business set a price that is competitive and that which is neither too low nor too high.
Place takes in the third P in the marketing strategy. It is at this third stage where a business has to determine how well to choose a distribution channel so as to reach out to the intended customers. Location is very important because setting a product in the wrong place is simply bad for business. For example, it would be unwise for a person to set up a butchery in a location that only vegetarians live in. This would mean no sales as there is no demand for the said product. This third stage is important for marketers and therefore, there is the need for them to know how well to place a business.
The forth P in marketing is all about product promotion and this is the product which a business is trying to introduce to the market. This is the stage whereby a business has to know how well to place the right information to potential clients as a way of being able to show the difference between that product and others in the market. During this stage, the channels used to properly promote a product involves advertisements, social media marketing, public relations, search engine marketing and all other marketing strategies that can place a product in the right place. With that in mind, a business is set to go as proper marketing has been done on its product thus making it easy to turn the product into a brand.