Home Product Management Applying Marketing 4Ps in Retail – Product (Part 1)

Applying Marketing 4Ps in Retail – Product (Part 1)

by Master Fool

I will be sharing  a 4 part series on how to work a marketing proposal by applying the marketing 4P’s mix into a retail environment. If you have no idea on what are the elements in each of the marketing 4P’s mix in retail then this article would be a bit of an insight on what are the things that you should consider in each of the 4P

The first element of the marketing mix 4Ps is the Product element. Product by definition is a physical item or a service that is made available to consumers for use. It is anything that is offered to the consumer that can satisfy their needs or their wants. With this in mind, does the product that you are about to sell able to satisfy your consumer’s needs or wants? They will essentially be your target market.

So here are some of the elements in the Product element of the marketing 4P that you need to take into consideration

What does your consumers what?

Like I’ve mentioned earlier, is your product able to satisfy your consumer’s needs or wants? This includes the quality of your product if it is able to meet your consumers’s expectation and more

How will your consumers be using it?

You need to also consider how your consumers will be using the product. This means how complex is your product usage. Some products can be a little complicated to use and a simple example is a cake premix. Some premix would only require you to add flour whereas some more ingredients are needed. You need to understand if your consumers find it too complex to be used and if its something they can accept

What are the key unique selling points of your product?

You need to identify what are your products key unique selling point. This helps to differentiate your product from the rest of the competition or it gives new consumers a chance and reason why they need to purchase your product

How will your product look like?

Here we are talking about the aesthetics of your product. How would the packaging look like and the design of the packaging and label. Its important because this would be the first impression of the product as well. Choosing the right packaging covers many consideration from ensuring the product safety to how its being displayed on shelf to how it appeals to your consumer. The design of the labels by using colours to attract your consumers are also part of what you should consider

What are the varieties to choose from?

You need to decide what are the sizes and variants to launch. Or just one product one size will do? Not really advisable as you would not gain much exposure on shelf. Usually to go for 2 sizes, trial size and confident size is a more advisable option and to launch at least 2 variants so that it sits nicely on the shelf and able to gain a little visibility among the many brands. At this conjuncture, you need to also think if the future variants/flavors to continue to keep your consumers excited

What’s the brand name of your product?

Its important part of the product mix as you need to keep the brand name simple, easily recognizable, easily pronounced and not offensive to anyone.

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