Get to Know the Basics of Marketing Strategy

GET TO KNOW THE BASICS OF MARKETING STRATEGY A. Understanding Marketing Strategy There are many marketing strategies that are often used by companies. However, all of these techniques still rely on the basic 4P marketing strategy. In short, this strategy uses four things as its basis, namely product, price, place, and promotion. So, as a marketer, you need to pay more attention to these four things. The reason is, these four marketing elements will determine the success of your business. There are many marketing strategies that are often used by companies. However, all of these techniques still rely on the basic 4P marketing strategy. In short, this strategy uses four things as its basis, namely product, price, place, and promotion. So, as a marketer, you need to pay more attention to these four things. The reason is, these four marketing elements will determine the success of your business. B. Elements of the 4P Marketing Strategy 1. Products Products or services are an inseparable part of a business. However, products cannot just be sold according to the wishes of the company owner. More than that, you need to consider whether your product is needed or wanted by the public. You have to ensure that the products you sell are truly useful for your consumers. It doesn't stop there, you also need to create unique products, as Purely Branded says. Don't just follow trends and end up losing to your competitors. 2. Price Quoted from CXL, 94% of online consumers are willing to set aside time to look for commodity products at the lowest prices. This shows that price is one of the biggest factors in purchasing products. Basically, price is the cost that customers pay for a product. So, make sure the value of your products is commensurate with the costs they incur. Apart from that, you also need to consider competitors' prices. If your product is similar to a competitor's, but they offer a cheaper price, you could lose out on competition. To increase sales, you can also provide promotions and discounts. 3. Place Place is also an important factor in the 4P marketing strategy. This element considers the place to sell your product or service, as written by Business. Not only that, you also need to think about how to distribute the product until it reaches the hands of customers. The goal or principle of place is to make products as easy as possible for customers to find. So, they will find your product easily and quickly. Unfortunately, many marketers often make mistakes in determining where to sell. 4. Promotion What is the meaning of a product if it is not known to the public? Therefore, promotion or promotion is needed. Of all the 4P elements, promotion is the biggest responsibility of a marketer. You must be able to promote and market your product until it reaches consumers. Currently, there are many marketing strategies that you can use for promotion. Some of them are digital marketing, social media marketing, referral marketing, and viral marketing. You can choose all these options according to your target market. So, they can get to know your product better and finally make a purchase. The 4P marketing strategy is the basic foundation for all marketing practices. So, never take one of these four things for granted, okay? However, just knowing the basics of marketing is not enough. You need to know the latest marketing trends to win the hearts of your target market.