In the business world of merchandise marketing, competition is fierce. So if you’re planning on trying your own luck in the game, you better come prepared with business strategies and marketing plans that will be sure to hold their own against the competition. If you’ve ever taken a marketing class while studying for a merchandise marketing degree or independently, then you have probably learning about the four P’s of marketing. If not, or if you need a review, we have listed the four P’s below, and how they all contribute to a stellar marketing strategy.
1. Product. In merchandise marketing, it is important to remain impeccably true to the product you are trying to sell. Think hard about all of the different features of the product. What sets your product apart from all the others? Why would someone benefit from choosing your product or service compared to others in the market that are similar? Make sure you play up these aspects in your marketing plan, and make it clear to consumers why your product is superior.
2. Placement. Nowadays, many people choose to shop online instead of going to stores. When it comes to strategizing how to market your product, you must consider if you think sales would do better on the internet, in stores, or perhaps both. Given your industry, where might your customers expect to find you? Are your locations convenient and accessible? Do they make sense, given the product you are marketing?
3. Promotion. Promotion is where the real marketing strategy comes in. A promotion strategy usually refers to the way in which you are going to let people know about your product. Additionally, a promotion strategy gives you the chance to offer incentives for interest in your product. Maybe you are going to give away coupons with purchase. Maybe you are holding a grand opening gala event of your store, etc…
4. Price. How will you determine your product’s pricing structure? Setting a price often requires a little bit of industry research. Look for other similarly-marketed products that are similar to your own. Find out the pricing range of this type of product. Determine what the cheapest prices are versus the most expensive you can find. The trick is to price your item competitively without unnecessarily lowering your product’s value.
This concludes your review of the four P’s of marketing. Now it is up to you to launch your product successfully, using your very own merchandise marketing skills!
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