Turning a Business Product into a Brand by Proper Marketing
For any business to claim that it is successful, there are steps that have to be followed for it to be able to pay its liabilities, breakeven and eventually be termed as successful. There is a lot of effort that is usually put in for a business to stay in the market and protect its brand. Marketing a business can be defined as going out and making customers aware of what a business is offering to the market.
What marketing simply entails are thoughts about the business in regards to customer satisfaction and also looking at their needs. As a way of promoting a product in the market, the process of marketing entails four strategies also known as the four P’s of marketing. The product is represented by the first P. During this stage, the product is identified and selected and then it becomes developed.
The second P in marketing is about Pricing. At this stage, it is where the price of a product is determined before going out. It is at this stage where product owners will check out what other competitors are selling what they have in the market as a way of knowing how to price their product too. This stage will help a business set a price that is competitive and that which is neither too low nor too high.
The third P is all about place. This P is all about how a business has to choose a channel of distribution mainly trying to reach out to their potential customers. Choosing the right location or place is truly important as being at the wrong place can mean the end of a business before it even starts off. For instance, one can not place a butchery at a place that is only full of vegans. This would mean no sales as there is no demand for the said product. There is need for marketers to be cautious with this stage as it is a critical one and hence the need for them to know how to place what they have for the market.
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 will involve knowing how to well place proper information to consumers so as to differentiate a particular product or service from others. The main ways of promoting a product at this stage involve use of ways such as advertisements, social media marketing, search engine marketing, public relations and other ways to help the product be known. That way, if a product is well promoted, it means that a business is ready to start competing with others and also that it is ready to turn their product into a brand.