Marketing in its simplest meaning can be described as ‘putting the right product in the right place, at the right price, at the right time.’ The 4Ps of marketing is a great place to start looking at your product and how to evaluate how to market this to your target audience.
A product is an item that satisfies the consumer’s needs or wants and can be tangible (goods) or intangible (services, ideas or experiences). A product has to meet a customers demand and solves a problem. Benefits and features should be understood to help with its unique selling proposition.
The price refers to the actual amount a customer pays for a product and is the only variable that has implications for revenue. How a product is priced will affect how it sells so you also have to consider the customers perceived. If you price higher or lower than the perceived value then the product may not sell.
Promotion refers to marketing communications could include a variety of elements that could include advertising, direct marketing, sales promotions, offers or even public relations. Whatever technique is used it has to be suitable for the product, the price and the target market.
Place refers to providing customer access to the product. This should be convenient and distribution is the main element of this. The main channel of placement has to be the most suitable, so the product gets to the customer.