Strangely, these four words are both strictly linked and completely independent
ID: 3013695 • Letter: S
Question
Strangely, these four words are both strictly linked and completely independent of each other in the area of marketing. Segmentation can occur through the use of these categories, but it's not always accurate or effective. For example, a wealthy person may not have a large ego, so the prestige of owning a high-end brand of car would not appeal to them. Conversely, they may have a large ego and want to impress the Joneses with their fancy vehicle, but not be able to afford the car with cash (only be able to finance it and make payments). If you are selling a product/service, how do you feel you would balance these four terms to ensure you will get maximum sales from all personality types and purchasing power demographics?
Explanation / Answer
Solution: - The four words which are used in the marketing field are product, place (distribution), promotion and price.
Product: - As there is a competition in the market the salesman should be able to explain the advantages of his product over others salesmen. For example if you selling the car then you should also use that car to impress the customers. You should not have a large ego, so the prestige of owning a high-end brand of car would not appeal to customers. You can explain to your customers that you have purchased it on EMI. Secondly if you are using a fancy car then it can impress the customers to choose different colors with the same facility.
Place: - Place is very important to attract the customers. You can set up your distribution centres in the large cities where demand and supply can be compromised. Everybody wants that product which has approachable service centres.
Promotion: - To promote the product we can use the social media, newspapers, seminars, demonstrations, TV channels, hoardings etc. More promotions attract more customers. If you have some gift with your product then you can promote your another products also in the form of gift.
Price: - The price of the product must be reasonable. If it slightly less than the price of others shopkeepers for the same facilities then you sale will increase.
You should balance these four terms to ensure maximum sales from all personality types and purchasing power demographics.
Every customer has different personality. If your behavior is flexible then you can impress your all type of customers. If you are able to satisfy their all demands then your sales will increase. Everybody should be able to feel that you are approachable to them.