What is marketing Matrix?
Marketing matrix is the combination of Product,price,place and promotion for any business enterprise or venture.
Product defines the features and appearance of good and services.
Price define how much customers pay for a product.
Promotion defines how customers are informed about products.
Place defines the point where products are made available to the customers.
Basically none of the marketing matrix is important than the other and they ideally support each other. Selling the right product at the right price is how business gets done.
Product
The product or service the customer is purchased its quality must go beyond the obvious. One has to consider the consumer needs so as to market the product. There are several benefits a consumer is always looking in …show more content…
It also defines how the goods or products reach the consumer. Productsmay be delivered to the consumer or the consumer may have to go to a store to purchase the goods. The product can also reach the consumer through whole sale channels. The channels used to get to the product may have a positive or negative implication on the price.
Price
Price is a critical contributor to how your product will sell. Too high prices for the product will make consumers see no value in your product. When the price is too low you will be risking the confidence consumers may have on your product. There are many factors you should consider when determining the price of your product. One can start with a low price but when the product gains popularity or consumers see quality in your price the price can be increased.
Any business enterprise operates on the needs of the consumers. Understanding and putting into consideration all components of the marketing matrix one will know when to sell and promote his/her products or services. You should market your products when the demand is too high to get higher
Marketing matrix is the combination of Product,price,place and promotion for any business enterprise or venture.
Product defines the features and appearance of good and services.
Price define how much customers pay for a product.
Promotion defines how customers are informed about products.
Place defines the point where products are made available to the customers.
Basically none of the marketing matrix is important than the other and they ideally support each other. Selling the right product at the right price is how business gets done.
Product
The product or service the customer is purchased its quality must go beyond the obvious. One has to consider the consumer needs so as to market the product. There are several benefits a consumer is always looking in …show more content…
It also defines how the goods or products reach the consumer. Productsmay be delivered to the consumer or the consumer may have to go to a store to purchase the goods. The product can also reach the consumer through whole sale channels. The channels used to get to the product may have a positive or negative implication on the price.
Price
Price is a critical contributor to how your product will sell. Too high prices for the product will make consumers see no value in your product. When the price is too low you will be risking the confidence consumers may have on your product. There are many factors you should consider when determining the price of your product. One can start with a low price but when the product gains popularity or consumers see quality in your price the price can be increased.
Any business enterprise operates on the needs of the consumers. Understanding and putting into consideration all components of the marketing matrix one will know when to sell and promote his/her products or services. You should market your products when the demand is too high to get higher