The four Ps for marketing

product

A product is any item designed to accomplish the needs and wants of a given customer. The product under discussion could either be a good or a service. For the sake of our discussion, we use Bosch Toy Tools as an example. Bosch toy tools provide children with fun opportunities to identify with the adult world. Marketers should always make sure they understand their product very well before they get into the market to market it and it should stand the competition. One should ask himself or herself a number of questions while marketing any product like what do customers want from the product or service? What structures of the product work to meet your customer’s needs? Where and how will the customer be able to use it? What will be the experience of the customer on the product? For our question, one can take a toy for children to be our product.

Price

After considering the product, the other question that lingers on mind is the value which you attach on the product and that is the price of an item or a service (Faisal, 2016). When pricing, one takes care of the calculations of the material that have been used to prepare the product and also the time that it has taken for the product to be prepared and reach the market. In this regard, one should ask himself what are the materials needed to make a toy and how long has it taken to prepare that toy? All Bosch toys tools are produced by the Theo Klein company and their prices are reasonable and they are of quality. Price does not only refer to the value of money on a product but also time and effort a consumer is able and willing to use to acquire it. One needs to know how the value will mean to the competitors and what is the value of the product to the buyer.