entrep

4Ps of the marketing mix tool:

1. Product

  • Is your product branded effectively?

  • How do your customers rate the quality of your product?

  • Is there recurrent negative feedback about the same thing?

  • Are there improvements that could be made?

  • Is your product brand strong?

  • Do you offer a guarantee?

  • Do you have availability or stock?

  • Could you take on more customers or orders?

2. Price

How does your product compare when it comes to the market price?

  • When was the last time you reviewed your pricing?

  • When was the last time you altered your price in-line with inflation, or market supply and demand?

  • Is your pricing model clear and easy to communicate?

  • Do you know your profit margin on each product you offer?

  • Do you provide any added-value to your offering?

  • Do you offer the most appropriate payment methods for the customer?

  • Do you offer credit facilities?

3. Place

  • Is your product available in the place where your customers shop?

  • Is your product visible to your target market?

  • Are you visible on social media?

4. Promotion

  • What marketing communications do you have?

  • Do they need updating?

  • Do they give the right messages?

  • How could you refine your sales process?

  • What PR activity are you doing?

  • Do you have a marketing budget? Should it stay the same, or change this year?

  • Do you network to promote your business?

5. People

  • Do you have the right people to sell your product / service?

  • Do you have the right amount of marketing support?

  • Are the right people in your team, in the right roles?

  • Do you need more, or less resources?

  • Could you outsource some of your work to reduce commitment on costs?

  • Do you have the right culture within the team?

  • Do you have a good recruitment, training and appraisal system for staff?

6. Process

  • Is your sales process efficient?

  • Are your processes customer focused?

  • Do you have a good process for dealing with technology issues?

  • Have you established systems for as many things as possible within your marketing and sales process?

7. Physical Evidence

  • Is your product packaging reflective of the quality of the product? This could apply to the way a service is delivered, including any physical documentation.

  • What is the online experience if the product is delivered digitally?