The 3 C’s of marketing are product, price, and promotion. By focusing on these three key areas, businesses can create a well-rounded marketing strategy that will reach their target audience and achieve desired results.
Product refers to the goods or services that a business offers. It is important to consider what needs or wants your target market has that your product can fill. You should also think about how your product is different from or better than similar products on the market.
Price is the amount of money charged for a product or service. When setting prices, businesses must consider their production costs as well as what consumers are willing to pay. Promotions are the various activities undertaken to communicate the benefits of a product or service to potential customers. Common promotional activities include advertising, public relations, and discounts/sales.
Product strategy
There are three main elements to consider when developing a product strategy:
1) What needs does your product fill?
2) Who is your target market?
3) How will you position your product in the marketplace?
Service strategy
The customer must always be the focus when creating a service strategy. What needs do they have that are not being met by the current offerings? How can the company better serve their target market? Answering these questions will help to guide the development of a new service or the improvement of an existing one.
Secondly, cost must be taken into account. It is important to ensure that any new service can be delivered at a price point that is affordable for both the company and the customer. Otherwise, it risks becoming a financial burden that neither party is willing to bear.
Finally, convenience is key when it comes to services. Customers today expect fast and easy solutions to their problems. They do not want to have to jump through hoops or wait extended periods of time for assistance. Any new service should therefore be designed with this in mind, making it as simple and straightforward as possible for customers to take advantage of it.
Pricing strategy
There are a variety of ways to price products and services, but the three most common pricing strategies are cost-based, value-based, and competition-based.
Cost-based pricing involves setting prices based on the costs incurred to produce the product or service. This includes direct costs (materials, labor, etc.) as well as indirect costs (overhead, marketing, etc.). The goal of cost-based pricing is to recover all costs incurred in producing and selling the product or service so that the business can be profitable.
Value-based pricing involves setting prices based on the perceived value of the product or service. This means that businesses take into account not only their own costs of production but also what consumers are willing to pay for the product or service based on its perceived benefits. The goal of value-based pricing is to maximize profits by charging a price that consumers are willing to pay while still covering all production costs. Competition-based pricing involves setting prices based on what competitors are charging for similar products or services. Businesses research their competition carefully to see what prices they are offering and then set their own prices accordingly. The goal of competition-based.
