PROJECT N2…

CREATE
NEW TELCO
PRODUCT OR SERVICE

1 Sunday, February 13, 2022

5P…

2 Sunday, February 13, 2022

5P…
A product can be
Price
anything like a physical
product, a service,
information, etc., that
benefits and satisfies the
needs of customers.
To begin with, you first
need to tell your
audience what your
product is. And how your
product differs from your
competitors.
Before you showcase
products to the
prospects, you have to
be clear and specific
about the benefits you’re
offering.
For that, you need to
really ask some critical
questions to yourself,
such as:
• Is your product suitable for
today’s market?
• How does your product
solve a specific problem?
• Are there any physical
attributes of the product that
customers should know?
• Compared to your
competitors, does your
product offer more benefits?
Determining your product’s The place is the location Your product is top-notch, The final and most important
Place
Promotion
People
price is the most crucial part or channel where your has the best location and P in the 5 Ps of marketing is
because it has a direct product can be found. competitive price, but People.
impact on your product’s without promotion, you To be successful in business,
success. So, you should make
your product more won’t reach out to you always have to build
To standalone in the market, customers. relationships with your
make sure you’re offering
accessible and visible to customers first and provide a
the prospects. Start spreading a message
competitive prices and not about your great user experience.
undervalue the product. Nowadays, your virtual company’svalues vision You need to understand your
You have to reexamine your place is more important and – the customer’s customers concerning:
product’s price continuously than that of a physical problem you’re solving. • Demographics – Age, Gender,
to validate that the cost is location as people tend Education, Occupation, and Life
appropriate to the current The promotion may include Events
to buy online more. various distribution • Geographics – Location
market.
To identify the ideal channels such as offline segmented into cities, regions,
Below are some of the marketing, sales states, countries, and continents
questions that you should location for your product, • Interests and Behaviors
you have to determine promotions, telemarketing,
consider before finalizing the Suppose you’re an owner of
online advertising, and
price of your product. the following questions. more. a vegan restaurant, then
• Does the price match the quality • What is the geographic promoting it among the non-
of your offering? To craft the perfect veg society will drown your
• What’s the ongoing price for the location of your target promotional campaign, you business in no time.
same product in the audience? need to figure out the
marketplace? • In how much time can following: That’s why understanding
• What are the margins for your people (or audience) is
everyone in the distribution you provide your • Does your competitor do crucial.
channel? product to customers? promotions?
• Are customers ready to pay for While focusing on
• Is your product • Can you promote your customers, don’t forget your
the extra benefits you’re
providing? available on both offline products more than the internal people, as they are
• Are you generating enough stores and online competitors? also essential to grow your
profits to sustain in the market? platforms? • Do your promotional business.
• Can you provide a promotional messages entice
offer or discounts on your
• Do you distribute In many cases, businesses
prospects to buy your fail to grow because they
product? products yourself or
product? don’t put the right people in
Tip: Offering the best price use third-party • Are you going to promote
value to both your customers the right position in the
platforms such as your brand everywhere company.
and the company can grow Amazon?
your business exponentially. (both offline and online)?
3 Sunday, February 13, 2022