After you have researched the market for your product, you then have to segment your market.
Yes, there is a market for eye wear, but there are different consumers of eyewear.
There are students who needs glasses for reading purpose, there are those who want sunglasses for looking smart, there are those who need glasses for driving purposes.
Segmenting your market gives you a sense of different clients in one market.
What is next?
After you have segmented the market, you then have to start communicating with them.
So you decide, you want to communicate with prospective clients who want sunglasses because they want to look smart
How do you do that?
Using a marketing concept called marketing mix.
The concept is simple.
Think about another common mix – a cake mix.
All cakes contain eggs, milk, flour, and sugar. However, you can alter the final cake by altering the amounts of mix elements contained in it. So for a sweet cake add more sugar.
It is the same with the marketing mix.
The offer you make to your customers can be altered by varying the mix elements.
So for a high profile brand, increase the focus on promotion and desensitise the weight given to price.
So what are the ingredients that makes the marketing mix?
They are know as the 4Ps of marketing.
The original Marketing Mix was introduced seventy years ago.
It was a framework for considering how to grow a business and gain market share.
The mix consisted of four Ps, Price, Product, Promotion, and Place, a list of ingredients that every marketer must pay attention to in order to ensure that their product succeeded in the market.
The mix does not mean you have to apply all the Ps in equal measure. Depending on the nature of the idea, business or target market, you will have to apply the Ps in varying degrees.