A good marketing strategy is comprised of the elements referred to as the marketing mix. These elements need to be considered when making marketing strategy decisions. The primary components of the marketing mix are product, price, promotion, and place. These "Four P's" are the foundation for all marketing strategies. Whether you are in the process of developing a business plan or have been operational for years, to maximize your efforts, it is essential to consider carefully, each or these components.
Products usually go through a life cycle that is made up of four stages; introduction, growth, maturity, and decline. Your strategies will be different depending on the stage of the cycle. What exactly is your product? Is it user friendly? Does it really serve a purpose to satisfy a need or a want? What are the uses for your product? Are there additional uses for your product that you have not been marketing? Specific to beer products, you must determine whether you will be marketing a specialty beer or one of the bigger name brands such as Coors.
Price considerations include asking whether your product is affordable to your target market. Where does your price stand in relation to your competitors? Think about the discounts you offer and your credit policies. What is your pricing strategy? Consider whether you should price your beer product on the low side in order to gain market share, or selling a more expensive beer if selling a specialty beer.
Place, or the distribution of your product is the concept that your product must be in the right place at the right time. For instance, selling snowboards in July on a beach is not the time or place to be. Where are you distributing your products? Your strategies may include decision on store locations, sales territories, inventory level, shelf location and type of shipments. Consider whether you will distribute the beer or consider a wholesaler environment.
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