Key items in marketing is a term used to refer to the most important parts of the marketing mix, which is made up of the product, pricing, promotion, and place. The key items in this mix are the most important components that need to be taken into consideration when developing a successful marketing strategy.
Product
In the product aspect of the marketing mix, key items are those products or services that are most desired or profitable for a business. It is important to identify these key items as they can be used to focus a business’s marketing efforts on marketing them heavily rather than on products or services that do not offer the same level of potentially high returns.
When selecting key items for your product portfolio, important aspects that should be considered include pricing, customer need, competitive environment, and how well the product can be differentiated from similar products on the market. It is also important to think ahead and understand potential future market trends and customer preferences, as well as how the key items will fit into the larger product strategy.
Pricing
When it comes to pricing, key items are those items where pricing can have the biggest impact on profitability. When selecting key items, there are a number of pricing strategies that can be used, depending on the type of product or service being offered. For example, a company may choose to use a market-based pricing strategy, focusing on what customers are willing to pay for their product, or a cost-based pricing strategy, which looks at what it costs the company to produce each item.
The type of strategy chosen will vary depending on the product or service and it is important to consider the potential impact of each pricing strategy on profitability. It is also important to be aware of any regional or legal differences in pricing, such as regional taxes, and ensure that all prices comply with relevant laws or regulations.
Promotion
When it comes to promotion, key items are those products or services that can be promoted in a way that is likely to generate the most customer attention and interest. Promotion strategies can vary depending on the target audience, budget, and desired outcome.
Become a Sales & Marketing Rainmaker
Learn valuable skills to win more customers, grow your business, and increase your profits.
When selecting promotional items, it is important to think beyond traditional advertising methods, such as print and radio, and consider other forms of promotion, such as online and social media. It is also important to consider the value that a promotional item offers to customers, and weigh up the impacts of any promotions against the time and money invested.
Place
For place, key items are those items that are most likely to have success when sold in certain locations, or through certain distribution channels. When selecting locations, it is important to think about customer needs and consider the limitations of any given location and the store environment. For example, if a store needs to stock a large range of items, they may choose to focus on a certain group of key items that they can then use as the basis for promotion or to facilitate cross-selling.
It is also important to consider any distribution limitations that may exist, such as restrictions on selling into certain countries. In this case, it is important to consider any potential opportunities for working with local partners or distributors.
General Guidelines and Best Practices
As a general guideline, it is important to consider the bigger picture when selecting key items. This means it is important to think about the current market environment and the potential for customer demand in the future, as well as look for ways to differentiate products or services from the competition.
It is also important to think about customer needs and use customer insights as a guide when selecting key items. For example, consider the needs of different customer segments when selecting products and tailor your promotion and pricing strategies to meet these needs.
When selecting key items, it is also important to consider pricing and promotion strategies, as well as the impact of the store environment and any distribution limitations. It is important to weigh up the potential benefits of any promotion against the cost and time invested, and make sure any prices charged are in line with local laws or regulations.
Finally, it is important to regularly review and adjust key items as needed, as customer preferences and market environments are constantly changing. This will help ensure that you are always focussing on customer needs and adapting your strategies to ensure your products and services remain relevant and profitable.