Marketing your business is about how you position it to satisfy your market’s needs. There are four elements in marketing your products and business. They are the four P’s of Marketing. They are:
- Product. The development of the correct product attributes to meet the needs of the target market.
- Place. The right product at the right price available in the right place to be bought by customers.
- Promotion. Informing potential customers of the availability of the product, its price and its place. Promotion entails personal selling, mass selling (advertising, publicity), and sales and promotion.
- Price. The right product offered at the right price.
Each of the four P’s is a variable you control in creating the marketing plan that will attract customers to your business. Your marketing plan should be something you pay careful attention to because the success of your business depends on
it. As an entrepreneur, you determine how to use these variables to achieve your profit potential.
These key points are a staple and have been instituted for years but are still relevant today. During the next couple of weeks, I will share how marketing “You” falls within these parameters! We will discuss how to determine the four P’s, research consumer behavior in your target market and other forms of marketing! Stay tuned!
