Marketing a business rightly brings about the sustenance of that business. A business cannot in any way, shape or form make a customer spend money, but they can provide the tools that include “the 4 P’s” to increase a products potential. The 4 P’s include place, product, price, and promotion.
To increase your products potential while marketing your business, the 4 P’s should be analyzed and broken apart before they are put in the market. By applying place, product, promotion, and price, your product has a better chance for success.
Product
Product refers to an item that the consumer needs or wants and can include tangibles (goods) and tangible products (services and ideas). Marketing decisions that will be made concerning the products are the product’s design, features, and quality.
Promotion
Promotion goes hand in hand with advertising, PR, direct marketing and sales promotion. Promotion is essential when selling a product. It is the means of making your product and company go public. There are forms of media available to increase public awareness such as television, newspapers, and the internet. One of the most important perspectives of promoting is to make the customer think that they need your product. Promotion includes a message strategy (what should be communicated), media or channel (how to reach customers), and message consistency (how often).
Price
The price variable must be thought through from the manufacturer’s end to the final customer price. Distribution must also be considered, and if the product is to be sold in stores, the retailer’s mark-up will need to be considered. Other aspects, such as business competitor’s prices and payment plans for the commodity, are also included in the pricing variable. Price may also include what the customer might be willing to compromise to get your product. The marketing decisions in regards to price include price strategy, tactics, rebates for distributors, and payment terms such as credit and other methods for payments.
Place
Place which is also referred to as distribution is part of the marketing mix. Distribution is the method of making a product or service available for the customer or business that needs the product. There also needs to be a plan of action in place in order to see what approach is best to distribute the product. There are 3 approaches to distribution which include mass, selective and exclusive distribution. Marketing a business may also include motivational channels which are offers such as special deals, premiums, and allowances for product display.
Marketing is important in a business because it increases the company’s efficiency.
How are you marketing your business? Drop your comments below.