The 4 Ps of Marketing Your Business
Whether you are a freelance graphic designer, want to own a salon, or run your own production company – effective marketing is the key to your businesses success. To develop an effective marketing plan you need to know the 4 Ps of marketing: product, price, place, and promotion.
Product is defining what you are going make or sell. You need an effective description of your product and know what differentiates your product or service from others. A product’s features, brand name, packaging, service, and warranty are all part of the product development.
Price is determining what you are going to charge for your product or service and make a profit. Determining price will require you to know exactly what your product or service costs you to provide. You also need to know what competitors charge for the same product or service. To determine price you need to know what customers are willing to pay.
Place is the means of getting the product into the consumer’s hands. Knowing where your customers shop will help you. Direct sales, retail, and the internet are places to consider.
Promotion is the effort to inform, persuade, or remind potential customers about your product or service. Television and radio commercials, flyers, coupons, and social media are forms of promotion. Promotion can also be used to improve your businesses image.
Small business owners and entrepreneurs should always have a basic grasp of every aspect of their business. Marketing is no different. As a small business owner knowing the basics of marketing is a must. So when determining how to market your product or service always keeps in mind the four Ps.