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Product
A product is a good or service that a business owner provides for sale to
his target market. When it comes to developing a product, the design,
quality, packaging, features, after-sales service, and customer service
should be considered.
If you want to start a business, you need to know what you are going to
sell. The 4 Ps of Marketing may seem easy, but they can also be difficult.
You may think that you can just sell any product that you think appeals
to your target audience. However, you need to research and study the
market before you can actually figure out what to sell.
You should think carefully of what you are going to offer. Do not forget
to define the characteristics of your service and see to it that you meet
the demands and needs of your customers. Keep in mind that warranty,
service, and support are very important.
Place
This is with regard to location, distribution, and ways of delivering the
product to the customer. The place may include the location of your
business, distributors, shop front, possible use of the Internet, and logistics.
It is important for you to have a good understanding of the strategy
behind the positioning or place. You have to make it work for you, even
if it means seeing through the mist of marketers who plan to fog up the
minds of customers.
Price
The price is the amount of money that customers have to pay to
purchase products or avail of services. There are several factors that
you have to consider when it comes to price. These include discounting,
price setting, credit collection, and cash and credit purchases.
Before you invest in a new venture, see to it that you have carefully
defined the 4 Ps of Marketing. Otherwise, you will not be able to
achieve stellar results. You should not forget to practice ethics in pricing
either. You can have a poll or send out questionnaires to help you
determine your price. Nonetheless, you should neither set your price too
low nor too high.
If your price is too low, you may lose potential customers who are wary
of bargain prices. If your price is too high, you may not attract
customers who are on a budget. Hence, you should base your prices on
the range of services that you offer as well as the level of your
education and expertise. Do not forget to consider taxes and overhead
among other important things.
Promotion
Promotion is all about the act of communicating the values and benefits
of your products to your customers. It involves the use of different
methods, such as direct marketing, sales promotion, advertising, and
personal selling to persuade customers to your business.