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Marketing Your Business 

Q What are the four P's of marketing and why are they important?

A The four P's of marketing are:

  • Product - What is the product and what position in the market does or will it hold? How will you package it? What are the features and benefits of your product? You must always be defining and refining and designing your product.
  • Price - Quite simply you have to decide how much you will charge for your product. But, the task is not as easy as it might sound. There are numerous elements that must be included in pricing including your costs, what your customer will pay, the image you want to be consistent with, and what you competition charges.
  • Place - Place is not just "location, location, location." It also includes your position within the market as well has how you distribute and place your product.
  • Promotion - Promotion is informing your customer of your product. It is advertising, networking, service, etc. What are the vehicles you will use in promoting your product/business?
    • Media - newspaper, television, radio, Internet, etc.
    • Flyers, brochures, business cards.
    • Networking - other businesses and business affiliations, professional organizations, trade associations.
    • Trade Shows

 


 

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Page last updated: October 11 2013

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