(This article is part of our Create your Plan blog series, to read the first one please click here)
The 4 Ps are often referred to as the marketing mix; Product, Place, Price, Promotion.
Looking at these 4 key areas of your business, you will understand your offering.
What is your product, what does it do? What are its features? Does anyone else offer the same or solve similar needs?
How much does it cost? Do you have a supplier cost? What is your margin? What profit do you make? Is there a premium for this product? How much do your competitors for your customer need selling for?
Where do you sell your product? Do you have a shop, website, mail order? Do you take it to your customer? Does someone else sell it for you?
Ah hah! Now this is what everyone recognize marketing to be … see my earlier blog … however this to me is just marketing communications. How do you tell your customer about your product?
Easy. Covered all basis then?
Oh no what about the customer?
Take time to think about this and then check back later this week to read my next blog.
If you would like further explanation how to use this model, please check out our packages for more information.
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