Start with your 4 P's of Marketing

Do you know your 4 P's of Marketing?

Whether you have a start-up business or established business, clearly defining your 4 P's of marketing is critical to success.  It will help you develop a strategic marketing plan.  Without this strategy, any marketing tactics you implement could be ineffective.

As mentioned in our previous blog, the 4 P's of marketing are:

  • Product/Service
  • Pricing
  • Promotion
  • Placement/Positioning

Let's discuss the first P, "Product" (or service).

Having a marketable product or service, one that is demand, is imperative.  Sometimes an entreprenuer has an incredible idea.  They ask their friends and family, who are very supportive, and they all agree it is a great idea.  They do no market research and bring the product/service to market and no one buys it. 

Defining your product/service is the first step.  Many questions need to answered:

  • Is there a demand for this product/service?
  • Who is my target market for this product/service?
  • What is the production cost?
  • How can production costs be lowered?
  • How does it work?
  • Who else has this product/service and how are they doing it?
  • Does your product/service have any deficiencies?
  • Is there a better way to do it?
  • How can repeat sales be encouraged?  Could this product spin into an entire product line?

Many other questions should be asked.  It is highly recommended to have an outsider look at your idea, one who has no bias to you.  This will give you honest feedback.

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