Business Basics - The Four P’s Of Marketing

Starting a business is difficult work but the rewards are seemingly limitless. One of the most important aspects of running a flourishing business is successful marketing. Marketing runs beyond advertising, although advertising certainly is a big part. Understanding marketing before opening your own business is easy if you can remember the “Four P’s of Marketing”.

The first “P” of marketing stands for “Product.” The product is whatever the business is selling, whether an actual physical product or a service. This “P” is mainly about product quality, meaning that it meets the needs of the target market. Product quality will also differentiate between your product and other similar products, so it is important to make sure that the product quality is up to par.

The second “P” of marketing is “Price.” Obviously, any business wants to maximize their profits in order for business to thrive. This is as simple as understanding supply and demand. Setting the price of the product at the equilibrium of where supply and demand meet will ensure the maximum profit. This may be a case of trial and error for a new business, but it’s smart to do your research beforehand and find out pricing strategies of other similar businesses.

The third “P” of marketing is “Place,” also referred to as distribution. Essentially, this is where you will sell your product to the public. There are multiple options for distribution: selling one-on-one yourself, selling the product to retailers or wholesalers or selling online. Often, a business will start out by selling one-on-one or online and reach the point where they are able to sell to retailers. The place where you choose to sell your product is one of the most important aspects of marketing.

The final “P” is the one that most people think about when thinking about marketing. This, of course, is “Promotion.” Many will consider promotion to be advertisements such as magazine ads, television ads, and newspaper ads. These are all promotional marketing strategies. Other promotions will include offering deals and sales on the product in order to lure people into buying. As long as the product is of good quality, they will return to purchase it again at the standard price. Promotion is all about getting your product out into the market.

The Four “P’s” of Marketing are easy to understand and will add to your business when they are correctly implemented. That is why it is necessary to understand marketing prior to starting your own business.

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