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- March 14, 2009
The Four P’s of Business
If you’re a woman in business you are probably operating on, what I call, a “low-to-no budget.” Many of us have to wear several hats under the marketing umbrella, therefore, knowledge of each area is important to develop a focused effort.
A focus on what the customer wants and needs is essential to successful marketing efforts. This customer-orientation should go hand-in-hand with the company’s objective of maintaining a profitable volume of sales. Marketing is a creative process combining all of the activities needed to accomplish both of these objectives.
The American Marketing Association’s definition of marketing is:
“The process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.”
Providing the features and quality customers want is a critical first step in marketing. You will be facing an uphill battle if you provide something you want to produce and then try to convince someone to buy it.
Once you have a product, you need to determine a price for the product, let potential customers, know about your product and make it available to them. These are often called the four “P’s” of marketing:
Product
Price
Promotion
Place (how you distribute it)
If you cover the four P’s well, you should have no trouble achieving a fifth P: profits.
7 Responses to “The Four P’s of Business”
The fifth P: Profits! I love that. You are a business guru, my DIVA sister. You explain difficult concepts in easy to understand, succinct language. Keep on going on!
By Teri Dempski on Mar 14, 2009
So often we aim just for the profit and forget about the other P’s. But, I must admit, I am stuck on the last “P”.
Thanks for this great reminder.
By rosie on Mar 14, 2009
Great ideas for covering all your “P bases.” I just opened my business, so right now I’m far from it, but I hope to one day make it to the fifth and final P!
By Eileen Williams on Mar 21, 2009
You’ve just described what I do everyday in my business! It’s important to remember the simplicity and stay true to activities that ultimately lead to profits. I love the four P’s! THANKS bunches!
By WendyY Bailey on Mar 21, 2009
Satisfying customers is one of the most difficult parts of the business. Some people are not happy no matter what you do.
By B. Feltz on Jun 7, 2009