Marketing is one of the most important skills that you need to develop whenever you plunged yourself into business. Marketing is the way you promote your products or services. It is a way to get your products known to the public and target your customers.

In one of my previous posts, I wrote about some low capital marketing ideas. While there maybe a lot of ways to market the products or services of your business, you need to study first the so-called Four P’s in Marketing to hone and develop your marketing skills before you can even market your business. By using variations of these four market components you have the ability to reach multiple consumers within your target market.

Price.  The price is the amount a customer pays for the product or service. It is determined by a number of factors including market share, competition, material costs, product identity and the customer’s perceived value of the product. You may increase or decrease the price of product of your business depending on supply and demand in the market.

Product. Product is a tangible object or an intangible service that is mass produced and measured as a specific volume of units. Intangible products are often service-based offerings.

Place. Place represents the location (e.g. Country) where a product can be purchased. It is often referred to as the distribution channel. It can be both physical, as well as, virtual (e.g. the Internet).

Promotion. Promotion represents all of the communications that you may use in the marketplace. Promotion has four distinct elements; advertising, public relations, word of mouth, and point of sale.

In marketing your product or services, you need to ask yourself about these 4P’s in Marketing to target your customers better, minimize costs, and improve business profit.

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