The 4P’s in Marketing

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I studied Business in High School, College and obtained my Degree in Business Studies and Management, I enjoy the subject. My family has had their own businesses my whole life so I’ve grown up in an environment of people working for themselves, I also worked from a young age in my father’s store, Pakistanis 😉

There has been an exponential growth of online business activities with more and more people making money online. Either via social media like YouTube, Instagram, Ebay or people self publishing books via Amazon, creating websites and using affiliate links.

The internet has created an opportunity for the masses to create for themselves, have multiple revenue streams and sell to people all over the world. It’s a very different world to my parents and a great opportunity for our generation.

When wanting to make money keep these 4P’s firmly in your mind

1/ Product – What are you selling? What is the Product or Service? It will always come down to a Product or Service to sell I.e. A chef that is hired to cook for functions. A Kindle book? Toys? Cakes? Applying Henna on people? Fitness and nutrition training advise? Remember – WHAT AM I SELLING and how can this benefit others.

2/ Price – What is your Price point? Price is one of the most important factors in a customers decision to purchase and one of the things they will consider the most. The seller has to work out profits from Price after costs. Already established brands have higher vantage points in this in comparison to a new brand/Product on the market.

3/ Place – Where are you going to be selling the Product? The internet is big business with relatively low-cost compared to establishing a retail store. Even if an actual transaction doesn’t take place the initial place potential customers are engaged and converted is online. A  stall at an exhibit? Where’s the location? Are you able to be mobile?

4/ Promotion – Promotion PROMOTE PROMOTE PROMOTE your Product/Work/Self. No one else will do this work for you. Social media is great for this, use the ones you find best for you, create a website and have somewhere where people can have access to you and get a reply. I’m surprised so many people do not have a website for their products/services/work and how poor some of the large companies are I.e. Primark in this day and age. Promotion is communicating the value and benefits of the Product to the customer.

Work on yourself, your craft, your Product. You have something good the people will come, there’s a market for everyone and everything and if there isn’t go create it! Go get em!

This is a comprehensive blog on the basics of the 4P’s, for more in-depth reads search online because understanding the business aspect is imperative in marketing and making money.

 

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