Marketing is all about finding, getting and keeping customers. Communication is the key and your customers will form opinions by everything you do, from the way you answer the telephone, to the warmth of your greeting. One method of producing a marketing plan is to base it on the “marketing mix”, commonly known as the four 4Ps of marketing”, those being product, price, place, and promotion.
Your product/service should be developed from the findings of your market research activity.
Price should be determined from the findings of your market research activity. You need to take into account the ultimate quality of your product/service. Price must be linked to financial forecasting, which in turn enables assessment of business viability. The price must be one that is acceptable in the market place, and at the same time delivers profitability.
You should consider the “physical” places where you will sell and the location of your potential customers. Your market research should include studies on different locations before deciding on the best one.
Promotion is about making your customers aware of your product or service and attracting their interest. All promotional material must be tailored totally to the needs and benefits to your customers. The best examples of promotional material focus more towards the customer than the business itself.