BUILDING THE RIGHT MARKETING FOUNDATION
In business one of the basic principle of marketing is the 4 p’s. Product, price, place, and promotion.
You can’t have marketing without something that you’d like to promote. It’s a product or a service that the company does well. What is it that you do best that you can sell? What groundbreaking product do you have that would interest buyers?
Price is always the tricky one. When working against competitors that have the same product or service as your company, the price needs to be competitive but also make sure that you are profitable.
There’s always a strategy on how’d you like to position yourself when it comes to price. You can be at the start of your business and price out your services as such or you can show yourself as the premium choice as your business has experience that can outshine others in your industry.
Place used to be about where your business is located. Thanks to the internet, your store can be anywhere you’d like it to be now.
That’s a double-edged sword as you’d have to make sure you know where your target market primarily is so you can effectively reach them.
Promotion is how you are show off your product or service to the public. Are you going to run ads for your company on Facebook?
Is social media going to be the avenue you’d show off what your company can do?
To review, marketing is the promotion of a good or service that you provide your potential clients. This product or service is reasonably priced and is placed right in front of them where they are at so that they know you’re a contender for what they’re looking for.
Digital marketing is the same thing but online!