The 4P of business
These 4Ps are the fundamental concept in business that every entrepreneur should understand.
They are:
→ Product: What you sell. This could be a physical good, a service, or even an experience.
→ Price: How much you charge for your product. This is important to get right, as it can affect your profit margins and customer perception.
→ Place: Where you sell your product. This could be through your own website, a physical store, or a third-party marketplace.
→ Promotion: How you let people know about your product. This could include advertising, public relations, and social media marketing.
In addition to the 4Ps, there are a few other factors that can contribute to a successful business:
→Good customer service
→A Strong Brand
→Innovation
For eg:
1. For Apple, the 4Ps are:
→ Product: Apple has a great product (iPhone).
→ Price: iPhone is available at a very competitive price, not the cheapest, but not the most expensive either.
→ Place: Apple’s iPhone is one of the most selling products in the world, and this is because they make it easy to find their products by having their own stores and selling through major retailers.
→ Promotions: Apple also promote their products effectively through advertising, public relations, and social media marketing.
2. For Liveupx — Making Brands Shine, the 4Ps are:
→ Product: Services (Software development & Digital marketing) & Business Suite (CRM, LMS & ERPs)
→ Price: Very affordable
→ Place: Our Audiences are Small & Mid Size Businesses.
→ Promotions: We are continuously working on establishing a strong online presence.
This is how the 4Ps of marketing can be used to create a successful business.
If you’re looking to start your own business, be sure to understand the 4Ps.
We at Liveupx — Making Brands Shine also working to make all our 4Ps better day by day.
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