tailieunhanh - Marketing’s Four P’s: First Steps for New Entrepreneurs

Each of the four P’s is a variable you control in creating the marketing mix that will attract customers to your business. Your marketing mix should be something you pay careful attention to because the success of your business depends on it. As a business manager, you determine how to use these variables to achieve your profit potential. This publication introduces the four P’s of marketing and includes worksheets that will help you determine the most effective marketing mix for your business. Your product bundle should meet the needs of a particular target market. For example, a luxury product should create just the right image for “customers who have everything,” while. | EC-730 Agricultural Innovation Commercialization Center PURDUE EXTENSION Marketing s Four P s First Steps for New Entrepreneurs Cole Ehmke Joan Fulton and Jayson Lusk Department of Agricultural Economics Marketing your business is about how you position it to satisfy your market s needs. There are four critical elements in marketing your products and business. They are the four P s of marketing. 1. Product. The right product to satisfy the needs of your target customer. 2. Price. The right product offered at the right price. 3. Place. The right product at the right price available in the right place to be bought by customers. 4. Promotion. Informing potential customers of the availability of the product its price and its place. Each of the four P s is a variable you control in creating the marketing mix that will attract customers to your business. Your marketing mix should be something you pay careful attention to because the success of your business depends on it. As a business manager you determine how to use these variables to achieve your profit potential. This publication introduces the four P s of marketing and includes worksheets that will help you determine the most effective marketing mix for your business. Product Product refers to the goods and services you offer to your customers. Apart from the physical product itself there are elements associated with your product that customers may be Audience Business managers Content Presents the four elements of marketing your products and business Outcome Readers will be aware of the range of marketing decisions they need to make attracted to such as the way it is packaged. Other product attributes include quality features options services warranties and brand name. Thus you might think of what you offer as a bundle of goods and services. Your product s appearance function and support make up what the customer is actually buying. Successful managers pay close attention to the needs their product bundles address

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