Any business needs a good marketing plan, in order to become a successful one. If you own a business at the moment, and you want to make it grow, then you must understand exactly some essential aspects. Make yourself comfortable and take a look at this article for a better understanding of the 5 Ps of marketing.

Product

When it comes to the product you want to sell or the services you want to offer, there are three important categories that should be respected. Your product must be very easy to use, visually attractive and interesting, and extremely well-packaged. In case you own a catering business, then your team and the food they deliver are actually considered ”the product”. Therefore, you must make sure that your employees are trained properly and that the food is well prepared and packaged.

Place

In case you do not yet know, there are lots of businesses that fail due to the fact that they do not have the right location. You must make sure that you choose the perfect place for your business, even if you will have to pay a bit more money on the space you want to rent or buy. Make sure that in that area are lots of people who are interested in what you have to offer.

Promotion

Without a proper promotion, you will not be on the market for a very long period of time. People must know what you have to offer. Therefore, you must find the most clever ways for promoting your business. Nowadays, you definitely have lots of options for making your business known, and some of them are actually free.

Price

Pricing your product is very important. You must know exactly how to do this. There are 4 important aspects you need to take into account: your price, what prices does the competition have, the standard markup in your industry, and the value to the customer. The price is extremely important and it will actually determine the number of the customers you are going to have. Therefore, make sure that you choose the right cost for what you have to offer.

People

People are the ones that bring you profit. The profit actually tells you how good or bad your business is working. It helps you pay your employees and it also allows you to grow the business. Therefore, you must make sure that your customers are happy. Understanding the 5 Ps of marketing will definitely help you achieve your goal with ease, and this will actually happen sooner than you would expect to happen.

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