Product, Price, Place and Promotion -- The 4 P's

Here's a good article from a recent e-mail newsletter from Kevin Nunley, aka Dr. Nunley, on the 4 P's of marketing.

According to the good doctor, before you start marketing, there are a four things you have to know.

"They're called the 4 P's, and marketing experts around the world consider these essential points before putting any marketing concept into action.

• Product - What is your product and how will you position it in the market? How will it be packaged? Does it have unique features and benefits? These are just a few of the questions you must ask yourself to define your product for perfect marketing placement.
• Price - You have to decide on the amount you will charge for your product, but this task is not as easy as you might think. You must consider what your customer will pay, the price image you want to maintain consistently, what your competition charges, and much more.
• Place - This includes position in the market, as well as how you will distribute and place your product.
• Promotion - Now we're getting into the actual marketing of the product.Promotion includes everything from advertising to networking,newsletters to classified ads. Ask yourself which vehicles of promotion will best serve your purposes.

"Once you have used the 4 P's to define your product, price, place and promotion, you can start marketing. If your first attempt to marketing the product doesn't work the way you hoped, go back to the 4 P's and reevaluate until you find the marketing system that works for you."

Kevin writes YOUR sales letter, article, press release, or web site copy. See http://DrNunley.com

For marketing and promotional ideas for entrepreneurs, subscribe to Entrepreneurs Tips in your favorite RSS reader or you can Subscribe to Entrepreneur's Tips by e-mail.