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The Four Significant P’s in a Business

Product – the first significant P. Aside from having financial capital to be able to start a business, you should have decided on a product (or service) or line of products that you will sell to the market. Research about the product well. Or if you are creating your own product, be aware of its weaknesses and strengths. List them down and write each possible question that your customers might ask about your product. Beside each question, write down the answers. Through this strategy of product assessment you can be able to solve future risks and threats that will strike your business in the future.

Pricing is also one of the P’s. Aside from the product, customers also consider the price when purchasing a good. Making decisions about product pricing is difficult. You cannot determine ahead what is the best price for your product. But there are some factors that you should think about first before deciding. You should be aware of your competitors’ product price. The whole industry where your product falls is your basis for your product price. Take also the product supply & demand, fluctuation, and national economy. You should also think about your expenses for product development, cost of goods, cost of selling and promotion, and overhead. Just always remember that product price is something that needs attention from time to time.

The next important P is Place. Here, you have to consider more than the size of the space. In finding the perfect location for your business, you have to study an area. Consider factors such as resident population, traffic flow, possible competition, security and more. Location is important to businesses targeting a specific market. For example, if you own a spa for women (with expensive rates), you should not settle in an area where there are more poor people than rich, more children than adults, and more men than women. You may also think wisely when you would want to put up a store beside a competitor. Your decision may result to a failure. But if you’re fortunate enough, you may acquire more customers than your competitor.

Promotion is just one word yet very powerful. If you have an excellent product but you do not advertise, you do not tell people about it, it will stay untouched and useless. Remember, your purpose of having a business is to share what you have so that people will have an experience of it and then they’ll pay you back. Quality and beneficial products should be out in the market in no time. If you do not work, there is no financial income; if you don’t sell, there will be no profits. You really need to “market” your product. First, you have to introduce it. There are numerous ways to promote a product. You may choose from print advertising, web advertising (blogs, newsletters, press releases), supporting a charity or cause, becoming a sponsor, TV advertising, and many more. Just make sure that you have enough budget to cover your promotion expenses.

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About the Author:
Know more about funding services to start your own business. Sheryl Cross is a web copywriter for US Website Builder, that is associated with Loncar’s Funding Services.

Tags: business, financial income, financial capital, financial cash, financial company, funding services, funding sources

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