The Six “P”s of Business Marketing

The Six “P”s of Business Marketing

Marketing is the process of making your company and your product or services noticed by people, especially your target audience. Advertising and sales are a part of that process, but there are other key points to include. Unfortunately, many companies with originally interesting business ideas fail only due to mistakes of their marketing teams. Those mistakes lead to inability to reach your target audience.

There are many different strategies and tips to improve business marketing. In general, there are six key aspects of any marketing strategy, also called “the six “P”s of business marketing”. These are: product, price, promotion, place, people, and processes.

Product

A “product” is term for a group of goods and/or services your business marketing is aimed  to let people know about. While developing a product, you should pay attention to:

  • Branding
  • Labelling
  • Quality
  • Packaging

There may also be other product-specific factors that must not be neglected either.

Price

Establishing a suitable price will help you stay competitive in the market. Combine all the costs for developing, manufacturing, packaging, and delivery of your goods or services to establish the estimate. Also, research the market to see your competitors prices, as well as your target audience to find out how much they would be willing to pay for your goods or services.

Promotion

You may want choose several methods of promotion to make your presence balanced. Usually, any particular target audience is present on many promotional grounds. You can:

Place

This aspect concerns the way your future customers will be able to purchase your goods or services. Choose one or several of the following ways of distribution:

  • Retailing directly through a store or an outlet
  • Delivering through wholesalers
  • Selling online
  • Using the services of special agents and distributors to deliver your product

People

You will have to cooperate and communicate with distributors, wholesalers, promoters, market specialists, etc., and all of them will be a part of your team. So, you have to create a successful team and make sure that its work is organized. All members should understand your business idea, realize your goal, respect it, and have enough experience to achieve it.

Processes

This aspect includes all processes you will have to conduct for your business. The list is enormous, but the main  processes your marketing team will be interested in are:

  • Delivering products on time
  • Giving the customers an opportunity to send their feedback
  • Process those feedbacks
  • Improve your business plan
  • Improve your service, etc.

None of these processes can be neglected, as even a small mistake may result in a considerable loss of your customer base. Polls, email newsletters, analyzed statistics should help you find out whether there’s something to improve.

These six “P”s are the base of any business marketing, given the company is aimed at delivering goods or services to customers. While developing your small business marketing strategy, you have to work on all of these aspects in order to get the best results possible for your company.