Marketing your business is about how you position it to satisfy your customer’s needs. There are four critical elements in marketing your products and business, known as 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. Where your product is sold (i.e., direct market, wholesale, retail, restaurants, mail-order) and how it is distributed.
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. Many marketing coaches add a fifth "P" for people. People would include both your target customer as well as your employees. In a small business, your employees can be valuable marketing resources. As a business manager, you determine how to use all of these variables to achieve your profit potential.
