4P FACTORS IN BUSINESS
Posted on March 3, 2010
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In college, in a course of entrepreneur, it is called 4p factor in business. This course applies to all types of business in a variety of level, including here is within the scope online. The 4P factors are:
1. First P is Product.
Before running an online business, we must know what products we would offer to consumers. Product could be goods or services. We ourselves could make them and able to function to market products made by others.
2. Second P is Price.
Once we have a product, then the second step is to determine the appropriate selling price for the market we are aiming. Determining price should be right, meaning that we must first determine who our target market. Because there is no star product can be called “too expensive” or “too cheap”. It is said that usually there is just an incorrect price target.
3. Third P is Place.
It is more defined as our distribution channel. A product that would be sold at a market segment with the right price of course must be easily accessible by our target market.
4. Fourth P is Promotion.
All three factors mentioned above are not enough if without the presence of a fourth P factor, namely promotion. If we already have a product, if the product already has the right price, and even the product already has a place, but if our products are not known by consumers, consequently all these things would be quiet. Promotion is one factor that could be used to introduce our products.
So, 4p factors in business basically interrelated with each other. We could not omit one of the 4p factors.
(from: inter-source)
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