Created in the 1950s, the 4 Ps of marketing are the ingredients combined to capture and promote a brand or product’s unique selling points, those that differentiate it from its competitors.
- Product – A tangible good or an intangible service that fulfills a need or want of consumers.
- Price – Price determinations impact profit margins, supply, demand, and marketing strategy.
- Place – Evaluate the ideal locations to convert potential clients into actual clients.
- Promotion – The many ways used to disseminate relevant product information to consumers.
A part of the business modeling exercise, setting the target customer for a business is a crucial step.
A part of the business modeling exercise, identifying a value proposition or multiple value proposition is a key marketing technique. The value proposition will be used and communicated to prospective and existing customers, and will drive future customer adoption.
Analyzing competitors, conducting focus groups, traditional vs. new methods, tools, data mining, understanding behavior of site visitors