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The Four P's of Marketing


If you take Marketing in college, one of the first things you learn in Marketing 101 is the 4 P's.  You might say, "What in the world are the 4 P's?", but they are very essential in the success of any business.  They are Product, Place, Promotion, and Price.

Product - You must offer products that people want in their home today.  If no one in your area likes purple, don't sell purple items!  Stock you purchased in 1988 is not going to fly off your shelves.  Customers want what is popular now.

Place - This is very important.  You rarely find booming businesses in extremely small towns unless they are touristy.  Your business has to be where the people are shopping in order to be successful.

Promotion - This is where most small businesses make the largest mistake.  Too many small business owners say, "I can't afford to advertise!".  The response to that is "You can't afford NOT to advertise!"  While you are not advertising, your competitor is and guess where your potential customers are shopping?  Advertising does not have to be terribly expensive.  Large discounts are often given to vendors who sign contracts to advertise in the local paper weekly.  Obtaining a mailing/emailing list from the visitors in your store is very easy and sending email is basically free!  This is essential, though, to your store's survival.

Price - This final P is often overlooked, but with places like Wal-Mart popping up in every town, this can no longer be the case.  We all realize there is a difference between quality, specialty merchandise offered in your stores and what is in discount stores, but there is also a limit on what you can charge.  Be mindful of the frugality of your customers when pricing your items or even selecting merchandise to offer in your store.  If you know that there is no way your customers are going to pay $30 for a jar candle, why even clutter up your shelf space?  Put an item there with a price point that you know your customers are going to want.  Pricing items to sell is the key.

Summary - When either planning to open a business or trying to build an existing one, the Four P's of Marketing are fundamental in growing the business into a thriving business that will provide you with a comfortable income for years to come.

About Harvest Scents and Traders
Harvest Scents and Traders is based in the Fishers, Indiana suburb located on the northeast side of Indianapolis. Harvest Scents and Traders specializes in helping retailers become more profitable by providing uniquely designed wholesale home décor and giftware. Harvest Scents and Traders' customer base is made up of gift shops, chain stores, crafters, online retailers and general retailers.
Learn more about Harvest Scents and Traders.
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