One of the most common concepts in marketing is what they call the “Marketing Matrix” composed of the 4 Ps: Product, Price, Place, Promotion.
Of the four, the most important is PRODUCT. The rest would just add revenue.
The key to a sustainable business is a VALUE product. By VALUE, I mean, the right product, for the right market, required by the times.
A VALUE product is not OVER-priced. As VALUE means the customer gets his money’s worth.
The place (or channel of distribution) is secondary in marketing because if you have the right product, it will definitely sell… now if you have the right product sold in 3 different stores, the store with the best location will have the most sales.
Perhaps the most complicated aspect of the business’ assurance for sustained income is its ability to “promote” its products and services.
Many business owners who have really good VALUE products/services are not able to present themselves properly to the market. They are not able to communicate how their products or services would improve the lives of the people who use it.
This is where LVD Consulting can help.
To contact us, please email email@example.com
More information on Marketing Mix is found here.