There are certain essential business terms and ideas that you should know about. Especially if you are confident in marketing meetings and job interviews and let us discuss some of them now. First is the marketing mix or commonly known as the four P's of marketing.
The first P is the product which stands for the goods and services you offer whether it is a real estate, happinesslifetime.com yoga training, clothing, perfumes, foods and many more. This P includes the design, branding and packaging.
The next P is the place or the location of your business where the product is for sale or how to get there. Also, this is where the product is moved from the producer to the consumer. Thanks to the world of internet place is now actually anywhere. You can order your favorite books, airplane tickets, gadgets, and musical instruments even enroll a college course wherever you are in the planet.
The third P is the price which indicates the charge of your product or service after for sale for the customer. This establishes the level of the company's sales as it sells the product. Again, with the interactive media you can now compare the cost of a certain product or service simultaneously between any number of vendors.
The last P is the promotion. This is a way to introduce your product or service so that people will know a lot more about it. You can do this through advertising, self promotion, direct marketing, personal selling and others kinds of publicity.
Now we could relatively state that these four P's are old school marketing deeply established in the past centuries and earlier generations. But if there's one shift that sum up the modern century market place is that now the consumer is so empowered through the instant access of information to the competitors prices and even sharing reviews with one another. So the traditional four P's may well benefit from a rewrite based on a consumer's viewpoint with the new four C's of marketing. And what we need to do is take the P's concept and modify it to a costumer's advantage point.
For example:
Customer value (product) - this is the amount of benefit which a consumer will get from a product or service relative to its price.
Cost to the customer (price) - this includes price and the other cost of customer such as the time spent traveling to a certain store or the shipping fees of the product purchased online.
Convenience for the buyer (place) - or simply the ease of finding information of the product or service to purchase.
Communication - the key method of communicating with a lot of people as an approach of introducing your product or service.
By understanding these new marketing terms, you can surely make a great stream of income of your online business.
Dave Cruz is a writer, SEO analyst and a web marketing expert. He has provided a lot of clients with expertise and effective ways to start an online business.
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