While business is undoubtedly the best choice to move from a state of active income to passive income, the fact is that achieving success in any kind of business is a challenging job to say the least. It is a known proven fact that the success rate of any new business venture is less than 30 to 35% and more than 80% of new businesses close shops within 12 months of starting their operation. That's why if you are one of those hardworking business persons willing to make it big in your business venture, it is highly important that you find out ways and means by which you can ensure success of your business. So you should try and fully understand more about the four important factors or in other words the four important "P"s which help you in developing a great business.
First, it's very important to be aware of what the four important "P"s are to make certain that we can focus on each one of them in some amount of detail. The four Ps are Product, Place, Price and Promotion. Each one of them is extremely crucial and complementary to each other. If you want to succeed in your business you need to have a well thought-out mixture of the four. Why don't we over the next several lines uncover something more about each of these business elements.
Product or even service without any doubt is the most important of the four P's which we are referring to in this post. While making the product or service it is very important to keep only the consumer in mind and find out what exactly he or she wants. The location, time and frequency of the usage, the branding of your product and other important matters also form important components of any product.
The next important component is the "Place" where the product or service is going to be offered. Will it be available on his or her desktop or laptop or inside a brick and mortar store? Do you know the various distribution channels where he or she can find the product? Will the product be distributed through a marketing and sales force or will it be sold and marketed essentially using the internet and other forms of distribution?
Price is another important and critical component of the success or failure of any business venture. The product should offer good value for money to the customer. Therefore it's very important to make sure that the product is not tremendously priced or lowly priced. You need to carefully evaluate, research and then determine if the product or service that you are providing is price sensitive as far as the consumer is concerned. It should compare favorably with the competition both in terms of cost and level of quality.
Last but not the least, promotion is an important factor as far as your organization is concerned. Even the best of products can never be successful as long as they are not marketed and advertised properly. For this reason, you should take any help and assistance of professionals to make sure that the products are advertised properly.
First, it's very important to be aware of what the four important "P"s are to make certain that we can focus on each one of them in some amount of detail. The four Ps are Product, Place, Price and Promotion. Each one of them is extremely crucial and complementary to each other. If you want to succeed in your business you need to have a well thought-out mixture of the four. Why don't we over the next several lines uncover something more about each of these business elements.
Product or even service without any doubt is the most important of the four P's which we are referring to in this post. While making the product or service it is very important to keep only the consumer in mind and find out what exactly he or she wants. The location, time and frequency of the usage, the branding of your product and other important matters also form important components of any product.
The next important component is the "Place" where the product or service is going to be offered. Will it be available on his or her desktop or laptop or inside a brick and mortar store? Do you know the various distribution channels where he or she can find the product? Will the product be distributed through a marketing and sales force or will it be sold and marketed essentially using the internet and other forms of distribution?
Price is another important and critical component of the success or failure of any business venture. The product should offer good value for money to the customer. Therefore it's very important to make sure that the product is not tremendously priced or lowly priced. You need to carefully evaluate, research and then determine if the product or service that you are providing is price sensitive as far as the consumer is concerned. It should compare favorably with the competition both in terms of cost and level of quality.
Last but not the least, promotion is an important factor as far as your organization is concerned. Even the best of products can never be successful as long as they are not marketed and advertised properly. For this reason, you should take any help and assistance of professionals to make sure that the products are advertised properly.
About the Author:
Bilal Rahim is a Personal Development Coach and proud contributing author for GentryLiving. He regularly writes articles on many subjects including self empowerment and personal development - that are designed to help individuals live their dreams.
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