In Marketing, we have always learnt about the 4 essential P's of Marketing where in there are various factors like Product, Price, Place and Promotion to be covered but there is a small question... What is the need for all of these without the customers "People"??
Yes, the most essential part of Business is the people and the people who are involved with the business need to be associated with the Business so as to be able to get the maximum out of the way that the Business functions. The importance of the people in the work can not be left unused and should not be considered irrelevant under any circumstances. The reason is that the business is very important if its motive and aim is to provide good customer services. As said my the Father of India the Late Mahatma Gandhi "The Customer is the most important person in our premises, He is the reason for the Business and not a disturbance in the Work"
We shall now discuss all the essential P's of Marketing in detail:
Product – The product or service offered to the customer by your small business. The physical attributes of your products or services, what they do, how they differ from your competitors and what benefits they provide to your potential customers.
Price – Your pricing strategies that will help you reach your target profit margin. How you will price your product or service so that the price remains competitive but allows you to make a good profit. When calculating price make sure you have included both fixed expenses and variable expenses and be sure that your price will allow you to reach your breakeven point within a reasonable amount of time. Also discuss if your price will be lower or higher than your competition and how you can accomplish that while maintaining both demand for your products or services and a profit.
Place (Distribution) – Where your small business will sell its products or services and how it will get those products or services to your customers in your your target market. For example, the percentage of sales you expect through the Internet and the percentage of sales you expect through door to door selling. Additionally, what your delivery terms and costs, and how will you handle the cost of getting your products or services to your customers? When you are writing a business plan you also want to indicate if there any shipping or labeling requirements that need to be considered and how you will meet those requirements. Finally, outline how a transaction takes place and what return policies are in place.
Promotion – What methods of promotion you will use to communicate the features and benefits of your products or services to your target customers. Will you advertise? If so, where? What percentage of advertising will be handled by each advertising vehicle? How much business do you anticipate that each form of advertising will result in? How much is this all going to cost? Also indicate if you plan to offer coupons or other incentives to get customers in the door.
People – How your level of service and the people who will provide that service will be used in marketing your products or services to the customer. Who are the people that will be providing this service and what kind of training will they receive. Do you plan to offer any incentives to your customer service representatives and how do you plan to measure customer satisfaction?
Essentially, the 5 (or 4) P's of marketing will form the basis of your marketing plan. If you want to make your marketing plan a standalone document, you'll also want to include the information you prepared in the Market Analysis section for your business plan.
Your Sales Strategy in making your Business Plan:
If it applies to your business, outline your sales strategy in this section when you are writing a business plan. For example, will there be a sales force? Will sales training be provided? Will your sales team be given incentives to encourage them to increase sales and meet or exceed their goals?
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