Module 3 preparation of business plan

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Promotion Strategy
Promotional Methods:

  • Advertising

    • any paid form of non-personal presentation of the product

    • oral presentation of the product

  • Publicity

    • non-personal form of promotion which aims to attract buyers by publishing commercially significant news about the product in different media.

Importance of Promotion:

  • It makes the buyers aware of the alternative goods and services that exist.

  • It shortens the distance between the market and the manufacturers by keeping buyers well-informed about the different products.

  • Promotions also keep regulate the level and timing of demand.

D. Place – Often you will hear marketers saying that marketing is about putting the right product, at the right price, at the right place, at the right time. It’s critical then, to evaluate what the ideal locations are to convert potential clients into actual clients. Today, even in situations where the actual transaction doesn’t happen on the web, the initial place potential clients are engaged and converted is online.

How to Use the 4 Ps of Marketing to Sell Your Product?

When it comes to the 4 Ps—product, price place, and promotion—it’s time to break down how to incorporate each of these elements into your overall marketing mix. Here’s a step-by-step guide to developing a marketing mix using the 4 Ps:

  • Clearly identify which product or service you are analyzing. This may sound obvious, but before you start developing a marketing mix, it’s important to have a singular quality product or service that you are trying to market. Even when companies have a diverse product mix, the 4 Ps should be applied separately to individual products.

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