The 4 Ps of the Marketing Mix

You’ll sometimes hear business people talk about the 4 Ps, or the marketing mix. These 4 Ps are: Promotion, Product, Place and Price. Let’s look at each of these in a bit more detail.

The Right Promotion

You could have the best product at a great price, and be in the right place, but promotion is still necessary to give that final edge over the competition and drive enough sales to make a product profitable. Promotion can take many forms and will usually have a multi-pronged approach.

The Right Product

The product has to have the right features and benefits to appeal to the customer and meet their needs. If there simply isn’t a desire for that product then the best marketing in the world isn’t going to sell it.

The Right Place

Products have to be in the right place at the right time. A good example of this is umbrellas when it’s raining and ice creams when it’s very hot. If the product isn’t there when the customer feels the need for it, it won’t get sold.

The Right Price

The price needs to be right from two points of view – the customer’s and the seller’s. From the customer’s point of view, the price has to be low enough to be affordable, but not so low it gives the impression of poor quality. The seller has to choose a price that will attain the optimum balance between sales volume and profit margin.

Click here to visit the Chelsea Singh Investment website. 

More Entrepreneurship Quotes

”A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.”
– Winston Churchill, British Politician

”Business opportunities are like buses, there’s always another one coming.”
– Richard Branson, British Industrialist

”Some people dream of great accomplishments, while others stay awake and do them.”
– Anonymous

”The most valuable thing you can make is a mistake – you can’t learn anything from being perfect.”
– Adam Osborne, American Author

”Whether you think you can or you can’t, you’re right.”
– Henry Ford, American Industrialist

”The only place success comes before work is in the dictionary.”
– Vince Lombardi, NFL Coach

”Success is walking from failure to failure with no loss of enthusiasm.”
– Winston Churchill, British Politician

”If I had eight hours to chop down a tree I would spend six hours sharpening my axe.”
– Abraham Lincoln, 16th President of the United States

”The entrepreneur in us sees opportunities everywhere we look, but many people see only problems everywhere they look. The entrepreneur in us is more concerned with discriminating between opportunities than he or she is with failing to see the opportunities.”
– Michael Gerber, Author and Entrepreneur

”Logic will get you from A to B. Imagination will take you everywhere.”
– Albert Einstein, Theoretical Physicist

”Sow a thought, reap an action; sow an action, reap a habit; sow a habit, reap a character; sow a character, reap a destiny.”
– Chinese Proverb

”The best reason to start an organization is to make meaning – to create a product or service to make the world a better place.”
– Guy Kawasaki, Entrepreneur, Investor, Author

”Choose a job that you like, and you will never have to work a day in your life.”
– Confucius , Thinker and Philosopher

Click here to read about Chelsea Singh.

Tips for Entrepreneurs

Chelsea Singh was born an entrepreneur and knew at a very early age that the daily grind of a nine to five, working for the man, was not going to be for him. Now well established, with a large portfolio of projects under his belt, he’s in a position to offer advice to budding entrepreneurs who want to know how to turn their dreams into reality and their drive into profits.

Chelsea Singh’s Entrepreneur Tips #1 – It’s all about who you know

The old adage is completely true. Having the right contacts will make the difference between getting investment, publicity and in the view of the right people and being buried in obscurity. Put your networking skills to work and don’t overlook anyone – you never know who might be a Dragon’s cousin or a millionaire’s best friend. Want to know Chelsea Singh? Get in touch.

Chelsea Singh’s Entrepreneur Tips #2 – Believe in yourself

All entrepreneurs will have their share of naysayers, who will put you down and say that it’s not possible. That’s because it’s not possible for them, because they don’t have the vision and determination to seize life in their own hands. Don’t be put down or put off – stick to your guns and make your millions.

Chelsea Singh’s Entrepreneur Tips #3 – Don’t be afraid of taking risks

If the first time you take a risk and it doesn’t turn out well, you become too cautious, you’ll be shooting yourself in the foot. The best opportunities and payoffs come to those who are willing to take a risk where everyone else is afraid of getting their feet wet. Stride out and don’t be afraid to lose everything. If it goes right you’ll reap the benefits and if it goes wrong you just dust yourself off and start again. Entrepreneurs know that all they need is their skills and they can build an empire from nothing.

Chelsea Singh is on Twitter with more words of wisdom.

Chelsea Singh to become a business mentor

Business mentoring means putting all the pieces together

It’s early days, but Chelsea may soon join one of the leading business mentoring networks which matches young business people with more established, succesful entrepreneurs, in order to help boost their careers and give them and edge in the world economy – getting Britain’s businesses moving again, through innovation and enthusiasm. The network pairs off the business people and encourages regular meetings, where the mentors can give advice and guidance and share their experiences. If they are sufficiently impressed by the budding entrepreneur they may even offer further assistance in the form of investment or contacts.