| Branded into any business or marketing student's brain, | | | | too much competition is a recipe for failure, but locating |
| the four P's of marketing are the mantra of many | | | | it with just the right amount of competition can |
| business classes. In the real world, how do they affect | | | | guarantee success, as auto dealerships and other fast |
| the decisions that business people make? Do they | | | | food chains can attest. |
| bring clarity to business decisions and make the | | | | Promotion: Advertising is another important business |
| marketing mix stronger? Or are they old-fashioned | | | | decision affected by the marketing mix. Customers will |
| axioms no longer pertinent for today's business. | | | | not be aware of a product or service that is not |
| Product: Deciding what product to sell is one of the | | | | promoted. Business location is an important aspect of |
| most important decisions that a business makes. | | | | promotion for a brick and mortar business, but not for |
| Whether it is a physical service, or a product, how that | | | | a web-based site. As the Internet becomes more and |
| item fits into the needs of the customer is important | | | | more tied to sales, promotion is actually easier. Again |
| for business success. Finding a niche that is relatively | | | | promoting to niches, is what makes Internet advertising |
| free of competition is a way for a business to | | | | work so well, and far easier than in businesses of old. |
| separate itself from unnecessary struggle and | | | | Price: What an item is worth and how much it |
| business rivalry. A product that fills a niche in the best | | | | compares in price to the competition must be taken |
| way possible, is a way for a business to really earn | | | | into consideration. With the ease of online price |
| money. Finding just the right niche is a sure fire way to | | | | comparison it is far more difficult than in the past. But |
| be successful. | | | | price is only a small part of why people buy. The |
| Place: The location of both the product and the | | | | perception of the product or service can be equally as |
| customer is an important aspect of a feasible | | | | important to some people as the price. How a |
| business. This determines how to stock the product or | | | | business wants to compete, either in price or |
| if warehousing is a viable solution. If it is a service, it | | | | perception or both is an important area to analyze in all |
| needs to be somewhere that it is needed, with a | | | | business decisions. |
| minimum of local competition. Putting a business among | | | | |