Much of today’s business world focuses on technology and how it can help us be more profitable and productive. As a result, basic marketing principles tend to get overlooked. The most effective way to help you get back on track is to review your Marketing Basics—the foundation for business success.

Marketing Basics refers to the 4 P’s-- Product, Price, Place & Promotion. It’s essential that all elements be in balance, because they all lead back to the same thing—Your Customers!

Here are some questions you should be asking yourself.

Product

Are you offering any new products/services?

Does your product/service need improvement?

Do you offer any warrantees/guarantees?

Price

Is your price justifiable?

Is it profitable?

Are you priced competitively?

Place

Are your distribution channels effective?

Are you adding locations?

Are you selling on the Internet? Should you be?

Promotion

Do consumers know about your products/services?

Is your advertising reaching your potential customers?

Do your marketing materials need updating?

When all 4 P’s are coordinated, your marketing and sales efforts will be more effective and you will create higher levels of success. Additionally, it’s important to review these aspects of your business on a yearly basis, which will help you maintain your competitive edge, keep your customers happy and ensure that your business stays on the right track.