Product—At the core of a successful business is having the right product and/or delivering good service, it might sound obvious, but taking the time to review and adjust your offering to meet your customers real needs is essential.
Price—Only luxury brands seem to be able to charge what they want! For most businesses, price competitiveness is essential. When comparing prices it is essential to make sure you’re really comparing “like for like”. Customers can be very good at selective quoting, if you include for example; delivery, installation and training, make sure that the cheaper competitive quote does likewise!
Promotion—We are now spoilt for choice when it comes to promoting or advertising, the downside is of course, it is more complex and harder to choose what to do. Many companies that respond with a YES at the opening question, are active here, placing adverts, the question is are the right tools being used.
Place—sometimes this is also referred to as Distribution, relating to what sales channels you use, for example selling on-line or through dealers or with your own sales-force. Place also covers where you target your products and activities, if you sell lawnmowers, there is little point in targeting people living in high rise flats.