Write a summary explaining how each of the 4 Ps you learned about relate to your business. (Tree and Landscaping company)
1. Product
• Should satisfy customer needs and be distinguishable from the competitions
• Products differ greatly in the degree to which they can be differentiated
2. Price
• Price determines your revenue
• Complex decision
• Start with looking at the costs of producing and marketing the product
• Understanding a product’s cost will help you meet your costs and include a margin for profit.
3. Promotion
• Promotion is very important
• Customers need to be made aware of your product
• Promotional activities usually grouped into 5 categories:
– Advertising, public relations, personal selling, sales promotions, and direct marketing
4. Place
• Includes all decisions that affect how, how much, where, and when the product is made available to customers
• An agribusiness sells goods either directly to customers or through an intermediary