Wondering what a business plan with 4 Ps looks like? The so-called “4 Ps†of the business plan model have been written about for years in business school books and market theory papers. But what are they? The four Ps are product, price, place, and promotion. As outlined in your business plan, these can be the lead-off portion of your marketing strategy – it is not essential to group your marketing ideas around these principles, but it can be a very helpful way to group your initiatives or simply put your thoughts in a row:
• Product is the item you offer for sale and what makes it unique and needed
• Price is the average amount or rate at which you'll offer this product or service and how that relates to competitive offerings
• Place is the strategic advantage you derive by being located in a certain region, using a decentralized work environment, etc.
• Promotion is the essence of the marketing strategies you'll use to promote your business
Other important parts of the marketing strategy are more basic – you should outline the basic techniques you'll use to gain sales, whether those are TV ads, the Internet, magazine spots, trade show attendance, referrals/networking, or other means of generating positive word of mouth. The business plan's marketing section should “speak†to the market analysis and vice versa, and a reader should be able to clearly see how your marketing strategy (and the 4 Ps) fits with your market opportunity and service offering. Weave this into your financial projections, and you've got a complete business plan. Need help? MasterPlans has worked on more than 9,000 business plans and has marketing experts on staff who can help you get this section perfect. Call us today to learn more about having us write your business plan: (877) 453-2011.
