4 P's Information

The next 'p' you should focus on is price. This is important because the price you set on your products will give the customer an idea of how good the quality is. To appeal to a wider market you should consider who will buy your product, it must attract people from specific classes and backgrounds so if its too expensive, lower earning individuals won't purchase from you. You must also take into account your competitors prices, If you're competition has similar products that are cheaper than yours the majority of your target audience will more likely buy from them. My advice for you on this subject is to research your competitions prices and create a price that not only reflects the product quality but is competitive in your area, new or current. As a small garden ornament business your aim will be to achieve as much profit as possible, this tie's back in with the first 'p' which is product. The price you pay for each ornament to be made should be considerably lower than your sale price if you wish to achieve high profits.

There are many ways to promote your business, leaflets, newspaper adds, billboards, online adds and gardening magazines are just some methods you could use when marketing your company. Its important to find the best media platform to advertise on as you want to get your message to the right people, for example if you chose to advertise online the majority of the audience will more likely be younger/middle age than the older generation. This is the point where you have to decide what targeting techniques you're going to use, if you want to use the machine gun method where you mass market your business to everyone at once using different platforms of media, or riffle targeting where you aim at specific audiences that you know will be interested in your product. Both of these methods can be effective however there are some advantages and disadvantages with both. Using the machine gun method your message will hit a larger amount of people at once which is easier and will require less research into your target market, however this method can be costly and unreliable. Rifle targeting is beneficial as you can aim your message at different audiences at different times making it a more precise and cost effective alternative, however using this method may reach less people. When considering your targeting strategy you must take into account your costs of promotion and the best time to promote. Some questions you may want to ask yourself are is there a seasonable market for a specific product? Christmas or other holidays may influence buyers to purchase products they normally wouldn't buy. How do your competitors promote similar products? and does it influence your choice of promotional activity?