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Four P’s of business: Product, Price, Promotion, Place.
“A successful business needs to first provide a quality product that is priced competitively, promoted well within the market place, and conveniently located for purchase. Any one of the four P’s that has not been sufficiently addressed can be a detriment to the business. A high quality product that is available at numerous outlets, well promoted, but is overpriced will not be successful. A product that is of high quality, competitively priced, well promoted, but difficult to find will not be successful. A product that is all over town, well promoted and competitively priced, but lacking in quality will not be successful. These four P’s are interdependent and it is essential that business owners understand the need for a business plan, and a full understanding of the four P’s.“
Kunjufu, Jawanza. Black Economics (pp. 130-131)
