Business Strategies

Product means everything you offer your customers. It goes beyond your physical product or service to include things like:

• features and benefits
• design
• quality
• branding and packaging
• service and warranty terms.

Make sure your product or service meets your customers’ needs and stands out from your competitors’ offerings.

For example, a jewellery maker might provide a free gift-wrapping service or a lifetime guarantee to attract new customers.

Price means how much a customer pays for your products or services. It usually consists of:

• the advertised price
• any discounts or promotions
• credit terms or other payment arrangements
• price matching, if you offer it.

Set prices that accurately reflect your positioning and the value of your product or service. For example, a budget car rental service will price their cars lower than a luxury car rental company.

Place means where your customers buy your product or service. It includes:

• physical locations, such as your shopfront or distributors
• online channels
• delivery methods
• how you manage your stock levels.

If you want to grow your business, you could consider changing or expanding where you sell your products and services. For example, a homewares shop might:

• set up an online store
• open a new shop in a different location
• offer franchises
• supply other businesses.

People means everyone involved in producing, selling or using your product or service. That includes your:

• staff
• suppliers
• partners
• customers.

The success of every business depends on its people. Try to maintain a positive relationship with everyone that contributes to your business. Think about what they want or need from you and how you can provide it.

For example, if want to start selling online, you’ll need to think about:

• how your customers use the internet
• how they feel about buying your goods online
• if they’re willing to pay for shipping
• how you’ll give good customer service to online shoppers
• if your staff have the skills to manage an online store
• whether you need to provide further staff training
• if your suppliers can meet the increased demand of your online store.

Promotion means the activities you do to make people aware of your business and achieve your marketing goals. It includes sales, public relations, direct marketing, sponsorships and advertising.

How you promote your business depends on the customers you want to reach. Some ways to advertise or promote include:

• social media
• online ads
• newspaper or magazine ads
• emails or text messages
• delivering flyers in your area
• radio or TV ads
• ads on public transport or in shopping centres
• sponsoring a team or event
• trade shows or exhibitions
• partnering with an influencer.