How-to-Market... your products

Hey guys! I was reading this article and here is a highlight from it. For all the entrepreneurs out there, put the focus on your product, the client, and your pricepoint or value for your services...

Product

The first P deals with the “thing” the business is selling, the competition and substitute products. A private college, for example, is selling higher education. Its competitors are other private schools, and substitutes include public universities. To market a service, consider the tangible and intangible benefits it provides and any tangential products or services that can be co-marketed. Product considerations affect every other marketing decision.

Price

Price not only determines the service’s profit margin, but it also has a bearing on many other marketing decisions. Price sets a value standard for the service, one that the company’s people, physical evidence and performance must meet to be successful. Services are perishable. If a hotel doesn’t rent Room 546 tonight, that revenue is lost forever. Pricing includes strategies for managing inventory and staffing.

http://smallbusiness.chron.com/applying-eight-ps-marketing-mix-service-industry-58585.html