Internet Marketing Standard Principles

Anyone even slightly familiar with the basic principles of marketing will know about marketing for Product, Price, Place, and Person.

Knowing how the Product, Price, Place, and Person can work for you is the key to marketing your own business. You do not really need a huge budget to enable marketing of your own business. You will just a need a lot of information, creativity and perseverance and you will be quite successful at marketing your own business in no time.

Let's start with Product. In marketing your own business you need to understand whether your product has any key selling propositions or any attribute that makes it unique and therefore desirable to its market. If you have decided to sell ball pens, think about how to angle your product so that it gets attention and preference over other ball pens. The area of differentiation can be a product feature or a an after sales feature that will put it above its competitors.

For instance, if you are manufacturing your own ball pen, you can make it so that it writes legibly on any surface. That is your key selling proposition right there. If however you have are not control of production and manufacturing of your product, you can make your key selling proposition an after sales component instead.

For instance, you can guarantee that any malfunctions in the pen after purchase will be repaired within the hour or your pen will be replaced with a new product. Of course, your selling proposition on your product depends on what is relevant to the consumer as well as on your capability to produce and provide what you want your product to promise.

There are two more Product, Price, Place, and Person to consider before going out there and internet marketing your own business. The first is Person or you target market. It is very important to identify your target market correctly because this will determine how and who to market your on business to. The importance of this step cannot be stressed enough because on a limited budget for marketing your own business, you cannot afford to be selling to the wrong people and therefore lose the opportunity to sell to your potential customers.

For instance, unless there is something super high tech and sustainable about your ball pen, you are better off selling this to people who actually write with pens like students and such. You may not want to sell this to computer programmers because they probably do not even have any practical use for a ball pens. Next to this is Price. When pricing your product, you need to make sure that you have the proper profit margins in place while making sure that you have done a price sensitivity test on your product. You have to establish the market threshold in terms of purchasing and you have to remain competitive with other similar products in the market as well.

Another interesting relationship between price and person that you need to consider in marketing your own business is that, you might have the right price only you are selling to the wrong person. You will need to be creative in gathering information and data because this will be the scientific basis and backbone of marketing your own business.

Lastly, when all is in place, you will need to promote your product or service with the right price to the right people. Narrowing down your target will help you focus more on marketing your own business, which is cost effective and affordable.