Beyond the four P’s

I want to remark upon An-Sofie’s latest blog about the four P’s of marketing. These are considered to be the most important aspects when dealing with marketing decisions. But beside these key factors, there are still some other topics the marketing department shouldn’t ignore, such as environment, competition, development of the company, prospect, the costs to enter a market…

Some of them need more explanation. Environment first of all includes the government's policy. A good knowledge of subsidies, licensing requirements and price control are recommended. Further, a company has to keep in mind the influence of technological, demographic or cultural changes.

Prospect is another aspect an enterprise has to take into account, mainly in bounding its market segment. For example how much time the production department can spend on innovating products or processes. Also market studies can provide relevant insights for your niche.

Once more, this confirms marketing contains much more than I had first thought.

Pauline Deturck

http://www.businessplans.org/market.html