First, the business should identify their product and target it in a field where there is potential development to undertake. Second, they should decide on a location where the product is going to meet the supply and demand line. Third, businesses should determine the method of pricing by knowing whether there is similar product on the market that is popular. Last but not least, a promotion or advertisement for the product itself is very important because a new invention will require spotlight to make it shine in the market. For example, KFC is a well-known fast-food brand in the 21st century. They have used the procedure of price and promotion in order to gain their reputation within the fast-food industry. However, they didn’t follow their product rules well enough in order to maintain in the market. As a result, their business is falling into an area where they are close to be exterminated by their opponent. Hence, the method of the four Ps should be followed in order to create and maintain a business that will become
First, the business should identify their product and target it in a field where there is potential development to undertake. Second, they should decide on a location where the product is going to meet the supply and demand line. Third, businesses should determine the method of pricing by knowing whether there is similar product on the market that is popular. Last but not least, a promotion or advertisement for the product itself is very important because a new invention will require spotlight to make it shine in the market. For example, KFC is a well-known fast-food brand in the 21st century. They have used the procedure of price and promotion in order to gain their reputation within the fast-food industry. However, they didn’t follow their product rules well enough in order to maintain in the market. As a result, their business is falling into an area where they are close to be exterminated by their opponent. Hence, the method of the four Ps should be followed in order to create and maintain a business that will become