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Using general frameworks for your business is not bad since this would also make sure that you are on the right track, However, you cannot just apply a general tool if you want extraordinary results in terms of profit. Massive profitability is the result of good planning and implementation through the use of effective tools.
“Profit maximization may be the ‘end’ but the means to achieve this end, is what matters, and that distinguishes a company in the corporate world and the market.”
– Henrietta Newton Martin, Author, Industrial Relations Today
An example of a simple framework would be 3 C’s; company, competitors, customers/client. Whenever there is a marketing component in the business, the 4Ps framework when combined with the 3C’s can cover a larger scope.
Are you ready to dive into the framework? Let’s start.
The 4 Ps leading to massive profitability
Product
Understanding the company’s product/service and its value proposition is critical. This will include the quality, features, and attributes of the company’s product or service.
Price
This refers to value expressed in monetary terms. Analyzing the company’s optimal pricing strategy is essential since the price is commonly the key driver of profitability. In order to optimize the pricing, the product or service should either justify the higher price or determine if it is a commodity. Other factors are customer loyalty and the current state of supply and demand.
Placement
Getting the products to the customers/clients and how the company does it will serve as a directional guide on operations. It should consider the best distribution channel to use, product transportation, and specific channel locations.
Promotion
It can also be referred to as “marketing strategy.” This is about how to reach and attract the customer/client. If the product/service is well established and understood which includes knowing what the customer wants and needs, the promotional aspects can be readily determined.
In closing
This framework will guide you to achieve massive profitability. Having a product or service that’s unique and well-thought-of is recommendable because this is where your business will revolve. Pricing would be easy to adjust appropriately into your product or service as long as you keep a consistent quality. The same is true with placement and promotion. Make your product or service within your customers’ reach and think of ways to introduce it effectively in the market. With a great quality product or service comes a better and inevitable success.
Now that you have an idea of the profitability framework, do you have any thoughts that relate to your business? Have you done this already and you need help for cross-checking? Or do you need an assistant so you can concentrate on profit management? Your help is on the way when you book a Free discovery call with eVirtual Assistants.