2. Team Work You are starting a new small-business venture! Cangratulations! But for a product or
service to succeed, it must be the right product, being sold at the right time, to the right
customer, in the right market. It may seem simple! You just need to create a product that a
particular group of people want, put it on sale, some place that people visit regularly, and
price it at a level which matches the value they feel they get out of it; and do all that at a
time they want to buy. Then you've got it made!
There's a lot of truth in this idea. However, a lot of hard work needs to be done
finding out what customers want, and identifying where they do their shopping. Then you
need to figure out how to produce the item at a price that represents value to them, and
get it all to come together at the critical time.
So how do you start? To make a product successful, you must be personally and
emotionally committed to its success. Once you've got a product or service in mind, you
need to begin with an analysis.
One of the best known models is the 4Ps of Marketing, which helps you define your
marketing options in terms of product, place, price, and promotion ( you've read about it
in the previous text). Use the model when you are planning your new venture.