Marketing is the process of identifying, anticipating, and satisfying customers' requirements with the purpose to make profits. In recent times, giving more importance to customer a new concept have been introduced, i.e.
Product - Products are offerings that a marketer offers to the target audience to satisfy their needs and wants. Price - Price is the amount that is charged by marketer of his offerings or the amount that is paid by consumer for the use or consumption of the product. Promotion - Promotion represents the different methods of communication that are used by marketer to inform target audience about the product.
The art of overcoming objections - to the purchase or selection of your product or service.
Understanding your B&Bs shortcomings in the eyes of prospective guests allows you to tailor the flexible elements of your marketing mix.
In marketing we often talk about the "Four Ps" - Product - Price - Place - Promotion and as students I guess we always tried to find a few more "Ps" (I remember getting up to 13 or 14). The Internet has changed the way B&B Owners do business and applying the marketing mix to your online presence and communications is an essential new skill. One the process of Market Research is completed you can Plan and Anticipate what you need to do to compete both effectively and profitably. This covers the process of finding, booking, staying and leaving your B&B - below are a few pointers to help your thought process - stamp your own personality on every thing you do - try to do something unique that will provide a lasting memory. Direct all your online marketing effort to a single website for your B&B - you only need to be found once. In this process marketing managers and marketing representatives have to take various marketing decisions to make the operations profitable.
It is often crucial when determining product or brand's offering, and it is also called as 4P's (Product, Price, Promotion, and Place) of marketing. Including the above 4P's there are additional 3P's - Physical Evidence, People, and Process.

Communication includes advertising, public relation, personal selling, and any method that can be used for proper,timely, and accurate communication between marketer and consumer. However, most other elements allow you apply your marketing skills, optimise guests perceptions and compete for business more effectively. They have to decide what combination of marketing policies and procedures be adopted to bring about desired behaviour of trade and consumers at minimum cost. He learned about it in a research bulletin on the management of marketing costs, written by his associate, Prof. They have to decide how can advertising, personal selling, pricing, packaging, channels, warehousing, and the other elements of marketing be manipulated and mixed to make marketing operations profitable.
According to Lauterborn's the 4C's are - Consumer, Cost, Communication, and Convenience. People refers to the employees of the organisation comes in contact with the customers in the process of marketing. More specifically, they have to decide a marketing mix - a decision making method in relation with the product, price, promotion, and distribution. It is also a very important component of a marketing plan as it determines your firm’s profit and survival. Adjusting the price of the product has a big impact on the entire marketing strategy as well as greatly affecting the sales and demand of the product. If a company is new to the market and has not made a name for themselves yet, it is unlikely that your target market will be willing to pay a high price. Although they may be willing in the future to hand over large sums of money, it is inevitably harder to get them to do so during the birth of a business. Always remember that a low price usually means an inferior good in the consumers eyes as they compare your good to a competitor. Consequently, prices too high will make the costs outweigh the benefits in customers eyes, and they will therefore value their money over your product. When setting the product price, marketers should consider the perceived value that the product offers.

There are three major pricing strategies, and these are: Market penetration pricing Market skimming pricing Neutral pricing Here are some of the important questions that you should ask yourself when you are setting the product price: How much did it cost you to produce the product? Do you think that the slight price decrease could significantly increase your market share? Promotion is comprised of various elements like: Sales Organization Public Relations Advertising Sales Promotion Advertising typically covers communication methods that are paid for like television advertisements, radio commercials, print media, and internet advertisements. This includes press releases, exhibitions, sponsorship deals, seminars, conferences, and events.
Word of mouth is an informal communication about the benefits of the product by satisfied customers and ordinary individuals. Harnessed effectively and it has the potential to be one of the most valuable assets you have in boosting your profits online. An extremely good example of this is online social media and managing a firm’s online social media presence.
In creating an effective product promotion strategy, you need to answer the following questions: How can you send marketing messages to your potential buyers? It is important to devise a plan that balances profit, client satisfaction, brand recognition, and product availability. It is also extremely important to consider the overall “how” aspect that will ultimately determine your success or failure.
The ultimate goal of business is to make profits and this is a surefire, proven way to achieve this goal.
I think branding is entirely different concept and that built with special attributes the business products have.

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