What are the 4 P's of franchising?
- businessincanberra
- Apr 1
- 1 min read
The 4 P’s of franchising refer to four key elements that are essential to a successful franchise business model: Product, Price, Place, and Promotion. Product refers to the goods or services the franchise offers, ensuring they meet customer needs and are consistent across all locations. Price involves setting the right price point for the product or service, considering factors like cost, competition, and target market. Place refers to the location or distribution channels that make the product accessible to customers, whether through physical stores or online platforms. Promotion covers marketing strategies used to attract and retain customers, including advertising, sales tactics, and special offers. Together, these 4 P’s form a comprehensive approach to building a thriving franchise.
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