among the 7P's in Entrepreneurship, what is the most important?
Home
/
among the 7P's in Entrepreneurship, what is the most important?
Sign Up to our social questions and Answers Engine to ask questions, answer people’s questions, and connect with other people.
Login to our social questions & Answers Engine to ask questions answer people’s questions & connect with other people.
Answer:
The 7 P's in entrepreneurship are Product, Price, Promotion, Place, People, Process, and Physical Evidence. Each of these elements is important in its own way, and their significance may vary depending on the type of business and industry.
It is difficult to say which among the 7 P's is the most important since they are all interrelated and contribute to the success of a business. However, many experts believe that the most critical P is the "Product" because it is the foundation of any business. A great product that addresses the needs of its target market and offers a unique value proposition can set a business apart from its competitors and attract loyal customers.
However, all other P's such as price, promotion, place, people, process, and physical evidence are also important as they contribute to the overall success of the business. Price must be competitive and attractive to the target market, promotion should be effective in communicating the product's benefits to potential customers, place should be accessible and convenient for the target market, people should have the right skills and attitude to deliver quality customer service, processes should be efficient and effective, and physical evidence should reflect the quality and value of the product and service being offered.