Marketing plan essentials

Recently I've been reading lots of comments on social networking sites from self published authors and business start-ups. Many read something like this "Help, I have a new book/new product and I don't know where/how to sell it. What do I do?"

Back in Marketing 101 in graduate school, I learned the 4 "P's" of marketing, and have been applying them through my businesses at www.nextdecade.com and www.barbarakimmel.com ever since.

1. Product-what is my product? If you can't clearly describe it in 3 sentences or less, go back to the drawing board.
2. Place-where is the best place to market my product? Start with your immediate circle of influence and work your way out. Think "concentric circles".
3. Price-what is the best price for my product? Don't be arbitrary. Look at your competition and set your price accordingly.
4. Promotion-how am I going to publicize my product? This is where you need to either become a publicity expert or hire one. Without publicity, the world will not know your book/product exists. Don't be fooled into believing that you need to spend thousands of dollars to get exposure.