4 P's of marketing
(utleystrategies.com) 1. product Understanding the product itself is the first step in developing a marketing plan. Who requires it, and why? What does it do that the products of its rivals cannot? Perhaps it's completely new, and because of its alluring look or usefulness, they will be compelled to buy it right away. 2. Price Consumers' willingness to pay for a product is reflected in its price. The pricing must be related to the product's actual and perceived worth, while also taking supplier costs, seasonal reductions, rival prices, and retail markup into account. 3. Place Place refers to deciding where the product should be sold—in physical stores and online—as well as how it will be exhibited. 4. Promotion The purpose of promotion is to convince customers that they require this product and that its price is reasonable. Promotion includes public relations, advertising, and the full media plan for launching a product. I shall concentrate most of my attention on the pri