4 P's of marketing
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 primary business strategy of product. Quality, which makes a significant difference, is the primary motivation for the website that I build. When making a purchase, I want every consumer to think to themselves, "It was worth the money," as soon as they have the item in their possession. The success of a firm is largely dependent on its ability to satisfy customers and deliver flawless products.
Reference list
Twin, A. (2022) The 4 PS of Marketing and how to use them in your strategy, Investopedia. Investopedia. Available at: https://www.investopedia.com/terms/f/four-ps.asp (Accessed: February 14, 2023).
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