Discuss the 4P's of marketing, establishing and focusing on the ones most relevant to your project (Blog#19)

 4P's Of Marketing

4P's of Marketing

The four key considerations that must be thoughtfully considered and wisely implemented in order to successfully market your product or service. These four key considerations are known as 4P's Of Marketing:

• Product
• Price 
• Place 
• Promotion

We will get into details with each and every single one of them 

1) Product:

Creating a marketing campaign starts with an understanding of the product itself. Who needs it, and why? What does it do that makes it unique in the market space. Perhaps it is the new thing altogether and is soo compelling in its design or function that consumer will have to have it when they see it. 

The job of the marketer is to define the product and its qualities and introduce it to the customer. The type of product also dictates in part how much will it costs, where it should be placed and how it should be promoted.

2) Price:

Price is the amount that consumers will be willing to pay for a product. Marketers must link the price to the product's real and perceived price, while also considering supply costs, seasonal discounts, competitor's price and retail markup. 

In some cases, business decision makers may raise the price of the product to give it an appearance of luxury or exclusivity. Or, they may lower the price to make it more available for consumers. 

3) Place:

Place is the consideration of where the product should be available. The decision is Key: The makers of luxury cosmetic product would want to be displayed in Sephora and Neiman Marcus, not in walmart or family dollar. The goal of the business executives is always to get their products in front of the consumers who are most likely to buy them. 

That means that placing a product in certain stores and getting it displayed to the best of the advantage. The term of placement also refers to advertisement of the product in the right media to get the attention of the consumers.

4) Promotion:

The goal of the promotion is to communicate to the consumers that they need this product and that it is priced appropriately. Promotion encompasses advertisement, public relations, and the overall media strategy for introducing a product. 

My Project:

The type of Key P's I need strictly for my online e-oomerce business are Product, Price and Promotion. I donot need to focus on place as it is a business-to-consumer based online e-commerce website, which can be accessed globally via internet and is not confined to a certain Place.

Although, I still need to focus on Product, because there are many brands already in the market selling same type of garments, but I need to assure that I have quality product. Same goes for Price point of view, if the prices of my brand will be sky high then consumers have a lot of options to consider in the market. And lastly, we know that success of any brand is mostly dependent on how it is Promoted. A proper media strategy is to be build and implemented in order for successful business.

References:

[1] TWIN, A. 2022, June 24. The 4 Ps of Marketing and How to Use Them in Your Strategy [Online]. Available: https://www.investopedia.com/terms/f/four-ps.asp.