Discuss The 4Ps Of Marketing, Establishing And Focusing On The Ones Most Relevant To Your Project

 

The 4Ps of marketing

Product, pricing, location, and promotion are the four main components that make up the "four Ps" marketing mix, which is used to promote goods and services. When developing marketing plans and strategies to reach their target audience, firms typically take the four Ps into account. Even though there are other additional "marketing mixtures," the four Ps are the most prevalent and serve as the basis for a fruitful marketing strategy (Coursera, 2022). 

As a component of the general marketing mix, Neil Borden, a professor of advertising at Harvard University, popularised the four Ps in the 1950s. In order to sell their products and services, businesses and marketers continue to employ the four Ps of marketing (Nelson, 2022). 

(Mishra, 2016)

Place

Place, refers to both the storefronts where you sell your goods and the methods of delivery you employ for customers. Choosing the ideal location for marketing and sales is crucial for reaching your target market. Whether online or offline, if you place your product where your target consumer won't find it, you'll probably fall short of your sales goal. Conversely, the ideal setting may assist you in making an impact on your target market and positioning yourself for success (Coursera, 2022).

Product

Your business sells the merchandise. As an illustration, whether it is jewellery from your online store or smoothies from your juice bar. As an alternative, it may be a service like yoga lessons or counselling sessions. What you provide to the customer is the product. Your commodity or service need to ideally satisfy a need that consumers now have. You may choose how much to charge for a product or service based on the type you provide, as well as its location and marketing tactics. You must determine what makes your product unique or unusual if you want to profit from promoting it (Nelson, 2022).

Promotion

The entire advertising and public relations campaign that goes into your product's marketing is referred to as promotion. The purpose of product promotion is to convince customers of the necessity of your product, the issue it will help them with, and the benefits of spending their hard-earned money on it. What is the most effective strategy for addressing your target market? It may be a social media channel, a PR initiative, or an SEO plan (Nelson, 2022).

Price

This part of marketing is the most relevant to my project. In the video game business, unbeatable/discounted pricing is the name of the game. As this is what attracts customers to your business. It's crucial to choose a pricing when marketing a good or service that both the target market can afford and that also aligns with the company's objectives. On the whole, a product's success can be significantly impacted by pricing. For instance, very few of the people you are trying to reach would likely buy your goods if you price it too high. Similar to that, if you overprice your goods, some customers may decide not to buy it out of the simple fear that it could be of worse quality and reduce your prospective profit margins. You must fully comprehend your target market's purchasing power and willingness to pay in order to determine a pricing that will be effective (Coursera, 2022).

References

Coursera (2022). The 4 Ps of Marketing: What They Are and How to Use Them. [online] Coursera. Available at: https://www.coursera.org/articles/4-ps-of-marketing [Accessed 10 Feb. 2023].

Mishra, S. (2016). The 4 P’s of marketing are outdated. So here is the solution ! [online] YourStory.com. Available at: https://yourstory.com/2016/10/4-ps-marketing-outdated [Accessed 10 Feb. 2023].

Nelson, J. (2022). The Four Ps of Marketing. [online] American Marketing Association. Available at: https://www.ama.org/marketing-news/the-four-ps-of-marketing/ [Accessed 10 Feb. 2023].