Discuss the 4Ps of marketing, establishing and focusing on the ones most relevant to your project

(freepik, 4P infographic 2014)

The 4Ps of marketing, which Neil Borden first popularised in the 1950s, assisted marketing teams in taking into account the actual obstacles that frequently prevented widespread adoption of a product. The 4 Ps of marketing can be thought of as a chain, with each P linking to the one before it. The fundamentals of marketing haven't changed much over the years, despite the development of many different Ps (campaignmonitor.com, 2021).

1. Product 

A product is a product or service that solves a problem and satisfies a consumer need. Products can be tangible like vehicles or clothing, or intangible like cruises or cleaning services. Successful products either fill a market gap or provide a unique experience that drives demand (Yasar, 2022).

Before developing or selling your product, you should answer the following questions:

• What is your product?
• Is it a specific product or service?
• what does the product do?
• Does your product meet your needs or offer a unique experience?
• Who is the target customer for your product?
• What distinguishes your product from the competition?

2. Price

Price is the price that the consumer pays for the product. When selling products, it is important to set prices that reflect current market trends, are affordable for consumers and profitable for businesses at the same time. Prices may fluctuate based on supply, demand and product sales cycles. Some companies may lower their prices to compete with the market, while others may raise them - especially when promoting luxury brands. To determine the most profitable price for your product, it's important to research your target audience and find out if they are willing to pay for the product (Yasar, 2022).

Here, there are a few questions you should answer before setting up your product pricing strategy.

• How much are your competitors charging for similar products?
• What is the target consumer's affordability and price range?
• What is the minimum price at which an item can be sold?
• What is the highest price you can sell the product for?
• Which prices are too high or too low for your target group?
• What is the best price for your target market? 

3. Place

This is where and how customers purchase products or services. This includes where the product is stored and manufactured. Digital transformation has changed the way products are sold online, in physical shops, or by global producers. This marketing plan also takes into account where and in what form the product will be advertised. Product placement in magazines, online advertisements, radio, infomercials, or movies (Yasar, 2022).

Not all locations are suitable for marketing and selling products. Therefore, it is important to sell your products in accessible locations and meet the needs of your customers.
Below are some questions to consider before deciding where to sell your product.

• What locations and venues do shoppers go to for similar products and services?
• Where do your competitors sell their products?
• What shopping habits does your target group have?
• Do you need a sales team to deploy and distribute your products, do you use Salesforce, or are you self-service?
• How to access the right distribution channels? 

4. Promotion

Promotion is all about getting the right message to your target audience at the right time. It is an effective way to spread, promote and engage consumers. Advertising strategies aim to show why consumers need a particular product and why they buy it over others. A core part of marketing communications, product promotion brings specific and meaningful advertising across popular channels.
Word of mouth, social networking, Instagram campaigns, print marketing, TV ads, email marketing campaigns, social media marketing and more. 

For a product to be successful, it's not enough to set the best price or provide a great product. Advertising is a key component of the marketing mix that allows you to distribute your product to the masses. Therefore, your advertising message should always address both your target group and your sales channel (Yasar, 2022).

Below are some questions to consider when considering your advertising strategy.

• When is the right time to reach your target group?
• Through which channels or media will the target group receive information? Which advertising approach works best for your target group?
• Which channel is the most cost-effective and efficient for product promotion?
• What part of the target group should be addressed?
• What do your competitors spend their advertising and marketing revenue on? 

Here, i am focused one of the most relevant aspect of my project, this is price. When marketing a good or services, it is critical to choose a price that both appeals to the target market and supports the company objectives. Pricing can have a big impact on a products overall successes. For instance, very few of your target market's members are likely to buy your product if you price it too high. Similar to this, if you price your product too low, some people may decide against buying it because they think it might be lower quality and reduce your potential profit margins.

You should have a thorough understanding of your target market and their willingness to pay for your product in order to determine a successful price. Several inquiries you may have as you think about the price of your product includes:

• What price ranges do your products rivals offer?
• What is the range of prices for your intended market?
• What cost will your audience not accept? What cost is too cheap?
• Which price fits your target market the best?

Reference

Free vector: 4P infographic (2014) Freepik. Available at: https://www.freepik.com/free-vector/4p-infographic_711054.htm#query=4p&position=0&from_view=search&track=sph (Accessed: February 15, 2023).

The four PS of Marketing explained (2021) Campaign Monitor. Available at: https://www.campaignmonitor.com/resources/knowledge-base/what-are-the-4-ps-of-marketing/ (Accessed: February 15, 2023).

Yasar, K. (2022) What is the marketing mix (4 P's of marketing)?, WhatIs.com. TechTarget. Available at: https://www.techtarget.com/whatis/definition/Four-Ps (Accessed: February 15, 2023).