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

 Hello everybody! This blog is about the 4Ps of marketing.

(Twin, 2022)

What Are the 4 Ps of Marketing?

To successfully advertise a good or service, the four Ps are the main factors that must be carefully examined and put into practise. They are product, price, place, and promotion.

1. Product

The first step in developing a marketing strategy is to comprehend the product itself. And why is it required? What does it do that the products of its rivals cannot? Perhaps it's something completely new, and because of its alluring look or usefulness, they will be compelled to buy it right away.

2. Price

Price is the sum of money customers are willing to spend on a thing. Marketers must consider supply costs, seasonal discounts, rival prices, and retail markup in addition to connecting the price to the product's actual and perceived value.

3. Place 

The concept of place involves deciding where the product should be sold—in physical stores and online—as well as how it will be displayed.

The choice is crucial: Luxury cosmetics manufacturers would prefer to have their products sold in Sephora and Neiman Marcus rather than Walmart or Family Dollar. Business executives always strive to put their goods in front of customers who are most inclined to purchase them.

4. Promotion

Consumers are to be convinced that they require this goods and that its price is reasonable through promotion. Public relations, advertising, and the whole media plan used to launch a product are all included in promotion.(Twin, 2022)

The most important aspect of my project is the price. My site is classified as selling cosmetics and perfumery produced by other companies (the product would be an important factor for them). The point is that I have to bypass my competitors who sell goods of the same manufacturers and I can do it with the help of discounts and all kinds of raffles.

References:

Twin, A. (2022). Four Ps of Marketing: Know What They Are. [online] Investopedia. Available at: <https://www.investopedia.com/terms/f/four-ps.asp.> [Accessed 10 February 2023]

‌