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

The 4Ps of marketing: Product, Price, Promotion and Place. 

Right product with right price and promotion at the right place. Purely Branded (2017) describes 4Ps as;

Product

The first P in marketing is product, refers to an item or service that meets the desires or needs of consumers. It is important to have in depth understanding of the product and features to market it effectively.

Price

Depending on the various price points, similar products and brands may need to be positioned differently. Once we have a thorough understanding of the product we are offering, we can begin to determine the pricing. The decisions we make about pricing will have a significant impact on factors such as profit margins, supply and demand, and marketing strategies.

Promotion

Promotion involves the various methods to distribute information about a product to consumers and make it stand out from the competition. This includes advertising, social media marketing, email marketing, search engine optimization, video marketing, etc. To ensure maximum return on investment, each should be researched and delivered properly.

Place

It is essential to identify the most effective locations to gain potential customers. Nowadays, even if the transaction itself does not occur online, the initial point of contact and conversion for potential customers is often through digital channels.

(Kaboompics .com, 2015)

References 

Kaboompics .com (2015). Working in a Group. [Online Image] Pexels.com. Available at: https://www.pexels.com/photo/working-in-a-group-6224/ [Accessed 28 Feb. 2023].

Purely Branded (2017). The Four Ps of Marketing. [online] Purely Branded. Available at: https://www.purelybranded.com/insights/the-four-ps-of-marketing/ [Accessed 28 Feb. 2023].

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