4 P’s of Marketing

    When creating a company that sells items or services, it is necessary to familiarize yourself with the basics of marketing. The topic I will explore today is the 4 P’s of Marketing (Product, Price, Promotion, Place). 

    What exactly are the 4 P's of Marketing? These are 4 important aspects of marketing and it starts with inventing the product, determining the price, adequate analysis of when the promotion should take place in order to be most favorably received and the place where the product or service will sell best. It is assumed that keeping them is the key to business success. These include the marketing mix, which means nothing more than certain activities to convince a customer to buy a service or good. The crucial factors that characterize the marketing mix are an understanding of the market and consumer needs; Analyzing similar products, including drawing conclusions about products that have failed to attract consumers, and developing strategies to change consumer opinion about them. It is also important to identify the current tendencies. Therefore, actions that go in harmony with these trends (CFI, 2022).

    Since my site is based on local(UK) sales, I am not able to do much with the place where the project will take place. But thanks to the fact that the location is known, it is easier to match products to customers from a particular location. When it comes to promotions, I would not want to focus on price manipulation to maintain transparency and customer respect. It seems to me that this will improve the relations between the company and customers. As we're on the subject of price, however, these are products made with the environment in mind and will be purchased by people who care about sustainability. It is necessary to analyze this particular group and adjust the price accordingly. The most important of the 4Ps in the overall picture seems to me to be the product. The one that represents environmental care and consumer awareness. Therefore, I believe that the most important marketing should be centered around products. 

Reference

CFI (2022) 4 P’s of Marketing. Available at: https://corporatefinanceinstitute.com/resources/management/4-ps-of-marketing/ (Accessed: 21 February 2023).