Pick a product or brand of your choice that is sold in your geographical location. From an
examination of any marketing medium (such as advertising, packaging, or website) and
reflecting on the 4P’s of marketing, construct a value proposition for the product or brand.
Conduct substantial research on the product or brand in order to get a good understanding of how
the brand has evolved and where it is heading.
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The 4 P's of marketing are product, price, place, and promotion. Why are the 4 P's of
marketing so relevant to a business? The 4 P's of marketing, also known as the
marketing mix, are essential in helping a company to make necessary decisions in order
to launch a successful product
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1. Identify all the benefits your product offers.
2. Describe what makes these benefits valuable.
3. Identify your customer's main problem.
4. Connect this value to your buyer's problem.
5. Differentiate yourself as the preferred provider of this value.
The value proposition is usually a block of text (a headline, sub-headline, and
one paragraph of text) with a visual (photo, hero image, graphics).
There is no one right way to go about it. I suggest you start with the following
formula:
Headline. What is the end-benefit you’re offering in one short sentence? It can
mention the product and/or customer. Make it an attention grabber.
Sub-headline or a 2–3 sentence paragraph. A specific explanation of what you
do/offer, for whom, and why it’s useful.
3 bullet points. List the key benefits or features.
Visual. Images communicate much faster than words. Show the product image, the
hero shot, or an image reinforcing your main message.
Note: Having solid product images are just one piece of the ecommerce pie.
Marketing is simplistically defined as ‘putting the right product in the right place, at the right
price, at the right time.’ Though this sounds like an easy proposition, a lot of hard work and
research needs to go into setting this simple definition up. And if even one element is off the
mark, a promising product or service can fail completely and end up costing the company
substantially.
The use of a marketing mix is an excellent way to help ensure that ‘putting the right product in
the right place,…’ will happen. The marketing mix is a crucial tool to help understand what the
product or service can offer and how to plan for a successful product offering. The marketing
mix is most commonly executed through the 4 P’s of marketing: Price, Product, Promotion, and
Place.
These have been extensively added to and expanded through additional P’s and even a 4C
concept. But the 4Ps serve as a great place to start planning for the product or even to evaluate an
existing product offering.
Product
The product is either a tangible good or an intangible service that is seem to meet a specific
customer need or demand. All products follow a logical product life cycle and it is vital for
marketers to understand and plan for the various stages and their unique challenges. It is key to
understand those problems that the product is attempting to solve. The benefits offered by the
product and all its features need to be understood and the unique selling proposition of the
product need to be studied. In addition, the potential buyers of the product need to be identified
and understood.
HomeMagazineUnderstanding the Marketing Mix Concept – 4Ps
Marketing is simplistically defined as ‘putting the right product in the right place, at the right
price, at the right time.’ Though this sounds like an easy enough proposition, a lot of hard work
and research needs to go into setting this simple definition up. And if even one element is off the
mark, a promising product or service can fail completely and end up costing the company
substantially.
The use of a marketing mix is an excellent way to help ensure that ‘putting the right product in
the right place,…’ will happen. The marketing mix is a crucial tool to help understand what the
product or service can offer and how to plan for a successful product offering. The marketing
mix is most commonly executed through the 4 P’s of marketing: Price, Product, Promotion, and
Place.
These have been extensively added to and expanded through additional P’s and even a 4C
concept. But the 4Ps serve as a great place to start planning for the product or even to evaluate an
existing product offering.
4Ps marketing mix
© Entrepreneurial Insights
In this article, we will look at 1) the four P’s, 2) history of the marketing mix concept and
terminology, 3) purpose of the marketing mix, 4) key features of the marketing mix, 5)
developing a marketing mix, 6) key challenges, and 7) marketing mix example – Nivea.
THE FOUR P’S
Product
The product is either a tangible good or an intangible service that is seem to meet a specific
customer need or demand. All products follow a logical product life cycle and it is vital for
marketers to understand and plan for the various stages and their unique challenges. It is key to
understand those problems that the product is attempting to solve. The benefits offered by the
product and all its features need to be understood and the unique selling proposition of the
product need to be studied. In addition, the potential buyers of the product need to be identified
and understood.
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Price
Price covers the actual amount the end user is expected to pay for a product. How a product is
priced will directly affect how it sells. This is linked to what the perceived value of the product is
to the customer rather than an objective costing of the product on offer. If a product is priced
higher or lower than its perceived value, then it will not sell. This is why it is imperative to
understand how a customer sees what you are selling. If there is a positive customer value, than a
product may be successfully priced higher than its objective monetary value. Conversely, if a
product has little value in the eyes of the consumer, then it may need to be underpriced to sell.
Price may also be affected by distribution plans, value chain costs and markups and how
competitors price a rival product.
Promotion
The marketing communication strategies and techniques all fall under the promotion heading.
These may include advertising, sales promotions, special offers and public relations. Whatever
the channel used, it is necessary for it to be suitable for the product, the price and the end user it
is being marketed to. It is important to differentiate between marketing and promotion.
Promotion is just the communication aspect of the entire marketing function.
Place
Place or placement has to do with how the product will be provided to the customer. Distribution
is a key element of placement. The placement strategy will help assess what channel is the most
suited to a product. How a product is accessed by the end user also needs to compliment the rest
of the product strategy.
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