The 4Ps of marketing are Product, Price, Promotion, and Place.
Product: This refers to the product or service that is being sold. It is important to determine the features and benefits of the product, identify the target market and determine how the product will differentiate itself from competitors.
Price: This refers to the cost of the product or service. It is important to determine the pricing strategy that will be used, such as penetration pricing or premium pricing, as well as any discounts or promotions that will be offered.
Promotion: This refers to the methods used to communicate and promote the product or service. It is important to determine which channels will be used for promotion, such as advertising, public relations, and social media. It is also important to determine the budget for promotion and how it will be allocated.
Place: This refers to the distribution of the product or service. It is important to determine how the product or service will be made available to the target market, such as through retail stores, online stores, or direct sales.
For my project, the most relevant Ps are Product, Price, and Promotion. I will need to determine the features and benefits of the product, the pricing strategy that will be used, and the methods used to communicate and promote the product.
Reference:
-The 4 PS of Marketing: What they are and how to use them (no date) Coursera. Available at: https://www.coursera.org/articles/4-ps-of-marketing (Accessed: February 23, 2023).
- Twin, A. (2022) The 4 PS of Marketing and how to use them in your strategy, Investopedia. Investopedia. Available at: https://www.investopedia.com/terms/f/four-ps.asp (Accessed: February 23, 2023).
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