TaSk 5 MM Abirin Dolette

Sharif Amer J.
Abirin Marketing Management Task #5

Denver Dolette
The four Ps provide a framework on which to build your marketing strategy.

Think through each factor. And don't worry when the factors overlap. That's
inevitable.
First, analyze the product you will be marketing. Consider other similar products
that are already on the market. Your product may be tougher, easier to use, more
attractive, or longer lasting. Its ingredients might be environmentally friendly or
naturally sourced. Identify the qualities that will make it appealing to your target
consumers.
Think through the appropriate price for the product. It's not simply the cost of
production plus a profit margin. You may be positioning it as a premium or luxury
product or as a bare-bones lower-priced alternative.
Placement involves identifying the type of store, online and off, that stocks
products like yours for consumers like yours.
Promotion can only be considered in the context of your target consumer. The
product might be appealing to a hip younger crowd or to upscale professionals or
to bargain hunters. Your media strategy needs to reach the right audience with the
right message.
The 4 Ps of Marketing: What They Are and How to Use Them

The four Ps are a “marketing mix” comprised of four key elements—product,
price, place, and promotion—used when marketing a product or service. Typically,
businesses consider the four Ps when creating marketing plans and strategies to
effectively market to their target audience
Product
The product is the good or service being marketed to the target audience.
Generally, successful products fill a need not currently being met in the
marketplace or provide a novel customer experience that creates demand. For
example, the original iPhone filled a need in the market for a simplified device that
paired a phone with an iPod, and the chia pet provided a humorous experience for
consumers that was utterly unique.
As you are working on your product, it is essential to consider your target audience
and their unique needs. Some questions to consider when working on a product
include:
What is your product?
What does your product do? Does the product meet an unfilled need or provide a
novel experience?
Who is your product’s target audience?
How is your product different from what others offer?
Price
Price is the cost of a product or service.
When marketing a product or service, it is important to pick a price that is
simultaneously accessible to the target market and meets a business’s goals.
Pricing can have a significant impact on the overall success of a product. For
example, if you price your product too high for your targeted audience, then very
few of them will likely purchase it. Similarly, if you price your product too low,
then some might pass it up simply because they are concerned it might be of
inferior quality and cut into your potential profit margins.
To identify a successful price, you will want to thoroughly understand your target
audience and their willingness to pay for your product. Some questions you might
ask yourself as you are considering your product’s price include:
What is the price range of your product’s competitors?
What is the price range of your target audience?
What price is too high for your audience? What price is too low?
What price best fits your target market?
Place
Place is where you sell your product, and the distribution channels you use to get it
to your customer.
Much like price, finding the right place to market and sell your product is a key
factor in reaching your target audience. If you put your product in a place that your
target customer doesn’t visit—whether on or offline— then you will likely not
meet your sales target. The right place, meanwhile, can help you connect with your
target audience and set you up for success.
For example, imagine you are selling an athletic shoe you designed. Your target
market is athletes in their early twenties to late thirties, so you decide to market
your product in sports publications and sell it at specialty athletics stores. By
focusing on sports stores over shoe stores in general, you are targeting your efforts
to a specific place that best fits your marketing mix.
To decide the best place to market and sell your product, you should consider
researching the physical or digital places that your target audience shops and
consumes information. Some questions to consider include:
Where will you sell your product?
Where does your target audience shop?
What distribution channels are best to reach your target market?
Promotion
Promotion is how you advertise your product or service. Through promotion, you
will get the word out about your product with an effective marketing campaign that
resonates with your target audience.
There are many ways to promote your product. Some traditional methods include
word of mouth, print advertisements, and television commercials. In the digital
age, though, there are even more marketing channels that you can use to promote
your product, such as content marketing, email marketing, and social media
marketing.
Some questions to consider as you are working on your product promotion include:
What is the best time to reach your target audience?
What marketing channels are most effective for your target audience?
What advertising approaches are most persuasive to your target audience?

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Sharif Amer J.

Abirin Marketing Management Task #5

The four Ps provide a framework on which to build your marketing strategy.

The 4 Ps of Marketing: What They Are and How to Use Them

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