4Ps of Marketing

  • 1 year ago

4Ps of Marketing

The four Ps are fundamental elements involved in the marketing process. These Ps of marketing are product, price, place, and promotion. Due to the evolution of the marketing sector, other Ps of marketing have emerged, including people, process, and physical evidence.

When marketing a product, a business organization considers what consumers want, how an offering meets people’s needs, consumer perceptions, how it withstands competition, and company-customer relationships.

Based on the topics and themes delivered throughout the course, you are required to choose a product of a brand (this could be any existing company of your choice) and target a new market. The goal is to produce the highest number of overall sales. This should be presented individually and should include the following:

Explain the background of the company and introduce the product (add a new USP to the product of your choice). The company shouldn't be a big company like Apple, Tesla etc.

Identify the new target market of your choice.

Use the 4P's of Marketing for your market analysis.

Create a new mission and vision that is most relevant to your new target market.

Decide what is the best marketing strategy that will allow the marketing team to position the brand by creating a concept that appeals to your new target group.

Cite your sources/references. The paper should be written from scratch.