Discuss the 4Ps of marketing, establishing and focusing on the ones most relevant to your project

(dreamstime.com, 2022)

The marketing mix, commonly referred to as the 4Ps of marketing, serves as a basic framework for comprehending the essential components of an effective marketing plan (mindtools.com, 2022) The four Ps—product, pricing, place, and promotion—combine to form a comprehensive marketing strategy that can assist companies in achieving their goals and connecting with their target market (coursera.com, 2022).

Product :

The term "product" describes the tangible or intangible service or good that a company sells to its clients. This can apply to tangible products, experiences, or services. The characteristics, advantages, and value proposition of the offering, as well as its packaging, design, and quality, are all included in the product component of the marketing mix (Twin, 2022).

Pricing :

Price is a symbol for the monetary worth that a company assigns to a good or service. The production, distribution, and promotion costs as well as the customer's perceived value of the offering are taken into account when determining the price element of the marketing mix (Yasar, 2023) 

Place :

Place describes the routes of distribution a company uses to reach its target market with its product or service. Location, logistics, and inventory control are a few examples of the components that make up the place component of the marketing mix (coursera.com, 2022).

Promotion :

Promotion includes all of the communication tactics a company does to market its goods or services to its intended market. This can apply to strategies like public relations, sales promotions, and advertising (business.adobe.com, 2022).

Together, the 4Ps of marketing provide a comprehensive framework for creating a successful marketing strategy. By understanding and optimising each of these components, businesses can effectively reach their target audience, communicate their value proposition, and achieve their marketing objectives.

Reference :

business.adobe.com, (2022). The marketing mix and 4 Ps of marketing. [Online] Available from:https://business.adobe.com/blog/basics/marketing-mix-and-four-ps-of-marketing (Accessed 19 February 2023).

coursera.com, (2022). The 4Ps of Marketing: What They Are and How to Use Them. [Online] Available from: https://www.coursera.org/articles/4-ps-of-marketing (Accessed 19 February 2023).

dreamstime.com, (2022). The 4Ps of Marketing [Image] Available from: https://thumbs.dreamstime.com/b/infographic-template-p-marketing-mix-model-price-product-promotion-place-creative-drawing-charts-graphs-business-41437011.jpg (Accessed 19 February 2023).

investopedia.com, (2022). The 4Ps of Marketing and How To Use Them in Your Strategy. [Online] Available from: https://www.investopedia.com/terms/f/four-ps.asp (Accessed 19 February 2023).

mindtools.com, (2022). The Marketing Mix and the 4Ps of Marketing. [Online] Available from:https://www.mindtools.com/akksnwa/themarketingmixandthe4ps (Accessed 19 February 2023).

techtarget.com, (2022). 4 P's  Marketing mix: Understanding the 4 P's: Examples and considerations: Price. [Online] Available from:https://www.techtarget.com/whatis/definition/Four-Ps (Accessed 19 February 2023).