Discuss the 4Ps of marketing, establishing and focusing on the ones most relevant to your project
What are the 4P's of marketing?
1. 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.
When working on a product you can ask yourself some questions
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?
2. 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.
3. 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.
4. 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 different 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, social media marketing and email marketing.
(Coursera, 2022)
Which are the most important to the sports apparel website i'm designing?
The main aspects I am focusing on to differentiate my products from competitors are the product price and promotion
Product - The product needs to be upto a certain standard of quality suitable for sporting with the athletes comfort in mind.
Price - The price is where the differentiation happens, Comfortable sports clothing for an affordable price to differentiate from big brands such as nike and addidas.
Promotion - This is crucial so the market I am targeting knows that my product exists and will in turn drive traffic into my website.
References:
Xero blog (2012) Xero Blog. Available at: https://www.xero.com/blog/2012/03/small-business-marketing-introducing-the-four-ps/ (Accessed: February 8, 2023).
The 4 PS of marketing: What they are and how to use them (2022) Coursera. Available at: https://www.coursera.org/articles/4-ps-of-marketing (Accessed: February 8, 2023).
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