Marketing Overview

Explain 4ps of marketing with example.  

The 4ps of marketing Product, Price, Place and Promotion are the foundational elements of a comprehensive marketing strategy, focusing on what you sell , how much it costs, where it’s available, and how it’s communicated to the target audience. 

1. Place

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 repaired a phone with an ipod.

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 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?                                                                                                                                 

2.Price 

Price is the cost of a product or service. 

When marketing a product or service, it is important to pick 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 product. For example 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.

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 targets market?                                                                                                                        

3. Place 

Place is where you sell your product and the distribution channels you use to get it to your customer.

Like price, finding the right place to market and sell your products is key to reaching your target audience. If you put your product in a place that your target customer doesn’t  

For example, imagine you are selling an athletic shoe. Your target market is athletes in their early twenties to late thirties, so you decide to market your products in sports publications and sell it at specially athletics stores in general, you target your efforts to a specific place that best fits your marketing mix. 

Where will you sell your products? 

Where does your target audience shop? 

What distribution channels are best to reach your target market?                                                                                              

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 products, such as content marketing, email marketing, and social media marketing.

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?                                                                        

What do you mean by SWOT Analysis?

A framework for identifying an organization strengths, weaknesses, opportunities and threats. These words make up the SWOT acronym. The primary goal of SWOT analysis is to increase awarenesses of the factors that go into making a businesses decision or establishing a business strategy.   

Strength: 

Good communication skills on time for shifts, handles customer well, gets along well with all departments, physical strength, good availability.

Weakness:

Takes long smoke breaks, has low technical skill, very prone to spending time chatting.                                             

Opportunities: 

Storefront worker, greeting customer and assisting them to find products, helping keep customer satisfied, assisting customer post-purchase and ensuring buying confidence, stocking shelves. 

Threats:

Occasionally missing time during peak business due to breaks, sometimes too much time spent PWE costumes post-sale too much time in interdepartmental chat.                                                                                                                   

Explain the meaning of USP ? 

A unique selling point (USP) also called a unique selling proposition, is the essence of what makes your product or service better than competitors. 

Quality:

Superior materials or ingredients, superior craftsmanship, proprietary manufacturing methods one of a kind.

Price: 

The lowest price guaranteed price matching free shipping bulk discounts special offers.

Services:

Easy returns personalization great customer service or even advice and a curated selection of products and goods.                                                                                                                                                               

Types of Business category ? 

Business can be categorized by their legal structure like sole proprietorship, partnership, LLC, or corporation or by the type of goods or services they offer like retail, services or manufacturing.

Sole Proprietorship:

Owned and run by one person, with no legal distinction between the owner and the business.

Partnership:

Owned and operated by two or more individuals who agree to share in the profits or losses of the business.

All partners share in the management and liability of the business.

Some partner have limited liability and management responsibilities. Limited Liability Company (LLC)

A hybrid structure combining aspects of partnership and corporations, offering limited liability to owners.

Corporation:

A legal entity separate from its owners, offering limited liability to shareholders.

The most common form of corporate structure, subject to double taxation.

A pass through entity, avoiding double taxation, but with limitations on ownership and shareholder requirements.                                                                                         

Types of Business model with example ? 

The four fundamental types of business models are Business-to-Customer (B2C), Business--Business (B2B), Consumer-to-Business (C2B), Consumer-to-Consumer (C2C).

Business-to-Consumer (B2C)

This model involves businesses selling goods or services directly to individual consumer. Example include online retailers, clothing stores, and restaurants.

Business-to-Business (B2B)

This model involves businesses selling goods or services to other businesses. Examples include software companies selling to other companies, wholesale distributors, and manufacturers.     

Consumer-to-Business (C2B)

This model involves businesses selling goods or services to businesses. Example include crowdsourcing platforms where individuals pitch ideas or freelance marketplaces where individuals offer services to businesses.

Consumer-to-Consumer (C2C)

This model involves consumers selling goods or services directly to other consumers selling goods or services directly to other consumer. Examples include online marketplace like eBay or Craigslist, or social media groups where individuals sell items to each other.