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OTE2601 ASSIGNMENT 1 S1 2023
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- University Of South Africa (Unisa)
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OTE2601Assignment number: 01
Year: 2023 (SEMESTER 1)
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QUESTION 1:
The 4 P's of marketing, also known as the marketing mix, are the core elements of any
marketing plan. The 4 P's are product, price, promotion, and place, and each of these
elements plays a critical role in the success of a marketing campaign.
Product: The product is the item or service that is being marketed. Before any marketing
plan can be developed, it's essential to understand the product, including its features,
benefits, and unique selling points
LOLA JACOBS ASSIGNMENTS 0618151315
, QUESTION 1:
The 4 P's of marketing, also known as the marketing mix, are the core
elements of any marketing plan. The 4 P's are product, price, promotion, and
place, and each of these elements plays a critical role in the success of a
marketing campaign.
1. Product: The product is the item or service that is being marketed.
Before any marketing plan can be developed, it's essential to
understand the product, including its features, benefits, and unique
selling points. This knowledge helps in developing messaging that
effectively communicates the value of the product to the target
audience. For example, if the product is a new type of smartphone, the
marketing plan might focus on its unique features, such as a long
battery life or a large screen size.
2. Price: The price of a product plays a significant role in the success of a
marketing plan. Pricing must be set in a way that is both profitable for
the company and affordable for the target audience. Factors such as
production costs, competition, and the target audience's willingness to
pay must be considered when determining the price. If the product is
priced too high, the target audience may not be able to afford it, but if
it's priced too low, it may not be perceived as valuable. For example, a
luxury car manufacturer may price its vehicles high to appeal to an
exclusive market segment.
LOLA JACOBS ASSIGNMENTS 0618151315
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