OTE3701
Assignment 1
Unique number: 543387
, Question 1:
There are steppingstones that are necessary to make a plan functional. In a
proposed marketing plan, they make use of the 4 P’s. In this essay I will elaborate on
the 4 P’s.
The 4 P’s are, product, price, place, and promotion. Let us start with product. A
product can be seen as a collection of products and services that a company
provides to customers to meet their demands. It is available for people to take note
of, acquire, and use. The item or service being provided to the target market is
referred to as the product. The product must be developed with the target market's
demands and preferences in mind. To make sure the product meets or exceeds the
customer's expectations, factors including quality, design, packaging, and features
must be considered. In order to set the product apart from the competitors, its unique
selling proposition (USP) must also be emphasized.
Consumer goods can be classified as either durable or non-durable depending on
their durable properties (characteristics). Long-lasting consumer goods like furniture
are used, whilst non-durable goods like candy have a short shelf life. Products might
be classified as convenience, picky, or specialty goods based on consumer purchase
patterns. Groceries are an example of a convenience good that the consumer is
familiar with. Before deciding, consumers will examine several stores' selections of
selective products (like jewellery) for suitability, quality, price, and style. Specialty
goods, like automobiles, are goods with distinctive qualities that some customers will
go above and beyond to get. Consumers also look at the trademarks and packaging
before they buy it.
The second P is price. A key component of the marketing strategy is the product or
service price. To make a profit for the company, the pricing should be set at a level
that appeals to the target market. The amount of money a consumer spends to
obtain a product is referred to as the price. A price for a mobile phone is an example
of how pricing is strongly tied to the value and use that the consumer receives in
exchange for the money given up. The cost of a product, its affordability, its operating
costs, its fair profit, the prices of competitors, and demand and supply are among the
elements that go into determining the price of a product. Also keep in mind that there
is more than one price. The cost price is what the business owner pays for the item
being purchased. The selling price is the price of the product that the consumer
pays. The selling price minus the cost price is the profit.
The third P is place. A significant factor is the location of the business. Customers
prefer to make their essential purchases in stores close to where they live. The
following are additional factors that affect a company's popularity, enough parking
spaces; affordable costs; high-quality goods; kind and accommodating service.
Availability of information services and adequate security, orderly and neat
throughout the store; enough room between shelves for movement; excellent
building ventilation and lighting; a wide selection of goods; convenient business
hours; frequent special offers; a selection of packing (both big and small); a delivery
service that is reliable and credit facilities. A company's or a store's products should
be accessible to customers at the appropriate time and place.
