How to use the 4 Ps of marketing Activity

.docx

School

Webster University**We aren't endorsed by this school

Course

PSYC 3450

Subject

Marketing

Date

Dec 16, 2024

Pages

Uploaded by BaronFlamingo4899

How to use the 4 Ps of marketing ActivityAs a group of 3-4 people choose one local company. Imagine that you are marketingdepartment of the company and answer the questions. You can put the 4 Ps ofmarketing to work by using them as a framework for planning your next campaign.Think through and document how each one applies to your strategy and how theimplications of each can improve your marketing performance by asking some strategicquestions:ProductWhat is unique about your product? Why is it better than the competition?How is the product designed to be used?How is your audience actually using the product?What needs does the product meet?What frustrations does your audience have with the product?What frustrations does your audience have with competitor products?How does the product relate to our current branding and company mission?PriceWhat does the price communicate about the product?What does the price communicate about your brand?How will the pricing likely influence buyer perception?Does the pricing model support lead generation strategies?PromotionBased on the product and pricing, who are my target audiences?Why do my target personas need this product?When are my target personas most aware of their need for this product?What type of messaging and content most resonate with my target audiences?PlaceWhere should my product be available? Is it exclusive or widely available?Is my target audience geographically limited?Where does my target audience spend their time?What digital channels does my target audience prefer?

What marketing partners align with the strategy for this product and our brandidentity?

1. ProductWhat is unique about your product?[Superior quality | Innovative design | Enhanced functionality | Eco-friendly materials | Customization options]Why is it better than the competition?[More durable | Higher performance | Better customer service | Lower environmental impact | Exclusive features]How is the product designed to be used?[Daily use | Professional use | Occasional or luxury use | For entertainment | As part of a broader lifestyle choice]How is your audience actually using the product?[For business purposes | For personal convenience | For health and fitness | For leisure and entertainment | For travel or adventure]What needs does the product meet?[Comfort | Efficiency | Entertainment | Social connection | Health and wellness]What frustrations does your audience have with the product?[Complexity | Lack of durability | High price | Limited availability | Lack of customization options]What frustrations does your audience have with competitor products?[Too expensive | Poor customer service | Short lifespan | Inconvenient to use | Lacks innovation]How does the product relate to our current branding and company mission?[Fits with our sustainability mission | Enhances our luxury image | Supports our community-driven values | Aligns with our focus on technology innovation | Complements our commitment to customer satisfaction]2. PriceWhat does the price communicate about the product?[Premium quality | Affordability | High exclusivity | Value for money | Eco-consciousness]What does the price communicate about your brand?[Luxury brand | Budget-friendly brand | Innovative brand | Environmentally responsible brand | Customer-centric brand]How will the pricing likely influence buyer perception?[Creates a sense of urgency | Encourages trust | Appeals to a high-income demographic | Makes the product more accessible | Reinforces the perception of value]Does the pricing model support lead generation strategies?[Freemium model for user acquisition | Tiered pricing to encourage upgrades |

Discounted introductory offers | Subscription model for recurring revenue | Bundle pricing for higher sales volume]3. PromotionBased on the product and pricing, who are my target audiences?[Affluent professionals | Budget-conscious families | Tech-savvy millennials | Eco-conscious consumers | Health and wellness enthusiasts]Why do my target personas need this product?[To solve a specific pain point | To improve their lifestyle | To keep up with trends |To support their hobbies | To enhance their productivity]When are my target personas most aware of their need for this product?[During a specific season | When preparing for an event | After experiencing a problem | When browsing social media | When seeing an influencer use the product]What type of messaging and content most resonate with my target audiences?[Educational content | Emotional storytelling | Bold and innovative visuals | Customer testimonials | Expert recommendations]4. PlaceWhere should my product be available? Is it exclusive or widely available?[Exclusive boutiques | Online marketplaces | Large retail chains | Specialty stores| Direct-to-consumer (DTC) via our website]Is my target audience geographically limited?[Yes, focused on urban areas | Yes, primarily in rural regions | No, it is a global audience | Yes, limited to certain regions | No, but focused on high-income areas]Where does my target audience spend their time?[On social media | At local events | In malls or shopping centers | At home browsing e-commerce | At work, using professional platforms]What digital channels does my target audience prefer?[Instagram | TikTok | LinkedIn | Google Search | YouTube]What marketing partners align with the strategy for this product and our brand identity?[Local influencers | Major retail partners | Niche bloggers | Large e-commerce platforms like Amazon | Subscription box services]