Marketing Fundamentals:

4P’s of marketing.

1. Product
2. Price
3. Promotion
4. Place

The 4 P’s should be carefully considered and implemented for the successful product marketing.

Product –  It refers to the Design , Packaging , features of the product.

 Example: For example a company is introducing the new cell phone. The design , packaging and features  should be competitive with the same segment in the market.

Price  -  It refers to the price which customer willing to pay for the product. 

Example: The cell phone price should be in competitive with the above design and features and the customer should be okay to pay for the product.

Place -   It refers to the place where the product is accessible for the potential customers.

Example: Retail stores, Specific e-commerce websites like Amazon etc..

Promotion – It refers to the advertising and sales promotions which the company does to reach the potential customer.

Example: Advertising in the TV shows, news channels , YouTube, newspaper etc..

 Also, company should consider the dynamics exists between the 4 P’s Eg: Market segmentation.

Market segmentation: 

Aggregation of the buyers/customers into different groups based on their specific needs.

 I would like to explain with the example of Walmart market segmentation:

 Marketing at Walmart involves dividing the large consumer market into smaller groups based on the characteristics or behaviors. This helps Walmart to understand its customers its marketing strategies to meet their specific needs.

Below id the breakdown of the segmentation.

Demographic Segmentation: This involves segment the market on demographic factors Eg: Age, gender, income, occupation, etc..

For example: Walmart might target families with small children for baby products and toys.

Geographic Segmentation: Walmart serves customers across different regions.

The geographic segmentation involves targeting specific regions, cities where the consumer preferences will vary with the climate and different conditions.

For example:  In Midwest Walmart mostly concentrate on the winter products whereas in West(California) they will target the summer products.

Psychographic Segmentation: This focuses on understanding consumers based on their lifestyles, values, beliefs, and interests.

For example: Walmart might target with eco-friendly products for environmentally conscious consumers.

Behavioral Segmentation: This segmentation is based on consumer behavior, such as shopping habits, usage patterns and purchase frequency.

For example:  Walmart may offer discounts and promotions for frequent shoppers or occasional shoppers to increase the shopping frequency.

                                                 

Reference: 

https://uispringfield.instructure.com/courses/12288/files/1843733?wrap=1

https://uispringfield.instructure.com/courses/12288/files/1843682?wrap=1

https://www.investopedia.com/terms/m/marketsegmentation.asp