The marketing strategy involves four fundamental elements: Place, Price, Product, and Promotion, complemented by an understanding of Competition and Customer needs. Place refers to the various locations where customers can purchase products, such as retail stores, online marketplaces, and specialty shops.
Having very good communication and service is important because by having good service you are attracting customers and persuading them in a way to back your product and establishing trust.
Giving them their need and want, aiming for a specific message to specific customers. The more customers they get the more opportunities they have by selling.
They are also trying to satisfy their customers!
Place
Antique stores
Hardware Stores
Furniture Stores
Market Places
Outlets
Online Stores
Retail Places
Place means where the customer will buy the product and where its being sold here are some examples:
Product
The safety of the product so for instance I love using skincare products however some of them may be sensitive to my skin so I always look to see if it's suitable and safe for my skin.
The different types of accessories that come with the product
the variety of the product
The features that the product offers
They style of the product
The specific brands name ( what attracts them) For some people it can be clothing or shoes or make up products.
Services
Quantity
Quality
So what is a customer looking when buying a product? Well it depends what product they want to buy, but in general here is what they are looking for!
Competition
Clothing stores: Garage or Ardene
Toothpaste: Colgate or Sensodyne
Pizza: Pizza Hut or Pizza Pizza
Face cream: Loreal or Nivea
Pepsi or Coke
Competition is how two stores are selling the same product but different brands and they are anyzlazing which one will sell more and have more customers. Here are some examples:
Promotion
Pet products
Car Sales
Sport Indutries
Cosmetic industries
Food Industries
Here they make all sorts of different Advertisements,Channels and Sponsorship to promote their products to their customers. Here are some examples:
Price
What does price mean? What customers look at when it comes to price, a discount meaning a sale that is original price reduced by the certain percentage, so let's say you get 50% off, when you are buying clothes or getting 30% of on products. Another thing customers look at are refunds meaning credit terms an example is when you return a certain product you can get a refund on your purchase or you can get a store credit.
