The marketing strategy is essential for all businesses to be able to prosper to the maximum of capability and bring profit which is the main reason for them to exist. If you have an e-commerce business and you struggling with the marketing strategy 4 Ps is a great point to start. The 4 Ps of e-commerce is the 4 steps of every business strategy that is required for them to grow. Even though the 4 Ps were first introduced by Jerome McCarthy in 1960 are still the leading strategy used across the globe. The simple concept of four elements included in the 4 Ps creates indeed a powerful tool (Jain,2021).
The four main parts are:
Product - is a product or service that you provide to your customer with the hope that one of them will make a purchase. At this point, everyone should remember that the company is only as good as the product or service it provides to the customer (Jain,2021).
Price - is a step where a business sets up the price for the product or service which they provided. Every business owner wants to sell the product as higher as possible whereas, on the other hand, each customer will try to find the right product at the minimum cost. It is very important to set the price properly if the price will be too low the sales will increase but the annual profit will reduce and again if the price will be set up too high the profit will increase but the sales will drop (Jain,2021).
Place - another aspect of the 4 Ps is places or location, every business should be located around the customers. Remember: you need them not they need you. Customers will not be able to find even the best product if they are not located in the right place, so it is important to ensure that e-commerce business is around the potential customers (Jain,2021).
Promotion - having a good product at the right price is not enough. One of the most important aspects of every business is promotion and constant marketing plan to make the customer customers aware of your existence (Jain,2021).
Product is the main business strategy on which I will focus the most. the main slogan for the website which I create is "Quality makes a difference". I want all customers to fill that message on the point when they unwrap the purchase, the first thought they have after taking the product in hand needs to be "it was worth the money". No.33 business is concentrating on handmade wooden shelves, perfection, and quality will determine that business's success. Just after the product, the next step is to focus on the place. Currently, the company is selling all its products on eBay, Etsy, and social media. The latest contract with Wayfair will help gain new customers and set the background for the potential business growth which we hope that happens through the new website.
Reference:
Jain, G., 2021. The 4PS of e-commerce: What you need to know. MageComp Magento Blog. Available at: https://magecomp.com/blog/4ps-of-e-commerce/ [Accessed August 20, 2022].
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