Business Marketing
Business Marketing
“Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at
large. Greater Concepts by Design places a strong focus on the 4 P’s of Marketing. Price. Product, Promotion, and Place. The Four P’s collectively make up the essential mix a company needs to market a product or service.
Product
Product refers to an item or items the business plans to offer to customers. The product should seek to fulfill an absence in the market or fulfill consumer demand for a greater amount of a
product already available. Before GCBD can prepare an appropriate campaign, time is allotted to understand what product is being sold, how it stands out from its competitors, whether the
product can also be paired with a secondary product or product line, and whether there are substitute products in the market.
Price
Price refers to how much the company will sell the product for. When establishing a price, GCBD assists their clients in establishing the unit cost price, marketing costs, and distribution
expenses. GCBD will help to consider the price of competing products in the marketplace and whether their proposed price point is sufficient to represent a reasonable alternative for consumers.
Place
Place refers to the distribution of the product. Key considerations include whether the company will sell the product through a physical storefront, online, or through both distribution channels. When it’s sold in a storefront, what kind of physical product placement does it get? When it’s sold online, what kind of digital product placement does it get?
Promotion
Promotion, the fourth P, is the integrated marketing communications campaign. Promotion includes a variety of activities such as advertising, selling, sales promotions, public
relations, direct marketing, sponsorship, and guerrilla marketing. Promotions vary depending on what stage of the product life cycle the product is in. GCBD understand that consumers
associate a product’s price and distribution with its quality, and they take this into account when devising the overall marketing strategy.
