Marketing 4Ps

1874 Words8 Pages
In today’s multi-faceted business environment, it is generally agreed that a strong customer-driven marketing strategy can give one an edge over his competition. Designing it, however, did not prove to be so straightforward. It is therefore this reflection paper’s aim to ponder over the various aspects that I have found intriguing and glean insights from them.
Firstly is the “Marketing Mix” aspect, specifically the 4 P’s framework – Product, Pricing, Placing & Promotion. The 4 P’s is one of the best known frameworks for a marketing plan, of which the aim is ultimately to fulfil a basic marketing purpose – Putting the right product in the right place, at the right price, and at the right time. Getting all aspects of this framework is
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As for the Placing aspect, the dilemma existed whereby in order to position ourselves as a high street fashion brand, a retail store had to be open at a prime location such as Ion. The rental for such locations, however, would strain our budget even further. To put it in perspective, the rental costs for an Ion level 1 space is $29 per square feet whereas the rental costs for Ang Mo Kio Hub is a mere $19 per square feet. That adds up to almost $40k difference per year for a store of 330 square feet, which is an extremely large sum for a start-up company. We eventually decided that it was worth the risk, but had to make careful budget adjustments to manage our finances.
Next issue of interest is the importance of an action plan. Why is an action plan so important? Without an action plan, all we have is a broad strategic plan. Think of it like making a resolution for a new year – you may state that you plan on losing weight, however you do not add in specific details as to how you are going to do it . A concrete action plan ensures that one stays focused and has a clear idea of what to do and when to do it by. The group that did the project “Fitting Reality” had an impressive action plan which was both detailed and tailored to account for contingencies. That way, should anything go wrong, there would still be plans to fall back onto instead of the whole project being thrown into disarray.
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