Why We Buy Field Project: 4Ps for Full Sun Gifts

Why We Buy Field Project
Student’s Name
Institutional Affiliation
Why We Buy Field Project
Introduction
Store Introduction
Full Sun Gifts is a gift shop located in Jonesboro Arkansas State. The shop sells hundreds of products that provide customers with a wide range to choose from and presents to suit everyone. They sell products such as utensils, electronics, cologne, toys among other things. In addition, the shop offers free gift-wrapping services for the people who would want their items wrapped. The logo of the business is a box wrapped in gift form as shown in Appendix D. Full Sun Gifts has helpful, warm and welcoming staff who play a crucial role in guiding customers on various aspects of shopping within the store. The shop has the main entrance through which people access products. Inside the store are several shelves blocks that are divided into sections depending on the type of merchandise. In addition to shelves are tables that are arranged in such a way that depicts a learning environment for children. On this table are various stationeries such as books, pens, pencils and geometric instruments among others as shown in Appendix C. Some of the items sold in Full Sun Gifts are presented in appendix A and B. Each section of items is well-designated by a unique color and shelves are well spaced. Entry into each merchandise segment is stuffed with shopping carts of different sizes. There are also several departments, each carrying specific functions. Some of these departments include, customer care, sales, human resource and CEO office among others. The Full Sun Gifts retail environment is designed to improve customer in-store experience through a less cluttered and more consistent brand expression in the store. The interior of the store has attractive colors that create a more branded experience at the same time being more approachable and friendlier. Each section has a color that marches the merchandise placed there. Moreover, the store has been installed with graphics and complete signage that helps customers navigate through all points they may require during the shopping journey. Departments are recognizable through a combination of signage components as well as lifestyle imagery representative of merchandise and Full Sun Gifts customers. There are also small overhead signs used to designate subcategories in every department. Price identification signage and graphics are used to merchandise items and communicate with customers. There is a cornice element in all crucial departments that is aimed at providing a flexible and effective communication system, tailored to merchandise and allow promotional displays as well seasonal campaigns.
4Ps for Full Sun Gifts
My understanding of the textbook is that marketing involves placing the right product in the right place, at the right time and at the right price. Nevertheless, to achieve this feat requires thorough research to understand the characteristics of a specific market. Otherwise, when one element is off the mark, even a promising product can fail miserably and end up costing the business substantially. Applying a technique referred to as marketing mix is one of the excellent ways of ensuring the product is put in the right place, at the right time and price. The marketing mix is typically executed through 4Ps, which include Price, Product, Promotion, and Place. 4Ps is a crucial technique because it helps the company in planning for new products or even evaluate the existing products.
Product
The first P stands for a product which can be either a tangible item or an intangible service that appears to satisfy certain customer needs. Any product must follow a systematic product life cycle, and it is crucial for companies to have a full understanding and plan for different phases and their unique challenges. Understanding the problems particular products attempt to solve is crucial in helping marketers produce or source for products that meet customer needs. Thus, it is important to understand the benefits and unique selling proportion of the item by conducting comprehensive research. It is also critical identifying and understanding the potential buyer of the products before venturing into any business. In the case of Full Sun Gifts, products are designed to meet the needs of the local people who have no time going to bigger supermarkets in bigger towns. Some of the items sold in Full Sun Gifts include utensils, electronics, necklaces and stationery among other things. Some of these products are the basic household items that most people use. This means that such products will always have customers within Jonesboro.
Price
Price refers to the actual amount paid by the end-user for the product. Pricing a product determines how it will sell. Prices of products are linked to its perceived value by the customer. Thus, it is important to understand how the customer views the product sold by the company. In the event, customers have a positive perspective about the product, it can be priced higher than its objective monetary value. On the contrast, if an item is perceived negatively by the customers, it may be underpriced. However, it is worth noting that competition plays a crucial role in pricing because some companies offer a product of the similar quality at relatively low prices. This is the area Full Sun Gifts thrives. The gift shop offers its products at relatively low prices in a bid to fend off competition from the surrounding gift shops. To win more customers, the business offers free gift-wrapping services. Consequently, the number of customers in Full Sun Gifts is increasing daily because of the low prices of products regardless of their high quality.
Promotion
Promotion refers to marketing communication strategies such as sales promotions, advertising, public relations, and special offers. The channel used is determined by its suitability for the product, the end-user and the price. Full Sun Gifts has been using different promotional strategies such as advertisement in social media such as Facebook, Twitter, and YouTube. In addition, business uses special offers, especially during holidays such as Christmas. Social media as a promotional tool provides Full Sun Gifts with the cheaper option compared to traditional mass media such as TV and radio ads. This option is viable due to the fact that Full Sun Gifts is not a big business and thus cannot afford huge charges accompanying mass media.
Place
The final P in the marketing mix stands for the place. Place, or in other words, placement refers to the manner in which products reach customers. Distribution is a cruci...