The 4P/Es of marketing for British Columbia's New Westminster's River Market can be stated below:
Product/Experience: The market is saturated with a number of shops that sells variety of products including fish, meat and other items of groceries (Rivermarket.ca, 2017). Apart from this, there are florists and many restaurants as well. It can be said that the market offers variety of products to the consumers under the same roof. There are shops of bakery as well and restaurant where one can have their lunch. Keeping the knowledge into consideration, it can be said that more variety of shops can be easily opened in this market to make everything available for the people in the locality (Grönroos, 2016).
Price/Exchange: It has been found that the basic products like the vegetables and the grocery items are quite expensive compared to other markets. In terms of other products like Kitchen ware and florists, the price is also higher (Yelp.ca, 2017). Therefore, it is important for the major retail stores in the market to consider competitive pricing for the products. It can be recommended that the place could use other means of earning like providing space for promotion that would help to reduce the price of the product to some extent.
Place/Everyplace: The market is located at the Westminster Quay. It operates in the regions of Westminster. The major competitor is the Donald’s market (Rivermarket.ca, 2017). People in this region are the main target group of people. The market has been serving the people right because it has variety of shops and restaurants where one can easily find out the exact thing required by them. The place has been nicely decorated keeping the specificity of the basic needs and amenities.
Promotion/Evangelism: It has been evident that the market still needs improvement in terms of carrying out its business activities and think of better promotional activities as well. It has been found that the Market has its website and has a Facebook and Twitter Pages as well (Yelp.ca, 2017). The market can use the social networking sites to reach out more consumers. They have to active in the page and should communicate with people as well. It has also been found that the market offers a good place for the infants and kids as well. Thus, the promotional activities could be addressed to the children and the infants too (Grönroos, 2016).
Reference:
Grönroos, C. (2016). Modern Marketing–and. Marketing in Evolution: Essays in Honour of Michael J. Baker, 14.
Rivermarket.ca (2017) British Columbia's New Westminster's River Market Retrieved from: https://rivermarket.ca/shops [Accessed on: 29-5-2017]
Yelp.ca (2017) River Market at Westminster Quay Retrieved from: https://www.yelp.ca/biz/river-market-at-westminster-quay-new-westminster [Accessed on: 29-5-2017]
