These verses introduce the third main section of 1 Peter -- God’s grace in suffering.
It introduces an important point and that is that every other fear is conquered by the fear of the Lord.
Peter quoted Isaiah 8 to back up his admonition in verse 15: “But sanctify the Lord God in your hearts,”
The setting of the Isaiah quotation is significant, Ahaz, the King of Judah, faced a crisis because of an impending Assyrian invasion.