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In every organization or sector creativity and client satisfaction serves as the basic need...
View this sampleSocial marketing is an important way of spreading awareness and various campaign...
View this sampleMarketing strategies are considered as quite vital aspect of analysing the long run stability...
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When working with the 4Ps of marketing, you need to ask yourself questions like “How?”, “What?”, “What if?”, “When?” and “Where?” to help you understand and learn more about each element. For example,
The 4Ps of marketing, also known as the product mix, enhance the components of the ‘marketing mix’ and allow you to present a product or a service to the market in a manner that benefits you best. With the help of the 4Ps, you can choose the best option for price, product, promotion and place to ensure that you can meet your customer base’s specific needs.
The 4Ps of marketing management include price, product, promotion and place – the critical factors you must consider before launching a new product or service in the market. In addition, the 4Ps help you determine what a customer wants, how the service or product fails or succeeds in meeting the said demand, how people perceive the product, how it compares to the competition, etc.
Even though the 4Ps of marketing play a crucial role in determining the best method to market a product, the changing times have made one P emerge as the superior one – Price. Experts note that a minor adjustment in price in favour of the customers can increase sales significantly. Other factors like place and product have lost some significance. While promotion is quite essential, it doesn't beat the price factor.
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