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The 4 Ps of Marketing - The Marketing Mix Explained, Tip: When you combine…
The 4 Ps of Marketing - The Marketing Mix Explained
Product
Actual product / service you offer.
A product that solves a problem.
A unique product.
Promotion
Way you spread awareness and sales of your product.
Digital marketing.
Discounts
Coupons
Put the promotions where your target audience is most of the time (online and offline).
Make the best type of promotion that your target audience respond to best.
Price
Cost of the product.
Price appropriately.
I can know it is price appropriately through 4 main price strategies.
Cost - plus pricing
Cost + neccesary mark up
Competitive pricing
Price in based on your competitors' prices.
Value - based pricing
Price is what customers are willing to pay.
Penetration pricing
At first prices are low to enter the market, then prices became higher.
Place
Location where the product is sell.
Target audience have to be found in that location.
Tip: When you combine all 4, they are powerful. They function as complements.
Mía Mongilardi.