Post by account_disabled on Jan 1, 2024 6:25:18 GMT 1
Product , Price , Point of Sale and Promotion , are the four classic elements with which E. Jerome McCarthy defined the concept of marketing in 1960. As explained at www.mindtools.com , to plan a marketing strategy, the first step will be to answer the questions raised by these 4 premises and openly define the concept of the "4Ps" of marketing . 1. What are the “4Ps” of marketing? First of all, we must contextualize the term. The "4Ps" of marketing are related to the marketing mix , one of the oldest elements of marketing and which is used to encompass the main components that an organization has to achieve its commercial objectives: Product This is one of the most important elements of any marketing campaign, since the actions will revolve around it. It is the basis of our business. Its nature can be physical, but also intangible, such as services or experiences. In summary, it is responsible for satisfying the needs or desires of consumers and has several levels: – Essential level : the basic function of the product – Real product : Characteristics such as quality, brand or packaging, among others, are referenced. – Extended product : This level ensures that the product provides much more than its basic benefit.
In this case, elements such as technical service, customer service or the possibility of financing are taken into account that facilitate the purchase for the consumer. On the other hand, once we know our product and wen Phone Number List are sure of what we are going to offer the consumer, it is important to know that when introducing it to the market there are phases that all products have gone through since their birth. This is known as the life cycle of a product and is used to know the degree of customer loyalty towards that type of product. – Introduction or launch : The company tries to place a new product on the market, a product that, due to ignorance of its functions, is in a critical phase that will determine its success or failure in the market. The company has to deal with uncertainty and its actions will be key for the consumer to accept it. – Growth : The product is positioned in a certain segment of the market. This means that it has been accepted and is beginning to be acquired by consumers, which is why there is a clear increase in sales. – Maturity : In this phase, the product has reached its highest point in the market. Their sales stagnate, although they continue to be produced, but without growth.
Competition is beginning to gain a foothold in this sector and the so-called substitute products that the competition launches to differentiate themselves are beginning to emerge. – Decline : There is no reason to reach this phase, but it exists. This is the point at which sales begin to decline due to the number of alternatives that exist, although it may also occur that there is a change in consumer habits in the population. Point of sale Once the product is defined, we must know how it will reach its recipient. This aspect is also very relevant for consumers, since a good delivery experience will make them repeat purchases of the product. There are variables to take into account in this aspect, such as transportation, storage, price, shipping cost, distribution channels, location or inventory . But in addition, we must take into account other types of elements such as the target . With the consumer as the center of any strategy, different strategies can be carried out to offer our product or service: – Intensive distribution : The main objective is to reach the maximum number of establishments possible. – Selective distribution : In this model it is distributed through a small number of points of sale that meet certain requirements. – Exclusive distribution : It is more typical of luxury brands that grant the distributor exclusivity of the product and restrict its marketing to one or a few establishments.
In this case, elements such as technical service, customer service or the possibility of financing are taken into account that facilitate the purchase for the consumer. On the other hand, once we know our product and wen Phone Number List are sure of what we are going to offer the consumer, it is important to know that when introducing it to the market there are phases that all products have gone through since their birth. This is known as the life cycle of a product and is used to know the degree of customer loyalty towards that type of product. – Introduction or launch : The company tries to place a new product on the market, a product that, due to ignorance of its functions, is in a critical phase that will determine its success or failure in the market. The company has to deal with uncertainty and its actions will be key for the consumer to accept it. – Growth : The product is positioned in a certain segment of the market. This means that it has been accepted and is beginning to be acquired by consumers, which is why there is a clear increase in sales. – Maturity : In this phase, the product has reached its highest point in the market. Their sales stagnate, although they continue to be produced, but without growth.
Competition is beginning to gain a foothold in this sector and the so-called substitute products that the competition launches to differentiate themselves are beginning to emerge. – Decline : There is no reason to reach this phase, but it exists. This is the point at which sales begin to decline due to the number of alternatives that exist, although it may also occur that there is a change in consumer habits in the population. Point of sale Once the product is defined, we must know how it will reach its recipient. This aspect is also very relevant for consumers, since a good delivery experience will make them repeat purchases of the product. There are variables to take into account in this aspect, such as transportation, storage, price, shipping cost, distribution channels, location or inventory . But in addition, we must take into account other types of elements such as the target . With the consumer as the center of any strategy, different strategies can be carried out to offer our product or service: – Intensive distribution : The main objective is to reach the maximum number of establishments possible. – Selective distribution : In this model it is distributed through a small number of points of sale that meet certain requirements. – Exclusive distribution : It is more typical of luxury brands that grant the distributor exclusivity of the product and restrict its marketing to one or a few establishments.