What needs does my product satisfy?
Posted: Wed Dec 18, 2024 6:26 am
Marketing as a field of study emerged when competition between companies became increasingly stronger, and theories began to be created on how to attract their audiences and increase their sales.
Today, marketing has become so essential to any purchasing process that companies that fail to do it correctly will not succeed.
The 4Ps of Marketing
The 4Ps of marketing are also known as the marketing mix, because they indicate the variables that influence the way in which your strategies should be established and the way to act in response to the responses you receive from the market.
The 4Ps of marketing include: Product, Price, Place, and Promotion, which we will detail below:
Product: the element around which everything revolves
This is a fairly broad and important concept, as it establishes the characteristics of the product or service that your company is offering.
The product encompasses everything that is placed on a market for purchase and that, in some way, can satisfy a consumer's need or desire. It may not even be something tangible, but encompasses ideas and even values.
In any marketing strategy it is necessary to define the product as best as hotmail email list possible, so it would be very useful to answer the following questions to establish it:
What do I sell?
What features does my product have?
What are the benefits of each of them?
What added value does my product provide?
Price: the difficult task of setting the most suitable one
This concept attempts to establish the amount of money that the consumer must pay to have access to the product or service, as well as the way in which it will be charged, as well as other payment-oriented strategies.
However, setting the right price according to marketing criteria is one of the most complex and important tasks of a campaign.
In fact, it is undeniable that price influences consumers, being in many cases the first thing that the vast majority of them notice.
To set an optimal price for our product, it is necessary to take the following actions:
1.- Conduct studies on how much consumers are willing to pay.
2.- Conduct a comparative study of the prices set by the competition for identical or similar products.
Today, marketing has become so essential to any purchasing process that companies that fail to do it correctly will not succeed.
The 4Ps of Marketing
The 4Ps of marketing are also known as the marketing mix, because they indicate the variables that influence the way in which your strategies should be established and the way to act in response to the responses you receive from the market.
The 4Ps of marketing include: Product, Price, Place, and Promotion, which we will detail below:
Product: the element around which everything revolves
This is a fairly broad and important concept, as it establishes the characteristics of the product or service that your company is offering.
The product encompasses everything that is placed on a market for purchase and that, in some way, can satisfy a consumer's need or desire. It may not even be something tangible, but encompasses ideas and even values.
In any marketing strategy it is necessary to define the product as best as hotmail email list possible, so it would be very useful to answer the following questions to establish it:
What do I sell?
What features does my product have?
What are the benefits of each of them?
What added value does my product provide?
Price: the difficult task of setting the most suitable one
This concept attempts to establish the amount of money that the consumer must pay to have access to the product or service, as well as the way in which it will be charged, as well as other payment-oriented strategies.
However, setting the right price according to marketing criteria is one of the most complex and important tasks of a campaign.
In fact, it is undeniable that price influences consumers, being in many cases the first thing that the vast majority of them notice.
To set an optimal price for our product, it is necessary to take the following actions:
1.- Conduct studies on how much consumers are willing to pay.
2.- Conduct a comparative study of the prices set by the competition for identical or similar products.