BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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Detailed explanation-1: -The four Ps are a “marketing mix” comprised of four key elements-product, price, place, and promotion-used when marketing a product or service. Typically, businesses consider the four Ps when creating marketing plans and strategies to effectively market to their target audience.
Detailed explanation-2: -A marketing mix often refers to E. Jerome McCarthy’s four Ps: product, price, placement, and promotion. The different elements of a marketing mix work in conjunction with one another. Consumer-centric marketing mixes incorporate a focus on customers into their approaches.
Detailed explanation-3: -Product: Goods and services (creating offerings). Promotion: Communication. Place: Getting the product to a point at which the customer can purchase it (delivering). Price: The monetary amount charged for the product (exchanging).
Detailed explanation-4: -Pricing dictates a lot about your product. If priced too low, you risk customers not trusting the quality of your product or losing out on revenue. if priced too high, you risk customers not willing to look past the price tag. Your pricing strategy plays a crucial role in achieving product/market fit.