MANAGEMENT

Detailed explanation-1: -What are the 4Ps of marketing? (Marketing mix explained) The four Ps are product, price, place, and promotion. They are an example of a “marketing mix, ” or the combined tools and methodologies used by marketers to achieve their marketing objectives.

Detailed explanation-2: -Penetration pricing is a marketing strategy used by businesses to attract customers to a new product or service by offering a lower price during its initial offering. The lower price helps a new product or service penetrate the market and attract customers away from competitors.

Detailed explanation-3: -Relationship marketing helps retain customers over the long term, which results in customer loyalty rather than customers purchasing once or infrequently. Relationship marketing is important for its ability to stay in close contact with customers.