The P’s of the marketing mix are the most relevant variables whose analysis allows us to study the proper functioning, goals and objectives of the companies. The result of this analysis or the main conclusions derived from it are crucial when proposing new actions or strategies and meeting the objectives. EJ McCarthy defined the marketing mix and its variables in the 1960s. He considered four fundamentals: Price, Product, place or distribution (Place) and Promotion. These variables were under. the 4 P’s of marketing since the initial letter of each of them in English. All these variables to the strategy established. The company to facilitate the fulfillment of its objectives.
Price How much is the consumer willing to pay for the product. The price determines the level of competitiveness of the company in the market and. A differentiation variable from which the product is classified. If what is intended is to offer the Uruguay Phone Number lowest possible price and be very competitive. Costs must be optimized reduce. As much as possible to maintain a certain profit margin. If, on the other hand, what is sought is to differentiate the product for its quality and sophistication or superiority. With respect to what the competition offers. High prices will also a high-profit margin for the company. It is important to know the prices of the sector to which the company belongs and that the consumer is willing to pay.
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However, low a price may not provide the business with the profit margin needed to survive, and too high a price may be the reason for not generating the minimum sales figure to continue. 2. Product It is designed and created to satisfy a consumer need. However, product can be tangible or intangible, in the case of services. Only must the product itself be taken into account. But also what is indirectly linked to it and offers added value to the consumer, such as the guarantee, customer service and technical service. It is important to know the life cycle of the product or to determine it through an approximation.
However, need will in them, how it what characteristics expect. For the product and what element or feature they are looking for and that the competition. Place (Place) or distribution Process composed of the phases and channels through which the product passes before reaching the consumer. It begins with its production and ends with its transport , going through its storage in between if necessary. However, location for production must be take into account, in such. A way that it is easy and as inexpensive as possible to communicate it with the consumer. In other words. The place where the company produces must be the right one to be able to offer the product to the consumer in the shortest possible time and at the lowest additional cost.
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In addition, the different channels used for distribution perfectly. For optimal coordination and management that speed up the availability of the product to the consumer. What type of stores or locations are most convenient to market the product will also. In some cases, a physical store is the most profitable option in others. A combination of both. Promotion All actions that aim to increase the scope of the product. Achieve a greater number of sales and increasing the company’s income. However, communication. Organization of sales, public relations actions and advertising. Advertising encompasses all the actions that allow a product. Although some do, not all of them entail a high cost for the company. Word of mouth is a form of advertising for which the company does not pay.