Post by angelrina778 on Mar 9, 2024 19:34:25 GMT -8
Jerome McCarthy who divided these elements into four broad groups known as the Ps Product, Price, Place and Promotion. The P model was a revolutionary step in the field of marketing by providing a framework for businesses to develop effective marketing strategies. This allowed marketers to ensure that the right product was sold at the right price and using the most appropriate promotional methods. But as markets evolved and became more complex, marketers realized that more than the original Ps were needed to cover all aspects of modern marketing.
This has been especially true in the rise of the service industry and the Romania Mobile Number List digital age, where interactions between businesses and customers have become more direct and personal. In response to these changes, the P model was expanded to include three additional elements People, Process, and Physical Evidence. Thus, the Ps of marketing emerged. These additions reflected the need for businesses to focus more on their customers and consider the entire process of delivering a product or service Product The first element of the marketing mix is the product.
After segmenting the market and finding the target customer group, marketers must make numerous product decisions. Product decisions are made by marketers before producing and distributing a product. Key product decisions include Analyzing the value of the product portfolio, Determining the position of the product on the product life cycle, Evaluating the impacts and importance of new product development Price. The three main pricing strategies include customer valuebased pricing, costbased pricing, and competitionbased pricing. To set a fair price, marketers must match the products actual value with its marketperceived value.
This has been especially true in the rise of the service industry and the Romania Mobile Number List digital age, where interactions between businesses and customers have become more direct and personal. In response to these changes, the P model was expanded to include three additional elements People, Process, and Physical Evidence. Thus, the Ps of marketing emerged. These additions reflected the need for businesses to focus more on their customers and consider the entire process of delivering a product or service Product The first element of the marketing mix is the product.
After segmenting the market and finding the target customer group, marketers must make numerous product decisions. Product decisions are made by marketers before producing and distributing a product. Key product decisions include Analyzing the value of the product portfolio, Determining the position of the product on the product life cycle, Evaluating the impacts and importance of new product development Price. The three main pricing strategies include customer valuebased pricing, costbased pricing, and competitionbased pricing. To set a fair price, marketers must match the products actual value with its marketperceived value.