Marketing analysis and the 4Ps of the marketing mix are essential in determining the size of a given market. Marketing analysis is the process of examining the attractiveness of a market to the customers. To penetrate a given market, entrepreneurs should incorporate varying types of marketing strategies. A marketing strategy is a plan proposed to increase sales for a firm. Therefore, suitable marketing strategies include employing an interactive marketing strategy that engages customers. A digital marketing strategy that carries a marketing campaign using a digital platform. Lastly, online marketing facilitated by social media and websites in making sales and conducting researches. Besides, marketing analysis tools are also essential in determining the target market.
market analysis and the 4P’S of marketing
UNDERSTANDING THE 4Ps OF MARKETING MIX.
The 4P’S of the marketing mix are price, product, place, and promotion. Marketing is putting the right product in the right place at the right time and at the right time. Products are either tangible, can be touched, or intangible service. The product should successfully follow a logical lifecycle for the achievement of customer satisfaction. Therefore, price is the final amount that a customer pays to the entrepreneur. Also, the employment of marketing analysis tools is essential in the determination of a favorable price. The place is the physical place of delivering the products. A well-functioning distribution channel is vital for undertaking deliveries. Finally, promotion involves marketing communication methods. Therefore, the incorporation of favorable types of marketing strategies is essential.
understanding the 4P’S of marketing mix
ESSENTIAL MARKETING ANALYSIS TOOLS AND TECHNIQUES
Gaining a competitive advantage in any given market requires a vast knowledge of the market. Marketing analysis tools are devices used in the qualitative and quantitative assessment of a market. One tool is the use of secondary sources of information. These sources are observations, surveys, and focus groups and product testing. Besides, another tool for analysis is Situation analysis, which can either be “SWOT” or “PESTLE” analysis. SWOT analysis involves examining the strengths, weaknesses, opportunities, and threats of a market. PESTLE analysis entails scrutinizing the political, economic, social, technological, legal, and ecological attributes of the market. The entrepreneur has to put in mind the 4Ps of the marketing mix when employing these tools.
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