In this article you will find out what exactly these terms mean and how companies or self-employed people can use them.
Contents
The 4P Marketing Mix the marketing mix
Anyone who has anything to do with marketing will sooner or later be confronted with the so-called 4Ps.
They were conceived by Jerome McCarthy , an austria cell phone number list economics professor, in the 1960s and represent instructions for entrepreneurs.
Specifically, this means these four terms:
- Product:
Create a product or service that appeals to the target audience. - Price:
Set a price that is both profitable and marketable. - Place:
Find suitable distribution channels so that customers can buy your product as easily as possible. - Promotion:
Make the world aware of your business by advertising.
These 4 marketing tools are history
In the 1960s, the world was still simple. Back then, the conditions on the markets were completely different than they are today.
That’s why they could still be described using simple, easy-to-understand how to create a marketing budget for 2025 laws. Today, however, that no longer works and the 4Ps are now outdated.
The perfect product – a slow seller?
There is a difference between a perfect product and one that customers really want to buy. The best example of this is the iPhone. There are now many models that are faster and cheaper. However, many people still prefer to buy Apple devices. This is because many manufacturers think too technically.
They want to produce products that are as efficient and well-functioning as possible. However, the purchasing decision is rarely rational; it is usually linked to emotions. After all, we don’t buy things that perform certain tasks particularly well. Instead, the the marketing mix new cell phone or car simply has to be fun and appeal to our emotions.
Price orientation brings no advantages
Defining the product by price is also no longer conducive to success. Although price is one of the decisive criteria that encourages customers malaysia data to buy, there is currently a massive price war going on. The various companies are undercutting each other to offer the best conditions.
However, no one can win this battle. Ultimately, the winner has to calculate with extremely low margins and thus runs the risk of earning too little or even making losses.