This will depend on whether the company offers products or services. If it is the first option (products) it is possible to follow the 4Ps of marketing , but if it is the second alternative (services) it is necessary to have a broader definition, following the 7Ps . See how this question works!
4Ps of Marketing
Here, marketing management activities are divided into 4 categories, and each element needs to be adjusted with the aim of maximizing sales and return on investment (ROI).
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price: monetary value of a product. It varies according to production costs, the segment in which it is inserted, the customers it wants to reach, their payment capacity and the demand for the product;
Product: the product must be optimized according to the customers it will reach. This way, it will be possible to achieve the overall goal of the rest of the marketing mix ;
place: refers to both the general location and the exact place where customers will be able to purchase the product. This involves choices about whether it will be available online or only in physical stores, as well as specific locations in both cases;
promotion: refers to the various advertising channels that can be used, such as direct marketing, press releases, and even incentives that can be used to promote the product once it has been optimized and produced.
7 Ps of Marketing
The 7Ps are an extension of the 4Ps concept of marketing and are especially focused on the provision of services.
People: in service-focused companies, employees are critical components, and how much they are trained, and/or the compensation they receive, are important points in the expanded marketing mix;
processes : companies that operate in services depend on several processes to ensure that consumers receive a quality result, which can be shortened to maximize productivity and efficiency;
perception: when thinking about services, the physical location must be optimized to improve the user experience and, thus, increase the chances of word-of-mouth marketing occurring, for example.