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The Marketing Mix concept, also known as the 4Ps (Product, Price, Place, Promotion), has practical applications in the retail industry. It helps retailers to understand their customers and address their full experience. For instance, 'Product' involves deciding what goods or services should be offered to a group of customers. 'Price' determines how much to charge for those goods or services. 'Place' involves deciding how to distribute the product into the hands of the customer. Lastly, 'Promotion' decides the best way to reach potential customers and make them aware of your products. Retailers can use these four elements to plan a successful product offering, execute marketing initiatives, increase customer satisfaction, and boost company revenues.
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Do I understand my customers? Do I address their full experience? Do I have the right talent? These are the questions that concern virtually all marketing executives. The Marketing Mix concept was developed to ease these pains, but our presentation allows marketers and business leaders not only better plan a successful product offering, execute marketing initiatives and increase customer satisfaction and company revenues, but also communicate the strategy to their teams and stakeholders.
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“Do I understand my customers? Do I address their full experience? Do I have the right talent?” The Marketing Mix concept was developed to address the...
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