MARKETING RESEARCH 5P

People, Product, Price, Place, Promotion
a company focuses on 5 main areas
Research on markets
Research on product
Research on promotion
Research on distribution
Research on pricing
a company can not change factors such as economics and politics but it can control the
marketing mix. with marketing mix we talk about the 4 Ps to reach its objectives.
the 4 P's are: Product, Price, Place, Promotion.
PRODUCT
to understand which product to sell, the company can decide whether to modify an existing
product, add something to an existing product or participate in a new market or create a
new product to create a new market:
MODIFICATION: modifying a product is the least risky choice because an existing product
is modified at the request of consumers.
ADDITION: adding a complementary product consists of merging two existing products.
PARTICIPATION: Participation in a new market means that the company participates in a
new market with competitors.
DEVELOPMENT: you have to create a new product and encourage customers to buy it.
the product has a life cycle: development, introduction, growth, maturity, decline.
DEVELOPMENT is the research phase, the target is identified and the product is planned.
INTRODUCTION: the introduction phase is the most important. There are two types of
strategy for presenting a product to consumers: the penetration strategy or the skimming
strategy. the penetration strategy is used when there are few competitors. with this strategy
we start with high prices and then lower them over time. the skimming strategy is used
when there are many competitors. with this strategy you start with very low prices and
then increase them.
GROWTH: to grow the product you have to advertise it so as to increase sales.
MATURITY: in the maturity phase, sales increase until they stabilize. to stay longer in the
market it is necessary to differentiate the product from competitors' products.
DECLINE: in the phase of decline, sales decrease and many companies decide to withdraw
their product from the market.
PRICE
after choosing the product you have to choose the price so you have to pay attention to the
quality of the product, to the image because it attracts the customer and it must be an
honest price. the price must not be higher than it is worth. to choose the price you must
also pay attention to the price of the competition.
PLACE
With place in marketing we mean the place where it will be possible to buy the product. the
company must choose whether to sell the product online or in a physical store.
PROMOTION