The Marketing Mix concept, often referred to as the 4Ps (Product, Place, Price, and Promotion), can improve customer satisfaction and increase company revenues by ensuring that the right product is sold at the right place, at the right price, and promoted effectively.
By understanding and addressing customer needs (Product), ensuring accessibility (Place), setting competitive and profitable prices (Price), and communicating effectively (Promotion), businesses can enhance customer satisfaction, leading to repeat purchases and positive word-of-mouth, thereby increasing revenues.
The extended 7Ps model, which includes People, Process, and Physical Evidence, further allows businesses to enhance the customer experience, thereby improving satisfaction and loyalty, and ultimately driving revenue growth.
“Do I understand my customers? Do I address their full experience? Do I have the right talent?” The...
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