Make sure all the 4Ps are balanced.
Posted: Mon Jan 20, 2025 8:39 am
Many companies make the mistake of focusing on only one element of marketing (e.g. promotion) and forgetting about the other components. This leads to an imbalance: a good product may not reach its audience if its price or distribution channels are chosen incorrectly.
How to avoid:
Develop a strategy where each element supports the others. Example: If you are increasing the price, make sure the product provides maximum value to the customer and the distribution channels are accessible to the target audience.
Failure to take into account changes in the market.
A marketing strategy that was successful when it was developed may become slovenia consumer mobile number list outdated over time. Competitors, changes in legislation, economic upheavals - all of these affect supply and demand.
How to avoid:
Conduct regular audits of all 4P elements. For example, regularly review the pricing strategy and analyze new market trends to adapt the strategy in time. Use SWOT analysis to assess threats and opportunities.
Incorrect pricing.
Problems with setting the right price are the most common. Misunderstanding the needs of the target audience or being too aggressive in price reduction can cause problems with margins or perceived value of the product.
How to avoid:
How to avoid:
Develop a strategy where each element supports the others. Example: If you are increasing the price, make sure the product provides maximum value to the customer and the distribution channels are accessible to the target audience.
Failure to take into account changes in the market.
A marketing strategy that was successful when it was developed may become slovenia consumer mobile number list outdated over time. Competitors, changes in legislation, economic upheavals - all of these affect supply and demand.
How to avoid:
Conduct regular audits of all 4P elements. For example, regularly review the pricing strategy and analyze new market trends to adapt the strategy in time. Use SWOT analysis to assess threats and opportunities.
Incorrect pricing.
Problems with setting the right price are the most common. Misunderstanding the needs of the target audience or being too aggressive in price reduction can cause problems with margins or perceived value of the product.
How to avoid: