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Essay / Strategic Planning: The Four Steps of Strategic Management
Product positioning involves using certain product features to position yourself relative to a competitor's product. With the help of this marketing activity, marketers can attract more customers by focusing on the special features of their product. The four Ps of marketing are product, price, place and promotion. The product is the physical product or service that the company sells. Price is what the company charges its customers for the product. Location is where the company makes the product available to consumers. Promotion is what the company does to promote its product in order to persuade customers to buy it. First of all, the four Cs are customer solution, customer cost, convenience and communication. The four Ps describe essentially the same principles as the four Ps, but only from the customer's perspective. By considering the four Cs rather than the four Ps, a company can better understand the customer's vision of the product. A company will have better customer knowledge