The four marketing strategies businesses commonly use to determine customer needs are based on the classic 4 Ps of Marketing framework:
- Product
This involves understanding what the business offers to meet customer needs, including product features, benefits, quality, branding, and packaging. Businesses analyze how their product compares to competitors and how it fulfills customer expectations
- Price
Pricing strategies are developed by considering costs, competition, and target market willingness to pay. Companies use pricing models and customer perception research to set prices that appeal to customers while maximizing profitability
- Place
This strategy focuses on how and where the product is distributed to customers. It includes selecting appropriate distribution channels such as retail stores, online platforms, or direct sales, and ensuring convenience and accessibility for customers
- Promotion
Promotion encompasses all communication methods used to inform and persuade customers about the product. This includes advertising, sales promotions, public relations, and personal selling, tailored to effectively reach and engage the target audience
These strategies help businesses gather insights into customer preferences and needs, enabling them to tailor their offerings and marketing messages effectively
. Additionally, businesses often complement these strategies with other methods such as customer surveys, focus groups, social media monitoring, and analytics tools to deepen their understanding of customer needs and behaviors
