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hm243 replied to the topic Marketing Strategy- The fifth 'P' in the forum Introduction to Advanced Medical Device Development 8 years ago
The fifth P of marketing, participation plays a very important role in making an effective marketing strategy. With participation, the company promotes a stronger interaction between the employees and customers. As mentioned in the lecture, participation gives the customer control. With the idea of participation, the feedback received by the customers will allow for the company to determine the best way to market and improve their product. As the marketing team directly works with the customers, they will be able to understand exactly what the customers need. Even when just promoting the product before releasing it, the company sees how the product is received based on response to advertisement. If there are negative criticisms towards the product, the marketing team will work to make the product the best fit for the customers accordingly. All five P’s involved in the marketing strategy: product, price, promotion, placement, and participation, go hand in hand in suiting the needs of the customer and creating the most effective product.