The four P’s of Marketing, namely, Product, Price, Place and Promotion are also known as the ‘Marketing Mix’. The marketing mix is a crucial element in determining a product’s offering to the potential customer.
The elements are described as:
Product: The tangible good or an Intangible service a company offers to customers is called the product offering. For example, clothes by a designer or haircut by a barber.
Price: The offering which the customers are willing to give to purchase the product is called the price of the product. The price must neither be too low that the seller incurs losses, nor be too high that the product becomes too expensive to purchase for the consumers.
Place: The market where the exchange of goods and services takes place between the buyer and seller is called the place. The markets must be convenient for the producers to exploit and the consumers to reach.
Promotion: Promotion is the medium of communication used by a marketer to provides information about the product to the target consumer. The medium of communication includes advertisements, personal selling, word of mouth publicity etc.