Product refers to the products and services offered by a business. Product decisions include function, packaging, appearance, quality, etc. Customers need to understand the features, advantages, and benefits that can be enjoyed by purchasing the product or service.
The key feature which has to be considered in the product is how effectively your product is outstanding with your competitor and justifying the needs and wants of the customers.
Promotion refers to how effectively the business is known to the customers which includes items such as sponsorship, advertising and public relations activities.
When making a promotion decisions. It is important to understand the value of a customer and whether it is worth conducting promotions to acquire them.
Price refers to the pricing strategy to the products and services and how it is effecting the customers. It doesn’t just include the price of the product and service but also the discounts, credit terms or any other price-matching services offered.
When determining the price strategy. Make sure we consider the business’s position in the current market place. The product pricing has to reflect your business position in the current market place.
Place refers to where the product/service of the business is shown, made, sold, or distributed. In essence, place decisions are associated with distribution channels and ways of getting the product to key target customers.
It is important to consider how accessible the product or service is and ensure that customers can easily find you. The product or service must be available to customers at the right time, at the right place, and in the right quantity.
Targeted Audiences, a business may want to provide their products over an e-commerce site, at a retail store, or through a third-party distributor. to Set of People.