Product:
Product is a bundle of physical, service, and symbolic attributes
designed to enhance buyers’ want satisfaction. It could be described
in terms of their features and benefits. Features are product
characteristics such as size, color, or functionality that deliver
benefits; we buy products for their benefits.
Pricing:
Pricing your product or service is one of the most important
business decisions you'll make. Products should be offered for a
price your target market is willing to pay and one that produces a
profit for your company. Pricing is the only mix which generates a
turnover for the organization. It is difficult and must reflect
supply and demand relationship.
Promotions:
A
successful product or service means nothing unless the benefit of
such a service can be communicated clearly to the target market.
Promotions include any technique that persuasively communicates
favorable information about a seller's product to potential buyers;
includes advertising, personal selling, sales promotion, and public
relations.
Place:
Place has to do with the delivery of a good or service to a consumer
and is also referred to as distribution. Direct distribution is the
contact between manufacturers and consumers; while indirect
distribution involved manufacturers through retailers that providing
the sale to the general public.
Marketing is fundamentally about
providing the correct bundle of benefits to the end user. |