Elements of Marketing I.E Promotion, Placement, Price and Product

Describe the elements of the marketing mix (product, place, price, and promotion)

Elements of the marketing mix:

Product:

Product can be physical product (tangible) or it can be services that are offered to customers. The main decision of the product that should be considered by marketing manager is appearance of the product to customers. If the appearance of the product is good than there is a chance that customer will like it and will buy it. Other decisions are packaging of the product, warranty of the product.

Placement:

Another important element of the marketing mix is placement, because if you (as a marketing manager) want your product to be famous among the competitors’ product it is important to place (distribute) your product well. Try to opt for such place where you think that the competitors’ product is not doing well. If your product has got all the good features but it is not placed well or it is not in the access of those people who wants it than you can’t get success.

Price:

Price is also one of the important feature of the marketing strategy because if the product you have produced is already available in the market with same features and all the things than you (as a marketing manager) should consider the price of the product.

There are more chances if you offer your product less than the price of the competitors’ product (with the same features).

Pricing is not only the list price of the product it also includes the discounts that you offered and the financing.

Promotion:

Promotion is the important element of the marketing strategy because if you didn’t promote your product well you can’t get more out of it. There is a lot of competition in the market already so you have to be good enough to achieve the desire goals effectively and efficiently. For example; you have manufactured the product which is already available in the market so you have to promote your product by doing strong advertisements like banners, bill...