Answer:
Product: An effective marketing mix starts with a product offering or service that fills a significant customer need. Evaluating how your new product is likely to change over the course of your product line lifestyle is the backbone of a good marketing mix. It’s vital that marketing managers and public relations professionals understand new products inside and out before they devise larger marketing strategies.
Price: A good pricing strategy is one in which price points are in line with the perceived value of a new product while still being high enough to maintain profit margins. Finding the right price can involve raising a price to make a product or service seem more exclusive, or lowering the price to make a product more accessible.
Place: Place is determined by the physical environment or online e-commerce market where a product or service is sold. It also includes the delivery method used to get a product to your customers. Marketers have to evaluate the potential customers in their target market to decide what sort of retail business or Internet platform they are most likely to shop at.
Promotion: Promotion covers any sort of marketing campaign, including public relations outreach and discount strategies. Increasingly, promotional activity takes place over the internet via social media marketing or targeted ads, but there’s still room for old-fashioned advertising via broadcast ads, print ads, or signage.
