Explain its various components.
PRODUCT Product is the bases for all the marketing activities undertaken because all the marketing communications are aimed towards selling utmost quantities of the product . PRICE Price plays an important role in the success of a product or service. Not only is it a major determining factor for the customer while buying a product but also plays a major part in determining the image of a product in the mind of the customer. The seller has to also keep in mind the profit element while deciding the price of a product. Thus a balance between all the aspects has to be achieved to determine a balanced pricing strategy.PLACE To sell and buy a product or service a common place is required which is suitable for both the customers as well as the sellers. The selection of a particular marketplace suitable is very essential to match the product and brand image. Promotion Promotion is basically aimed towards creating an awareness in the market and the customers mind about a particular product or service. Its cheaper than advertising and can definitely be more credible .It helps strengthen the brand image and can be extensively used for new product launch.
