3.2: The Product
The first element is the product. A product is a good or service intended to meet the needs of consumers or society. Read the introductions of each section to gain an understanding of products and product development.
Once a business has a product to sell, the next consideration is how to price the product. The business wants to price the product high enough to make a profit, but not so high that a typical customer wouldn't buy it. Read this section to learn about various pricing strategies.
- Once a product has been developed and a pricing strategy has been chosen, the business must consider where it should place the product and how to get it there via placement and distribution. Read this section to learn about product distribution strategies and supply chain management.
The final P in our marketing mix is promotion, which people often think about when they hear the term marketing. But, as we have seen, it is only a part of the entire marketing mix. The promotion mix includes advertising, personal selling, sales promotion, and publicity. Some of these elements are paid for, with the business having direct control over the message. Some are not. Read this section to learn more about promoting a product.