In this video, we are discussing 4 P's of Marketing i.e. Marketing Mix. In this everything from product to price is included.
Here are 4P's:-
1. Product - Product refers to a good or service that a company offers to customers. Ideally, a product should fulfill an existing consumer demand. Or a product may be so compelling that consumers believe they need to have it and it creates a new demand.
2. Price - Price is the cost consumers pay for a product. Marketers must link the price to the product's real and perceived value, but they also must consider supply costs, seasonal discounts, and competitors' prices. In some cases, business executives may raise the price to give the product the appearance of being a luxury.
3. Place - When a company makes decisions regarding place, they are trying to determine where they should sell a product and how to deliver the product to the market.
4. Promotion - Promotion includes advertising, public relations, and promotional strategy. The goal of promoting a product is to reveal to consumers why they need it and why they should pay a certain price for it.
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