Product refers to the offering of a company to its target market. It can be a good, service, idea, or experience. A company should consider its target audience when planning the product. It should be designed in a way that meets the needs and desires of the target market. It should also be of good quality, have a competitive price, and be easy to use.
Price is an important factor in a company’s marketing strategy. It should be set in such a way that it is profitable for the company, while still being attractive to the target market. A company should consider the value of its product, the competition, and the target market’s ability to pay for the product when setting the price.
Promotion is the process of communicating a company’s product to its target market. It includes advertising, public relations, and other methods of communication. The goal is to create awareness and interest in the product, and to get people to purchase it.
Place (or Distribution)
Place (or Distribution) refers to where a company’s product is sold. It is important to consider the target market when deciding on the distribution channel. A company should also consider the cost of distribution and the convenience of the channel.
People refers to the employees of a company, as well as the customers. It is important to ensure that employees are knowledgeable and well-trained to provide a good customer experience. Additionally, customers should be treated with respect and their feedback should be taken into consideration.
Process refers to the steps that a company takes to deliver its product or service. It includes the procedures, systems, and technology used to create and deliver the product. It is important to ensure that the process is efficient, cost-effective, and meets the needs of the customer.
Physical Evidence refers to the tangible evidence that a company provides to the customer. It includes packaging, branding, and the physical environment. It should be attractive, convey the message of the brand, and provide a good user experience.