Marketing students are taught the fundamental strategy of marketing that stands on four pillars that is known as the 4P of marketing. Product, Price, Place and Promotion; Product is what you sell. It can be related to both products and services. If you are selling a service it is also known as product in marketing.
Price is the cost of the product or service you are selling to your customers. And it also includes the impact of the price on customer’s views about the product.
Place is where you are promoting your product. It can be both online and offline platforms. The location where you find your target customers and the platform they come to in order to avail the products and services you offer is called place in marketing.
Finally Promotion is how do your customers get to find you. It includes the strategies you use and also analyses how effective the strategies are.
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