It is the only factor that has more to do with income than costs

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Product is generally the first item in the marketing mix. After all, everything a company does comes back to what it is trying to sell, how it can increase the value of its products to increase sales. This element also covers all additional actions or decisions intended to increase perceived value, such as warranties, customer service. and accessories etc. Price Price refers to the amount a customer is willing to pay for a product or service.. Pricing decisions involve considering a variety of factors. in business operations, such as production costs, competition, target markets, and perceived value.




It also includes calculating margins and doing research on market demand. Compet Singapore WhatsApp Number itor's price and what your target demographic is willing to pay for your unique contribution to the market. It may also include considerations such as subscription services and discounts on purchases over a certain amount. Place distribution channel Place here refers to the distribution channel and method by which products or services are made available to customers. This involves making decisions related to selecting appropriate distribution channels. Inventory management and ensuring products reach the right customers at the right time.





For example, Does your business operate from a physical store or sell online through a website, app, or ecommerce company? It also includes logistical concerns, such as how to transport products to stores or customers. and how to store it as well Promotion sales promotion Sales promotion involves various marketing activities. used to communicate and promote products or services to target groups This includes advertising. public relations Promotion direct marketing and personal selling to the target demographic. It's important to communicate what you have to offer to people who are unfamiliar with the business.