Question

4. Describe the four P’s of product development and explain why they are interdependent.

Answer 1

The marketing mix is a device composed of four distinct yet intertwined variables that are interdependent. These are called the 4P's, and are product, price, promotion, and place. Such four elements help to define a clear and effective approach to selling a product. Every aspect is, in its own right, critical and needs to be given due attention.

A Product forms the core of the marketing mix. All marketing activities start at the commodity. The product is not an actual physical entity; it encompasses both tangible and intangible elements such as programs, personality, organization, and ideas.

Price is the monetary value a customer has to pay to purchase or own a company's product. It is the company's vital income-generating portion.

The Promotion aims at achieving two purposes. One, it tells about your product to potential customers and, second, it persuades them to buy your product. So the marketing mix will include the different means you can use to connect with the target audience.

Place- Your profit margin depends on how fast you can return the goods. The earlier the goods reach the point of sale, the better the chances of pleasing the consumers and the brand loyalty. Therefore the position aspect is critical in ensuring the quality of your product on the market.