The Marketing Mix, What Is It?: Part 2

So what are the Ps in the 4Ps? 

A product refers to an item that satisfies the consumer's needs or wants. It may be tangible (goods) or intangible (services, ideas or experiences). Therefore, marketers need to understand the life cycle of a product, and business executives need to have a plan for dealing with products at every stage of their life cycle. The type of product also partially dictates how much businesses can charge for it, where they should place it, how the packaging is designed and how they should promote it in the marketplace, etc. Not only that, during this stage business should also look further, such as how the return system going to be, whether you should offer a complimentary service or not, and how the guarantees and warranty of the product works, etc.

Price refers to the amount a customer pays for a product, it may also refer to the sacrifice consumers are prepared to make to acquire a product (e.g. time or effort). Price is the only variable that has implications for revenue and it is the only part of the marketing mix that talks about the value for the firm. Sometimes price also includes considerations of customer perceived value. Therefore, businesses must link the price to the product's real and perceived value, but they also must consider supply costs, seasonal discounts, and competitors' prices.

The marketing mix in Singapore is a lengthy discussion. You can still seek more as there are still two more Ps that we can learn from the marketing mix. Let's go to the next part to get the whole idea.