MANAGEMENT

Detailed explanation-1: -Considering this, it might seem like Pricing and Promotion share equal importance in the marketing mix. But the reality is that Pricing stands far above Promotion because Pricing controls Promotion.

Detailed explanation-2: -The role of product in the marketing mix is one of the key components that makes the entire process of connecting with consumers and generating sales possible. Along with price, place, and promotion, the product provides the ultimate value to the customer and serves as the entire reason for the marketing effort.

Detailed explanation-3: -It’s not a secret that the brand is much more important than the product itself. Brands can live forever and definitely much longer than products. Brands can inspire people to join a community, to follow an idea, or also motivate people to change the world.

Detailed explanation-4: -One of the most important parts of your job is determining the product’s positioning in the market. Think about this process in terms of storytelling-your positioning requires you to create and tell the story of your product.

Detailed explanation-5: -While all four P’s still link to each other, Promotion has become the one many hoteliers have concentrated as their point of difference as the other three P’s have become somewhat eroded in their significance in today’s markets.