MANAGEMENT

Detailed explanation-1: -The 4 P’s are Product, Price, Place, and Promotion. Product: The product is an item or service for sale. For marketing purposes, we should consider who it is for and why they would want it. We should also consider and compare our offering to that of the competition.

Detailed explanation-2: -A product mix is the total number of product lines and individual products or services offered by a company. Additionally referred to as product assortment or product portfolio.

Detailed explanation-3: -So products are often identified in 3 types – tangible products, intangible products and services.

Detailed explanation-4: -For example, The Coca-Cola Company has its signature Coca-Cola brand, featuring original Coca-Cola, Diet Coke, Coke Zero, Cherry Coke, etc. This would be described as a product line, while their product mix consists of their Coca-Cola, Dr. Pepper, Glaceau Smartwater, Sprite (and so on) product lines.

Detailed explanation-5: -In marketing, a product is an object, or system, or service made available for consumer use as of the consumer demand; it is anything that can be offered to a market to satisfy the desire or need of a customer.