The marketing mix has four variables known as "4 P" (product, price, promotion, and place)

which are interrelated with each other. An explanation of the marketing mix variables is as
follows
1. PRODUCT.
Product is the first element in the 4Ps marketing mix. It deals with the product or service
offered by the business, including the features, quality, brand, and design of the product. It is
important to understand customer needs and wants in developing the right product for the
intended market.
Each product or service offered to customers can be viewed on three levels:
The core product consists of the core problem-solving benefits that consumers seek when they
buy a product
The actual product is around the core and includes quality level, features, design, brand name,
and packaging
Ancillary products are the actual product plus a variety of services and benefits offered with it,
such as warranties, free shipping, installation, and maintenance.

2. PRICE
Price is an element related to pricing a product or service. Pricing should consider
production costs, competition, market demand, and profit objectives. It is important to set a
price that is reasonable and in line with the value offered by the product or service.
Price is the only marketing mix tool a company uses to achieve its marketing goals. Pricing
decisions must be coordinated with product design, distribution and promotion to form a
consistent and effective marketing program.
THERE ARE 3 PRICING OPTIONS THAT COMPANIES MAY TAKE, NAMELY
▪ ABOVE
▪ SAME
▪ BELOW
FROM THE PRICES SET BY COMPETITORS

3. PLACE
Place is an element related to the distribution of a product or service. It covers the way the
product or service is distributed to the market, including distribution channels, sales
locations, and product availability. It is important to choose the right distribution channels to
reach the target market effectively.

4. PROMOTION
Promotion is the element that deals with how to promote a product or service to the target
market. It includes advertising, sales promotion, and public relations activities. It is important
to develop an effective promotional strategy to attract customer attention and increase brand
awareness.