We are very much connected with products in our daily life.
From its innovation to packaging and bringing it to consumer, needs proper strategy to come up with a product and to be used by the consumer.
Product: First we think of the product, and how it's going to benefit the consumer. If it's food or beverages; ingredients going to play the most important role. For gadgets enabling technologies that makes life better is the USP.
Price: Price plays an important role, looking at the budget of the consumer and the competitors within the segment. There are many products available, but the market is price sensitive.
Place: The product needs better place to get sold and to reach end consumer. It can be a national product or launched in selective cities. A company needs better supply chain management if it's a physical product to reach out end consumer.
Promotion: The product needs better strategy and branding to stand out in the market and to get noticed. It needs proper utilization of the product values by defining usefulness.