Product
Product means the need-satisfying offering of a firm. A need is a necessity. An example of a product is a coat which satisfies the physiological need and promotes physical being.
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Place
Making goods and services available in the right quantities and locations where and when customers want them.
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Price
Price setting must consider the kind of competition in the target market and the cost of the whole marketing mix. To develop the Right Product, Place, and Promotion, marketing managers must also decide the right Price. Besides, objectives, flexibility, level over product life cycle, geographic terms, discounts and allowances are some of the strategy decision variables organized by the price.
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Promotion
This means of influencing attitudes/actions to communicate a product from seller to potential buyers. *Identifying your target audience *Researching their needs/wants *commercials *print ads *sales; tactics
Advertising: Any paid form of non-personal presentation of ideas, goods, or services by an identified sponsor.
Sales Promotion: Promotion activities, not advertising-publicity, personal selling-that stimulate interest, trial, or purchase by final customers or others in channel.
Competitor Analysis
An approach organized by a company to evaluate the strengths of current or potential competitors' marketing strategy. Identify potential competitors.
Market Segmentation(Demographics)
A two step process: (1) naming brand product markets, (2) segmenting these product-markets in order to select target markets and develop suitable marketing mixes. Brainstorming about different solutions to generic needs and selecting broad areas, broad product markets where th firm has some resources and experience.