Your product may be anything sold for profit, whether that means a physical good, or a service.
In simplest terms, the monetary value charged in exchange for a good or service. Prices must be set competitively against market rates, taking profit margins and other factors into consideration.
Once a product or service is on the market, it then needs to be promoted. Here is a short (and by no means comprehensive) list of broad promotional channels:
- Digital and traditional advertising.
- Content, email, and social media marketing.
- In-store signage.
- Public relations and media placement.
In this context, place refers to the geographical area where a product or service is shipped or made available.