Product decisions are the first resolutions one may require to extract before producing

any marketing plan. A product can be separated into three components namely: the core product,

the augmented product and the tertiary product. Prior to resolving on the product parts there are

some questions which one may need to ask one’s self. These questions are:-

(1) What product will you be selling?

(2) What will be the standard of your product?

(3) Which characteristics are distinct from the market?

(4) What is the USP of the product?

(5) Whether the product will be branded as a sub brand or be entirely new?

(6) What are the less important products which can be sold along with a key service such as a

warranty, etc?

Pricing in the Marketing Mix- There should be vital deliberation in the pricing a product, the

advertising and marketing expenditures, any cost variations in the market and the distribution

expenses etc. Many of these elements can be altered independently.

Place in the Marketing Mix- If the product is a buyer’s product, the product is a Premium

buyer’s product and it would be accessible only in privileged stores. Comparably, if the product

is a business product, one would require a team which interacts with organizations and causes the

product to be accessible to them. Consequently, the location where the product is disseminated

relies on the product and pricing resolutions which can do just as good as STP resolutions taken

by organizations.

Promotions in the Marketing Mix- Promotions are dependent on the product and pricing

resolution. What is the capital for marketing and advertising? What phase is the product in? Is
the product entirely unfamiliar in the market? Does the product require brand or product

consciousness promotions? Or in comparison, is the product already in existence and requires a

brand recall promotion?

Market penetration includes retailing supplementary established products into prevailing

marketplaces, frequently by extended promotion, price cuts or improved paths to marketing, for

example online shopping.

Product development entails creating contemporary products or services and positioning them

into prevailing marketplaces. On the other hand, market development involves taking surviving

products or services and retailing them in modern or different marketplaces.