You should think about the features that will have the product or service your company wants to put on the market. At this point, there are a number of details that have to be defined. For example: What is the name/brand of the product? How will the item packaging be? What does your product look like?
Here, one must decide what to offer the customer.
In this variable, you must define the price and your conditions (discounts, balances, monthly fees, auctions, etc.). While the price allows you to maximize profit, the truth is that the definition of the value is dependent on several factors, such as the prices practiced by your competitors.
Here it is decided how much it will cost the customer.
The distribution means the channels used to make the product available. Where are you going to put your products for sale? In physical stores or in e-commerce stores? Are you betting on direct sales to customers? Or do you prefer the indirect channels? And what geographic area do you want to cover? Thus, distribution is the way to reach the customer.
The promotion, corresponds to communication, dissemination of the product. You can do this through advertising campaigns, promotion actions in events or campaigns on social networks, among other initiatives. It is how to be visible to the client.
From theory to Practice:
Product: Iphone X, with quality, avant-garde design, various advanced components, different colors, reliable and popular brand (Apple).
Price: Between €1299 and €1499, depending on the model. It can be paid in installments. Promotional price at the end of the year, Black Friday. Direct competition sells at a similar price.
Place: For sale in own stores, technology stores and large surfaces, selling online. Private distribution.
Promotion: TV ads, magazine ads, billboards and online advertising.