Place refers to the product’s channels of distribution or how it is conveyed from the producer to the end user, e.g. brick and mortar business, pop-up stalls, e-commerce. Place may also include manufacturing, transportation, warehousing, wholesaling and retailing considerations.
Promotion involves communicating the product attributes and the corporate image in the most favorable light to intermediary sellers and end users.
Setting the correct price is very important. The correct price will ensure that we can cover all costs. At the same time, the correct price can help to generate sales.