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Lesson 8 - Coggle Diagram

- - - - This typically refers to product differentiation. The product should be differentiated from competitor’s products in terms of quality, quantity and intellectual property protection.
    - - 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. This would ultimately affect the reach of the business. Is it able to reach the target market through the specific channel that is being used?
        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. At the same time, we also need to consider through what channel is the promotion being done?
        Promotion may also include strategies to increase sales of products or services.
    - - Setting the right price is crucial for covering costs and generating sales. Different pricing strategies, like penetration pricing, parity pricing, skimming, and cost-plus pricing, can be used at various stages of a product's life cycle. For instance, penetration pricing offers attractive prices at launch to capture market share, while cost-plus pricing can be used later to ensure profit once market share is stable.