The product is the most crucial element for marketing. It is a thing for which a customer is willing to pay. An organization must know what kind of product they are creating. The product must satisfy the needs of targeted customers.
The service marketing strategy focuses on the consumer's experiences, expectations, and delivery processes instead of material goods. Services fall into different categories, such as performances, techniques, and deeds.
Price refers to the monetary value that a company charges for its product. The price portrays the product’s worth and induces a customer to buy it. It also indicates whether the product is luxurious or ordinary.
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