Marketing

As firms formulate their ideal marketing mix, it is crucial for marketing professionals to have a firm understanding of each of the marketing mix components: product, promotion, place, and price. The product solves a problem that the consumer has. The price determines the value of this solution by determining what the customer is likely to pay. Promotion involves the dialogue between customer and company. And place answers the question of how the customer acts or buys. Select one of the elements in the marketing mix and describe how it contributes to the overall marketing plan. Include information from the reading and provide an example.