Explain 4Ps of product marketing mix.

Answer: The marketing mix is the combination of the four Ps: Product, Price, Place and Promotion, used by a firm to satisfy customers and achieve its marketing objectives.

1. Product: The goods or services offered to satisfy consumer needs. Product decisions cover quality, design, features, variety, brand name, packaging, labelling, warranty and after-sales service.
2. Price: The amount the consumer pays for the product. Pricing decisions consider cost of production, demand, competition, government regulations, discounts and credit terms. The price should be reasonable for consumers and profitable for the firm.
3. Place (physical distribution): Making the product available to consumers at the right place and time. It includes choice of channels of distribution (wholesalers, retailers), transport, warehousing and inventory control.
4. Promotion: Communicating with consumers to inform them about the product and persuade them to buy. Tools include advertising, personal selling, sales promotion (discounts, free gifts, contests) and publicity.