THE PRODUCT ‘P’ IS ALWAYS THE SINGLE MOST IMPORTANT ELEMENT IN THE MARKETING MIX

Definition of Marketing Mix
According to Philip Kotler - "Marketing Mix is the combination of four elements, called the 4P's (product, Price, Promotion, and Place), that every company has the option of adding, subtracting, or modifying in order to create a desired marketing strategy"

Marketing Mix was first coined by Neil Bordon, the President of the American Marketing Association in 1953 and is referred to as the set of actions, used by a company or organisation to promote its product or service in the market. A typical Marketing Mix is made up of 4Ps – Product, Price, Promotion and Place. These 4 Ps were introduced by the marketer E. Jerome McCarthy in 1960 and since then they are being used worldwide by the marketers.
Product
A product is a good or service offered by the company to satisfy the demands of the consumer.
Price
Price is considered to be an amount charged by the seller for the product or service given to the buyer.
Promotion
The methods used by the marketer to bring the product into market and to create awareness among the people e.g. advertisement.
Place
Place is all about how the products reach its buyers for sale. A business can be profitable only when the right product with right price is made available to the right users.
The Product ‘P’ is always the single most important element in the Marketing Mix
Affirmative
The product plays the most important role in the entire process of marketing mix. The product is the only element that meets the customer’s needs. It is considered to be the key component which enables the entire process of getting in contact with the customers and generation of sales, possible. When the product is of good quality and possesses good features to attract customers, the chances for success go high. Suppose if a product fails