Ranking of the Importance of Each of the 4Ps of Marketing

Strategic Marketing Problem
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Strategic Marketing Problem
The marketing mix is a critical concept and tool in the broader strategic marketing that organizations are keen to exploit and achieve their goals. It constitutes the 4 P's; product, promotion, price, and place, each playing a distinct role in the typical business setting. While all the four marketing elements are vital, the product is the most essential item, followed by price, then place, and, finally, promotion.
Product tops the list of marketing elements. When a marketing manager programs how to achieve their department's goals, every aspect of it is based on the product, without which there would be no need for marketing. The pricing, place/distribution, and promotion are directly related to the company's product. According to Chernev (2018), business engagement's underlying philosophy and fundamental are to anticipate customer need and meet their expectations by providi...