Product refers to a good or service that a company offers to customers. Ideally, a product should fulfill an existing consumer demand. Or a product may be so compelling that consumers believe they need to have it and it creates a new demand. Price is the cost consumers pay for a product Marketers must link the price to the product's real and perceived value, but they also must consider supply costs, seasonal discounts, and competitors' prices. Place is the location where a product is marketed. Promotion includes advertising, public relations, and promotional strategy. The goal of promoting a product is to reveal to consumers why they need it and why they should pay a certain price for it. 1. What is the first step in the 4Ps of marketing? 2. Which of the four elements primarily deals with communication value? 3. Among the four P's of marketing, which do you think is the most significant factor and why? 4. What is the importance of marketing? 5. How to come up with an innovative product?​