The marketing mix – the 4Ps in the automobile industry talk about product, price, place and promotion.
The product aspect in the automobile industry refers to the qualities of the product – let’s say a car or some other vehicle. Focusing on the product, the stakeholders or marketers should focus on the design, usability, features and performance and value delivery of the product.
Price refers to the monetary value of the car or vehicle that the users are willing to pay. Marketers need to strike the right balance between quality, features, gross profit margins and demand while pricing the product.
Place is the location where product is distributed to the buyers. The place has to be accessible enough for customers and potential buyers.
Promotion includes advertisements, influencer marketing, organic and paid search engine marketing, discounts and offers.