Placing a product on Amazon is a great way to gain awareness toward a product, and it can also act as a tool to ensure credibility due to trusted reviews. Deciding whether or not to sell a product on a website could significantly affect your relationship with distributors. This "P" recently evolved with the introduction of e-commerce. Choosing retailers like Amazon could enhance coverage when you’re trying to turn your brand into a household name, but limiting coverage could demonstrate scarcity, as in the extreme case of diamonds, where controlled scarcity drives up prices. The key factor is understanding a target audience, which will help a marketing specialist position the product in the channel that is most accessible to potential buyers. Place refers to product accessibility to potential customers. All of these changes underscore the need to clearly communicate value based on the positioning chosen for the product. And the integration of AR capabilities into the iPhone is only opening more possibilities for direct manufacturers to sell directly to consumers by allowing them to visualize merchandise in ways that replace the need to tangibly feel the product before you buy it. The advancement in technology has allowed manufacturers to cut out retailers and sell directly to consumers. For instance, discounting strategies could be permanently anchored in the minds of consumers, who may refuse to pay retail prices later. Pricing strategies are becoming more dynamic to keep up with highly educated consumers. Simply put, price refers to how much a customer is willing to pay for a product or service. People’s access to more immediate communication and increasing expectations are driving companies to more frequent releases of the "next best thing." For example, return policies and warranties are becoming extremely important at a time when your competitors are a Google search away. Also, there is added stress on solutions in response to more complex market expectations.
The emphasis on this "P" is constantly growing as consumers are becoming more knowledgeable about, and critical of, their purchases. Product encompasses the variety, design, packaging, quality, features and positioning of a product or service.