The actual product (or service),
The price (or value) it has,
Where you place (or distribute) what you offer, and
How you promote it.
Your core product is something you can’t touch: it’s the benefit your customer is buying—not the product itself, but the problem it solves.
Your formal product is what people actually use. It includes physical elements like design and texture, or perceived features like quality and styling.
Any value added features offered “over and above” the base product, like customer service or delivery, to differentiate your business from the competition.
