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A product is what the company has to offer, whether it is something tangible, like a

mobile phone, or a service, like health treatment. It is anything that can be offered to satisfy a

markets want or need. Successful companies consider the products form, functionality, features,

and benefits from the consumers point of view. Moreover, each and every product must meet the

needs of a particular target market (consumers epectation!. "or eample, a luury product

should create #ust the right image for $customers which have everything% (&oi, ')!. Many

researchers suggest that the basic product must be positioned for better *uality and price+

conscious consumers.

ther important aspects of product may include- an appropriate product range, design,

warranties, or a brand name. veryone buys products for their own personal benefit, and they

buy a product with some epectations. "or eample, consumers buy books with the epectation

of en#oyment and knowledge. /here are four types of products. /hese are as follows-

0.Formal product- /his product refers to the physical item which is bought by the consumers for

their own benefit1 for eample, mobile, computer, and etc.

'. Core product- /he core benefit is associated with using the formal product1 what the customer

is actually buying from the companies1 for eample, knowledge or status.

2. Augmented product- /he totality of benefits that the customer receives from the formal

product1 for eample, time saved or *uick access to information.

3. System product- /his product refers to the epansion of the augmented product 4 the attendant

add+on and etras that come with the formal product1 for eample, manuals, training support

(5otler et al., ')!.

6ricing is one of the important decisions that need to be made by a firm which would

affect its revenue and profitability. In determining the price of a product, a company or marketing

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manager needs to consider not only the costs it takes to produce the item, but also the customers

perception on the value of the product (7anna and 8odge, 0))9!.

Moreover, companies strive to get the maimum margin by looking at a whole range of

possibilities to set the right price to certain types of customer. In economics, Adam Smith gives

the notion of price as $value in echange%. Moreover, price is determined by the intersection of

supply and demand in the market, or the socalled market mechanism (Stiglit: ;

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set the ideal selling price first for particular customers, then develop the product to suit that price.

/his techni*ue is called >target costing (5otler and Armstrong, '3!.

A place or distribution channel is a way of transporting the product to the customer and

the level of accessibility of the product to customers. /his element of marketing mi is like the

vehicle for the other elements of marketing (product, price, and promotion!.

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generates sales and profits%. /his latter part of the eplanation given by the ?hartered Institute of

Marketing (?IM! is where promotion in marketing would beg to differ, since generating sales

and profits is not the main ob#ective or goal of businesses implementing Islamic marketing.

6romotional mi activities can be beneficial in terms of social and economic progression by

encouraging $healthy competition%, however from the lens of an marketer, these activities should

not encourage wasting or overspending of resources (Abdullah ; Ahmad, '0!. "urthermore,

the concept of promotion in I marketing focuses more on providing customer satisfaction, rather

than satisfying ones (the firms! own goals alone.