The marketing mix for a product or service is called 'The Four Ps'- product, place, price, and promotion. This is a systematic approach to product definition:

Product relates to all aspects of the product, including its design issues, function Place refers to its market position- like upmarket, downmarket, or mainstream Price- This is based on a combination of factors including market prices within the product's natural market, costs of production and profit margins, Promotion- Includes branding, market identity, methods of promotion, advertising, and guerrilla marketing.