As we all know, the marketing mix consists of Product, Place, Promotion and Price. From the outset, people believe marketing is simplistic, especially when you segregate it into those 4 main parts.

Product promotion is a fundamental component of a business marketing plan. Consider the sales venue and the demographic when choosing which type of promotional product strategy will be most effective.

Sales promotion for companies is all about the ways the company markets the product or service it is touting in order to make money. It's often tied to new product launches, explains Inc. magazine.