The term that addresses how a product will be designed, how much it should cost, how it will be promoted, and how it will get to consumers is the marketing mix. More specifically, the marketing mix is commonly described by the "four Ps":

• Product : How the product will be designed and developed
• Price : How much the product should cost
• Promotion : How the product will be promoted to consumers
• Place : How the product will be distributed and get to consumers

This concept is fundamental in marketing management and guides decisions on product conception, pricing, promotion strategies, and distribution channels to meet consumer needs effectively

. While Product Lifecycle Management (PLM) covers the entire lifecycle of a product from conception through design, manufacturing, service, and disposal, including managing product data and processes, the specific focus on design, cost, promotion, and delivery to consumers aligns with the marketing mix framework