The variety, quality, design ,package, and branding of the product must be unique. It needs to be needed by the public and has to be something they will remember.
The price should include the discount price, retail price, bonuses, payment plans and credit terms.
Promotion is anything that helps raise the products sales such as advertising, personal sales, sales promotion, and public relations.
Location of your product is a huge advantage if you can get a good location. But to get a good location you have to consider retail locations, delivery, and distributions. If you cannot get your product to the location then it is probably not a good location.