IMANE EL HOUSAYNI

FCF

The Marketing mix

This video is explaining the meaning of the marketing mix and its
components wich PRODUCT, PRICE, PLACE, PROMOTION
So the marketing mix is a way to sell the right product at the right place
with right price and with the adiquate promotion to the customurs of
course
First we’ll cover ideas related to the product, which includes
differentiation and positioning.
Product :
Must meet the customers needs and expectations the firm must look at
the competitor's product to know what is to sell (at what price etc...)
It’s has two categories :
Differntiating a product :
Product differentiation is the incorporation of attributes, such as quality
or price, into a product to encourage the intended customers to
perceive it as different and desirable
Product positioning strategies  :
Positioning is how you provide your product or service brand
identification as you go to market. It is the next step after you have
determined how to differentiate your product or service.
The second P is price, and we’ll look at ideas such as penetration pricing
and loss leaders, as well as price points.
Price :
Products and services must be sold at the right price: if it's too high or
too low (look at competitor's prices), customers won't buy it. Of course,
some prices cannot be set too low, since the customer will find your
product is cheap (of bad quality!) The psychological price is also
important (what the customer is ready to pay!)
Penetration pricing :
IMANE EL HOUSAYNI
FCF

Penetration pricing is a marketing strategy used by businesses to attract

customers to a new product or service by offering a lower price during its
initial offering. 

loss leaders :
A loss leader strategy involves selling a product or service at a price that
is not profitable but is sold to attract new customers or to sell additional
products and services to those customers