Marketing Mix

The “4Ps” of marrketing: product, price, place and promotion.

-Product:
+ Features
+ Branding iss how a company creates an identity for itself or its products using names, design and
images.
+ Differentiation is when a company makes its products or brand clearly different from other products
or brands. This involves showing the unique value of a product to consumers.
+ Positioning is the particular part of a market where a company decides to sell its products. Effective
positioning involves branding, clear differentiation, and a good marketing strategy.
- Price and pricing strategy:
+ Companies use price, and pricing strategy, to appeal to specific types of customers.
+ Price points: is where it is positioned on a scale of possible prices.
+ Penetration Pricing involves setting a low price for a new product
+ Loss Leader is a pricing strategy where a company sells a product at a price that is not profitable.
The purpose is to attract customers who will then buy other higher-priced goods.