Marketing Mix

Marketing Mix- Product

To gain a competitive advantage, some businesses may innovate and develop their products.

Unique Selling Point(USP)– it is the special feature of a product that differentiates it from the products of competitors.

Brand Name– It refers to the unique name of a product and identifies a business.

Brand Image– it is an identity or image given to a product, which gives it a personality of its own and distinguishes it from its competitors.

Packaging– it is a physical container or wrapping for a product, used for promotion and selling appeal

Brand loyalty– it occurs when consumers continue to buy goods from the business.

Cost-plus pricing	Competitive Pricing	Penetration pricing	Promotional pricing	Price Skimming	Physiological pricing
Cost of production plus a profit markup	The price is set much lower than that of competitors	Prices are set at a lower rate	A fall in the price level for a short time period	High prices are charged on products that enter new markets	Ex: Rs 99.99
Advantages	Advantages	Advantages	Advantages	Advantages	Advantages
Easy and quick to apply	High Market share	High Market share	High market share of the business	To show that the product is of high quality	Increase sales
Each product in the business	Benefit consumers	Integrate the market easily	Helps products in the product life cycle who has saturated	Enhance profitability
Disadvantage	Disadvantage	Disadvantage	Disadvantage	Disadvantage	Disadvantage
If mark-ups are too high, business competitive advantages may worsen	High-quality products may have no other choice	Lower profitability	Revenue is lower	Increase discourage customers	Not effective

Marketing Mix- Place