entrep 5 Flashcards
(30 cards)
is a set of controllable and connected variables that a company gather to satisfy a customer better than its competitor.
Marketing Mix
It is also known as the “Ps” in marketing.
Marketing Mix
Markteing Mix
Product
Place
Price
Promotion
People
Packaging
Positioning
refers to any goods or services that are produced to meet the consumers’ wants, tastes and preferences.
Product
is anything in the form of good, service or idea consisting of a bundle of tangible and intangible attributes that can be offered to a market that might satisfy a want or need and is received in exchange of money
Product
represents the location where the buyer and seller exchange goods or services.
Place
It is also called as the distribution channel. It can include any physical store as well as virtual stores or online shops on the Internet.
Place
stages of distribution channel
producer
wholesaler
retailer’
consumer
is the value of money in exchange for a product or service.
Price
Generally speaking, the is the amount or value that a customer gives up to enjoy the benefits of having or using a product or service.
price
Variables that highly influence the setting of prices of goods
Availability of the competing products
Cost of making the product
Type of product
Presence of substitute products
Demographic profile of the target consumers
Stages of the product in the market
Price Strategies
Customary Pricing
Geographic Pricing
One-Price Policy
Variable Pricing
Multiple-Unit Pricing
Odd Pricing
Prestige Pricing
Flexible Pricing
Price Lining
Price Bundling
These are prices set at levels below even values.
Odd Pricing
The products are purposely sold at a higher
price in order to create a high or superior image.
Prestige Pricing
It is when instead of setting one price for a
single model of good or service, the firm sells two
models of different quality and features at
different prices.
Price Lining
It is when the firms offers a basic product,
options and customer service for one total.
- Price Bundling
It is when the entrepreneur offers discounts to
consumers for buying in large quantities.
- Multiple -Unit Pricing
It is when the pricing are set depending on the
Distance of the buyer or seller.
- Geographic Pricing
It refers to the mode of conveying the presence and attributes of the product to the large market.
Promotion
utilizes the most appropriate media to reach consumers.
Promotion
The most common medium of promoting a product or service is through .
advertising
It is a non-personal communication regarding goods, services, organization, people, places and ideas that is transmitted through various media but not paid for by an identified sponsor.
Publicity
It involves oral communication with one or more prospective buyers by paid representatives for the purpose of making sales.
Personal Setting
It is undertaken through the internet. The entrepreneur starts by building a consumer database, performs a one-on-one approach in building consumer relationship, and sells the product online.
Direct Marketing