Entrepreneurship Flashcards
It is a set of controllable and interrelated variables composed of
product, place, price and promotions that a company assembles to satisfy a target group
better than its competitor.
Marketing MIx
A marketing model that modifies the 4Ps model.
7P’s Model
It can be intangible or tangible as it can be in the form of services or goods.
Product
It is a tangible product. Its example includes tires, MP3 players, clothing and etc.
Goods
It is intangible. Its example includes hair salons and accounting firms.
Services
The amount that a customer pays for to enjoy it.
Price
Responsible for every element of your sales, marketing strategies, and activities.
People
The way your product or service appears from the outside.
Packaging
This refers to how a business creates awareness in the market.
Promotion
human workforce involved in the manufacture of products.
Manpower
Talks about raw materials necessary in the production of a product.
Materials
manufacturing equipment used in the production of goods or delivery of services.
Machine
discusses the process or way of transforming raw materials to finished products.
Methods
refers to the marketing copy that explains what a product is and
why it is worth purchasing.
Product Description
It represents the final products from the production process and distributed to the customers.
Output
It is a replica of a product.
Prototype
refers to the system of organizations, people, activities, information, and resources involved in moving a product or service from supplier to customer.
Supply Chain
is the process or activities by which a company adds value to an article including production, marketing, and the provision of aftersales service.
Value Chain
It describes the rationale of how an organization creates, delivers,
and captures value in economic, social, cultural or other contexts.
Business Model
- It is an entity that supplies goods and services to another organization.
Suppliers
is a name given by an entrepreneur to a particular product or service.
Brand Name
is a continuing plan of a successful brand to achieve the
organization’s goal.
Branding Strategy
name styles could be invented or abstract.
Branding
CHARATERISTICS OF AN IDEAL BRAND NAME
Short and Simple
Easy to Spell, Pronounce, and Remember
is also called the family branding.
- refers to a marketing practice that involves selling various products under the name
of a single brand
Umbrella Brand approach
uses different brand names for each product but under one
company.
House Brand approach
is the strategy of placing an established brand on a new
product that is in a different category.
Product extension approach
is a result when sales exceed the cost to produce goods or render the services.
Revenue
refers to the amount added to the cost to come up with the selling price.
Mark Up
Mark Up Formula
Mark Up Price = (Cost x desired markup percentage)
Mark Up for T-shirt = (90.00 x .50)
Mark Up for T-shirt = 45.00
Selling Price Formula
Selling Price = Cost + Mark Up
Selling Price = 90.00 + 45.00
Selling Price for T-shirt = 135.00
