L3; Understanding The Market Flashcards
i-rate nyo nalang ng 5 agad kung gus2 nyong i-skip, sobrang dami kasi😭
Marketing startegy is how a business intends to?
It is how a business intends to present a product to the public,
Marketing startegy takes into account the?
- target audience,
- product benefits and
- marketing methods.
refers to activities a company undertake to promote the buying or selling of a product or service.
Marketing
is a long term plan on what to do to achieve a certain goal
Strategy
specific group of people with shared characteristics you want to reach with your marketing efforts
Target Market
is the activity of dividing a broad consumer or business market into sub-groups of consumers (known as segments) based on some type of shared characteristics
Market Segmentation
enumerate the Bases of Market Segmentation
- Geographic
- Demographic
- Behavioral
- Psychographic
Geographic
enumerate what are under Geographic (5)
- Location
- Country
- City
- Language
- Population
Demographic
enumerate what are under Demographic (7)
- Age
- Sex
- Income
- Education
- Social Status
- Family
- Occupation
Behavioral
enumerate what are under Behavioral (4)
- Readiness to purchase
- Life cycle stage
- User status
- Intent
Psychographic
enumerate what are under Psychographic (5)
- Lifestyle
- Interest
- Personality
- Values
- Attitudes
is the set of controllable, tactical marketing tools that a company uses to produce a desired response from its target market.
marketing mix
It consists of everything that a company can do to influence demand for its product.
marketing mix
What are the 7Ps of Marketing Mix
(enumerate)
- Product
- Price
- Promotion
- Place
- People
- Packaging
- Positioning
____________________ is defined as “anything that can be offered to a market for ______________, _______________, ________ or _________________ that might satisfy a ________ or ________. It includes ________________, ____________, ____________, ___________, __________________ and ________.”
Product is defined as “anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. It includes physical objects, services, persons, places, organizations and ideas.”
(i-memo nalang ng buo😭)
bags, shoes, clothes, foods, cars, tables, pencil, notebooks, etc. are?
Tangible products
Intangible products are?
services
These are activities, benefits or gratification offered for sale that is essentially intangible and does not result in ownership of anything.
Intangible products
enumerate the Product Levels
and give 1 example each level
* Level 1: Core Benefit/Core Product — Ex: telephone calls or text
* Level 2: Actual Product — Ex: features of the phone, including: color, screen size, camera, other specifications
* Level 3: Augmented Product — Ex: 1 year warranty, free power bank, free case,
Why review the product at different levels?
an entrepreneur can have a better understanding of the product’s competition, and gives a snapshot of the reasons why a customer decides to buy the product or avail the services.
is the fundamental need that the customer satisfies when they buy the product.
Level 1 – Core Need/Core Benefit
It is the product features and its design. Products typically have lots of features but very few actual benefits (core benefits) to the customer.
Level 2- Actual Product
The word augment means?
“to add to” or “to make greater”
This last level in the product level mode is increasing and adding value \These are referred to as ―add-ons.
Level 3 – Augmented Product
