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entrepreneurship > L3; Understanding The Market > Flashcards

L3; Understanding The Market Flashcards

i-rate nyo nalang ng 5 agad kung gus2 nyong i-skip, sobrang dami kasi😭

1
Q

Marketing startegy is how a business intends to?

A

It is how a business intends to present a product to the public,

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2
Q

Marketing startegy takes into account the?

A
  • target audience,
  • product benefits and
  • marketing methods.
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3
Q

refers to activities a company undertake to promote the buying or selling of a product or service.

A

Marketing

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4
Q

is a long term plan on what to do to achieve a certain goal

A

Strategy

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5
Q

specific group of people with shared characteristics you want to reach with your marketing efforts

A

Target Market

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6
Q

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

A

Market Segmentation

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7
Q

enumerate the Bases of Market Segmentation

A
  • Geographic
  • Demographic
  • Behavioral
  • Psychographic
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8
Q

Geographic

enumerate what are under Geographic (5)

A
  • Location
  • Country
  • City
  • Language
  • Population
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9
Q

Demographic

enumerate what are under Demographic (7)

A
  • Age
  • Sex
  • Income
  • Education
  • Social Status
  • Family
  • Occupation
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10
Q

Behavioral

enumerate what are under Behavioral (4)

A
  • Readiness to purchase
  • Life cycle stage
  • User status
  • Intent
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11
Q

Psychographic

enumerate what are under Psychographic (5)

A
  • Lifestyle
  • Interest
  • Personality
  • Values
  • Attitudes
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12
Q

is the set of controllable, tactical marketing tools that a company uses to produce a desired response from its target market.

A

marketing mix

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13
Q

It consists of everything that a company can do to influence demand for its product.

A

marketing mix

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14
Q

What are the 7Ps of Marketing Mix

(enumerate)

A
  • Product
  • Price
  • Promotion
  • Place
  • People
  • Packaging
  • Positioning
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15
Q

____________________ is defined as “anything that can be offered to a market for ______________, _______________, ________ or _________________ that might satisfy a ________ or ________. It includes ________________, ____________, ____________, ___________, __________________ and ________.”

A

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😭)

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16
Q

bags, shoes, clothes, foods, cars, tables, pencil, notebooks, etc. are?

A

Tangible products

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17
Q

Intangible products are?

A

services

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18
Q

These are activities, benefits or gratification offered for sale that is essentially intangible and does not result in ownership of anything.

A

Intangible products

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19
Q

enumerate the Product Levels

and give 1 example each level

A

* 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,

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20
Q

Why review the product at different levels?

A

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.

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21
Q

is the fundamental need that the customer satisfies when they buy the product.

A

Level 1 – Core Need/Core Benefit

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22
Q

It is the product features and its design. Products typically have lots of features but very few actual benefits (core benefits) to the customer.

A

Level 2- Actual Product

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23
Q

The word augment means?

A

“to add to” or “to make greater”

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24
Q

This last level in the product level mode is increasing and adding value \These are referred to as ―add-ons.

A

Level 3 – Augmented Product

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25
Q

Price answers the question?

A

how much?

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26
Q

This is also the amount of money that the customer must pay to get the products or services that he wants.

A

Price

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27
Q

This is also defined as the value that the entrepreneur assigns to a product or service after computing its costs.

A

Price

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28
Q

is the method of pricing that an entrepreneur use to determine how much to sell their products or services.

A

pricing strategy

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29
Q

enumerate the pricing strategies (9)

A
  1. Market Penetration Pricing
  2. Market Skimming Pricing
  3. Competitive Pricing
  4. Premium Pricing
  5. Cost Based Pricing
  6. Psychological Pricing
  7. Bundling
  8. Value based pricing
  9. Product line pricing
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30
Q

This is the setting up of a low price to new products or services in order to attract more customers and increase in market share.

A

Market Penetration Pricing

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31
Q

Example: Newly opened cellphone shop offering 5% off for their smartphones as introductory price.

A

Market Penetration Pricing

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32
Q

This is the opposite of market penetration
pricing

A

Market Skimming Pricing

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33
Q

with this pricing strategy/method, the entrepreneur sets a higher price for a new product to gain maximum revenues for customers who are willing to pay for a higher price.

A

Market Skimming Pricing

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34
Q

Ex: iPhone uses what type of pricing strategy/method?

A

Market Skimming Pricing

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35
Q

This pricing strategy/method is a common practice among entrepreneurs

A

Competitive Pricing

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36
Q

Entrepreneurs check and refer to the product price of their competitors.

A

Competitive Pricing

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37
Q

Entrepreneurs in the same industry set prices relatively low or relatively high with competitors.

A

Competitive Pricing

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38
Q

This is a method where the entrepreneur sets a very high price for their products and services to reflect an impression of higher quality and superiority.

A

Premium Pricing

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39
Q

this pricing strategy/method is common for luxury products

A

Premium Pricing

40
Q

This is a pricing method wherein a mark-up is added over costs or all expenses to come-up with the agreed price of the product or service.

A

Cost Based Pricing

41
Q

what is the formula for Cost Based Pricing

A

mark-up is added over costs or all expenses to come-up with the price

(mark-up + cost or all expenses = price)

42
Q

Ex: Anna’s polvorons expenses from the ingredients and other costs amounted to 50 pesos for 5 pieces; she then sets the price at 80 pesos for 5 pieces to cover all her expenses in making polvoron.

A

Cost Based Pricing

43
Q

It is the practice of setting prices of products that is slightly lower than a whole number.

A

Psychological Pricing

44
Q

Ex: In a clothing store, a shirt is priced at 99 pesos.

A

Psychological Pricing

45
Q

This is when entrepreneurs combine two or more of their products and offers the ―bundle at a lesser price.

A

Bundling

46
Q

Example: Detergent powders are bundled with fabric detergents at a lesser price.

A

Bundling

47
Q

This is a pricing strategy wherein the entrepreneur determines the willingness to pay of a target customer for a particular product or service.

A

Value based pricing

48
Q

It refers to the practice of setting prices for multiple products in coordination with one another.

A

Product line pricing

49
Q

It refers to a location where the business is situated.

A

Place

50
Q

An entrepreneur would choose a prime location for his business where the customers could easily visit his store to buy their goods or services.

(which marketing mix is stated above)

A

Place

51
Q

would also refer to the channels of distribution.

A

Place

52
Q

In this marketing mix, the entrepreneur seeks to answer, “how can we deliver our products and services to our target customers?”

A

Place

53
Q

what question does “Place” seeks to answer?

A

“how can we deliver our products and services to our target customers?”

54
Q

enumerate the Types of Distribution Channel

A
  • Direct Distribution
  • Indirect Distribution
55
Q

It is organized and managed by a company that sells directly to consumers.

A

Direct Distribution

56
Q

It involves intermediaries that perform a company’s distribution functions

A

Indirect Distribution

57
Q

describe how a product gets to the customer in direct distribution

A

Manufacturer ➨Customer

58
Q

describe how a product gets to the customer in indirect distribution

A

Manufacturer ➨ Wholesaler ➨ Retailer ➨ Customer

59
Q

what is the main purpose of promotion?

A

to get the attention of customers, which will then lead to their purchase of the product that is being promoted.

60
Q

The main purpose of this marketing mix is to get the attention of customers which will then lead to their purchase of the product that is being promoted.

A

Promotion

61
Q

This marketing mix may also create interest and curiosity in the minds of buyers and can also generate loyal customers.

A

Promotion

62
Q

enumerate the Promotional Strategies (6)

A
  1. Advertising
  2. Sales Promotion
  3. Personal selling
  4. Public relations
  5. Direct marketing
  6. Social Media marketing (SMM)

(ASPPDS)

63
Q

It is any paid form of public presentation or announcements of products or services by an identified sponsor through a medium.

A

Advertising

64
Q

Ex: TV commercials, billboards

A

Advertising

65
Q

what are the main purpose of advertisements ?

A
  1. Create awareness of your product or service
  2. Persuade the customers that your company’s product or service is suitable for their needs or wants
  3. Improve the image of your company
  4. Publicize new products or services.
66
Q

This is a short term incentive given to customers to encourage the purchase of a product or service

A

Sales Promotion

67
Q

This is one of the most sought after strategies in promotion.

A

Personal selling

68
Q

Customers find that ____________________ is that the priority of the entrepreneur is on the interactions, relationship and trust built between sales and the customers or buyers.

A

Personal selling

69
Q

Public Relations is also known as?

A

PR

70
Q

is the process of creating good relations with the general public and building a good image.

A

Public relations

71
Q

This also includes proper management of unfavorable feedbacks from customers.

A

Public relations

72
Q

Give example/s of Public relations

A

Ex: media/press conference, journals or blogs, partnership events, sponsors, paying vloggers to promote, etc.

73
Q

This is the strategy where the entrepreneur makes direct connections with carefully targeted customers to get fast response and make a lasting relationship thus making them your loyal customers.

A

Direct marketing

74
Q

Give example/s of Direct marketing

A

Ex: e-mail marketing, direct mail, online selling

75
Q

This strategy uses social networking websites such as Facebook, Instagram and Twitter as a promotional tool.

A

Social Media Marketing (SMM)

76
Q

This is an additional element in the basic 4P’s of marketing. Includes your employees and how they handle and take care of your customers’ needs.

A

People

“The most successful entrepreneurs put the right people in the right job at the right time.”

77
Q

It how the product is presented to the customers. It is the way your product or service looks from the outside.

A

Packaging

78
Q

________________ will set you apart from your competitors. It is also part of your over-all brand identity.

A

Packaging

79
Q

Packaging is also considered as the what of your products or services?

A

”silent salesman”

80
Q

This is the process of communicating the image of a brand into the minds of your customers. This is also the marketing mix where companies create their Unique Selling Proposition or USP.

A

Positioning

81
Q

is one of the most vital features of any enterprise.

A

Branding

82
Q

is an identifying symbol, mark, logo, name, word, and/or sentence that businesses use to differentiate their product from others.

A

Brand

83
Q

enumerate the Characteristics of a Brand Name

A
  1. Catchy
  2. Visually appealing
  3. Positive meaning
  4. Clear and concise
  5. Unique
84
Q

use a word or phrase that is easy to recall. Avoid words that have foreign sounding pronunciation.

A

1.Catchy

85
Q

your brand which includes your brand logo must be carefully planned out. It must use a good combination of graphics and colors.

A

2.Visually appealing

86
Q

your chosen brand name or brand logo should be carefully checked for possible negative meanings.

A

3.Positive meaning

87
Q

the brand name should clearly identify your product and its salient features.

A

4.Clear and concise

88
Q

As an entrepreneur, you should choose a name that has no similarity with other brand names. It always a must to check the availability of your chosen brand name before starting your business.

A

5.Unique

89
Q

place would also refer to the?

A

channels of distribution

90
Q

Promotion may also create what in the minds of buyers?

A

interest & curiosity

91
Q

Promotion can also generate what type of customers?

A

loyal customers

92
Q

other term for marketing strategy?

A

marketing efforts

93
Q

what are the advantages and disadvantages of direct distribution

A

pros:
- easily reach customers
- more profits
- faster feedback

cons:
- matagal
- medjo hassle

94
Q

what are the advantages and disadvantages of indirect distribution.

A

pros:
- easier for customers to find your product
- more time to focus on/develop your products
- the retailer will already be the one to market your products

cons:
- higher markups (dues to shipping & longer process(?))

95
Q

give examples of sales promotions

A
  • Coupons
  • Starbucks points
  • Cash rebates
  • 3 day sale

entrepreneurship (4 decks)

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