labman g5 Principles of Marketing Flashcards
are fundamental rules that guide behavior, decision making or actions
Principles
the process of promoting and selling products or services, to reach and engage customers
Marketing
refers to strategies and practices aimed at promoting the lab’s services
Principles of Marketing
Helps in enhancing laboratory reputation, and attracting clients or stakeholders
Principles of Marketing
Finding out the needs of target market and satisfying them
Marketing concept
Requires a market focus and orientation towards the consumer
Marketing concept
consumer or client centered
Marketing concept
Under this concept, producers believed that if the product is good and reasonably priced, it will be quite popular even if no special marketing efforts are made.
Production Concept
3 types of marketing concept
production concept, product concept, selling concept
this talks about the quality service offered
Production Concept
Under this concept, producers believed that by making superior products and improving their quality over time, they will be able to attract more customers.
Product Concept
Result of the production
Product concept
The selling concept assumes that the customers will not normally buy a product unless they are approached and convinced through intensive sales promotion, advertising and salesmanship efforts
Selling Concept
Anyone who is in the market looking at a product/service for attention, acquisition, use or consumption that satisfies a want or a need.
Laboratory Customer
is a payment or reward given to an individual or organization for performing a specific service, typically sales-related
Commission
it is usually calculated as a percentage d the sale price or revenue generated
Commission
is a type of incentive program under marketing principles, where salespeople or representatives receive a percentage of the revenue generated from their sales efforts as their compensation.
Commission Plan
it is a payment structure that incentivizes sales representatives, laboratory staff, or managers to promote and sell laboratory services, tests, or products.
Commission Plan
this type of commission is based on the profit generated from the sale, rather than the total sale value
Profit-based Commission
it is a compensation structure where a salesperson receives a set amount of money for each sale, regardless of the sale’s value or sizd
Fixed Commission
it is the most common type, where employees receive a percentage of the total sale value
Percentage based
sales people earn different commission rates based on the amount of revenue they generate
Tiered Commission
are detailed documents that provide insights and data analysis on various aspects of the business, such as sales performance, market trends and operational efficiency
Reports
these include daily, weekly, or monthly summaries of laboratory activities
Operational Reports
these details the financial performance of the laboratory, including revenue, expenses and profitability
Financial Reports
These focus on the accuracy and reliability of tests results
Quality Control Reports
These document any accidents, errors or unusual occurrences in the laboratory
Incident Reports
it is a type of secondary data in which the collected and/or the process of collecting the data are prepacked for all users
Pre-packed Information
these materials provide an overview of laboratory services, new tests, and procedures
Brochures and Flyers
it is a document that provides a detailed information about a particular product
Product Information Sheets
promotional materials such as posters, banners and digital content used to market the laboratory’s services
Marketing Collateral
Ensures that all stakeholders receive the same information, reducing the risk of miscommunication
consistency
saves time for the laboratory staff providing read to use materials that can be quickly distributed
Efficiency
Enhances the laboratory’s image by providing well-designed and informative materials
Professionalism
it helps in education clients and healthcare providers about the laboratory’s capabilities and services leading to better utilization of services
Education
