MARKETING Flashcards
*communicating value of product, service, or brand to customers
*PURPOSE: promoting or selling products
MARKETING
MARKETING TECHNIQUES
*Choose target market
- Market analysis and segmentation
*Understand consumer behavior
*Advertise product’s value to customers
*series of interviews in target market to test product concept to potential target market
*process of finding out if intended primary target will buy product/avail the service
MARKET VALIDATION
name, symbol, or other feature that distinguishes seller’s goods/services in marketplace
BRAND NAME:
long-term design for popular brand development to achieve goals/objectives
BRAND STRATEGY
7 BRANDING STRATEGIES
Having significant purpose
Consistency
Emotion
Flexibility
Employee Involvement
Loyalty
Competitive Awareness
- (brand recognition | standard)
- Avoid unnecessary to improve brand
Consistency
*Functional: practical | fast and profitable
*Intentional: positive impact on society
Having significant purpose
Equality to be well versed in communication
Employee Involvement
(whisper “buy me”)
*Customers: feel to be part of brand
*Ways to connect deeply/emotionally
Emotion
Gather, analyze, interpret info about market, product, service to offer for sale in market, potential customers for product/service
MARKET RESEARCH
Adjust/adapt changes in market/trend
Flexibility
*(important in brand strategy)
*Positive relationship between you and customers (expectation in doing business)
Loyalty
Competitive Awareness
*Challenge to improve branding strategy
*Craft a better value in your brand
7 P’s OF MARKETING MIX
PEOPLE
PLACE
PRODUCT
PRICE
PROMOTION
PACKAGING
PROCESSING
putting right product/combination thereof in the place at the right time and right price
MARKETING MIX
6 TO RESEARCH
characteristics
location
industry
spending habits
particular competitors
needs of target market
run | frontline sales staff, managing director
PEOPLE
Peer-to-Peer:
customer
best suited location with more potential customers | conveniently transact onsite/online
How much is the process of distribution?
1. Retails
2. Wholesale
3. Peer-to-Peer:
PLACE
direct; small quantity
retail
*most appropriate and strategies
Customers happy to pay little more for something that works really well
*Skimming, penetration, value based
PRICE
*most appropriate for opportunity
*Why customers buy/avail them
*Representing good value for money
*Design, quality, packaging, warranties
PRODUCT
bulk - business
Wholesale
*most effective advertisement
*tools to drive awareness/increase sales
*Special offers, endorsements, campaigns
PROMOTION
*best, attractive, and cost-efficient
*Clear and concise
*Connects brand message to consumer
PACKAGING
*delivery of service done with customer present so how service is delivered
*Most compelling feature of product that will make difference in lives of customers
*How it differs from the rest
*Uniformity of offerings, service delivery
PROCESSING
