Marketing Mix Flashcards
actions or tactics that a company uses to promote its brand in the market
Market Mix
7Ps of Marketing
Product
Positioning
People
Price
Packaging
Place
Promotion
Needed to evaluate business activities continually
Seven P formula
Tangible good or intangible service
Product
offered with completely new performance benefits
Breakthrough Products
Claim a new space in the customer’s mind; additional benefits
Differentiated Products
Will not make much impression on the customer’s mind
Copycat Products
Do not intend to compete with the giants
Niche Products
Where the product stand
Positioning
What does good positioning give?
Unique Selling Point
Ultimate marketing strategy of the business
People
Four Marketing efforts
-Create Customer Awareness
-Arouse Customer Interest
-Educate Customers as the evaluate their buying choices
-Close the sale and deliver the products
Depends on the business objectives set by the enterprise
Price
Delivers the right volume that yields maximum profits
Profit Maximization
Generates highest possible sales
Revenue Maximization
Captures larger part of the market
Market Share Maximization
Practices continual improvement to its products, services, and processes
Attainment of the desired prestige or quality leadership
Practices continual improvement to its products, services, and processes
Attainment of the desired prestige or quality leadership
dominates market and it sustain its operations
Penetration, Survival, or Liquidation
Charging highest initial price then lowers it over time
Scarcity Pricing or Market Skimming
business does not recognize profit from sales until cash collected exceeds cost
Cost Recovery
price is reduced because government has paid part of cost
Subsidy Pricing
Sells product at a price that covers the manufacturing cost but not the overhead
Marginal Pricing
Designing and creating the container for the product
Packaging
Is the cover used for storing
Package
Location where the enterprise conducts its business
Place
(5)Final Choice of Location
-image and location conditions
-Exact fit to target customers
-Clustering of competitor establishments
-A future are of development
-Fiscal and regulatory requirements
Communication strategy adopted by an enterprise to elicit patronage, loyalty, etc. from its customers
Promotion
(3) Effective Promotion
-Credibility of the communicator
-Message and medium of the message
-Willingness of the audience to all that is being communicated
(3) Entrepreneurial Mind
-Creative Mind
-Technical Mind
-Business Mind
conceptualizes and designs a product
Creative Mind
technology originator, adaptor, and renderer; convert new knowledge into highly functional and operational
Technical Mind
harnesses potential of new products by creating the market space
Business Mind
Detailed description of an idea
Product Concept
(8) Common Stages Products typically progress
-Identifying a market need
-Quantifying the opportunity
–Conceptualizing the product
-Validating the solution
-Building the product roadmap
-Developing a minimum viable product
-Releasing the minimum viable product to users
-Ongoing iteration based on user feedback and strategic goals
products solve problem
Identifying a market need
impact of product on people
Quantifying the opportunity
devise how a product might serve its needs
Conceptualizing the product
proposed solution viability must be tested
Validating solution
plan of action for how product will evolve
Building the product roadmap
initial product version needs just enough functionality to be used by custoemr
Developing a minimum viable product
Experiments can be conducted to gauge interest
Releasing the minimum viable product to users
changes will be driven by user feedback
Ongoing iteration based on user feedback and strategic goals
Business’ planned and coordinated effort to debut a new product to the market
Product Launch
(4) Product Launch Serves Many Purposes
-Giving customers a chance to buy the product
-Helping an organization build anticipation for the product
-Gathering valuable feedback from early users
-Creating momentum and industry recognition for the company
Strategies to increase chances of successful product launch
-Launch before you’re 100% ready
-Build for the whole user experience
-Start with the end in mind
