Marketing Mix Flashcards
is the manner of creating and bringing desired goods and services to customers and that involves activities leading to the winning and keeping of loyal customers.
Marketing
One of the brand building strategy is fostering long term relationships with customers.
Loyal Customers
it is the model of a business
Foundation
is centered in product, place, promotion and price
Marketing Tools
It can be anything that can be offered to a market that can satisfy a need or a want.
Product
should fit features the consumers want it for, it should satisfy the expectations of the consumer through its functionality and physical appearance.
Product
is a critical part of the brand. It increases the customer recognition,
impression and recall of the particular product.
Product Name
is about persuading and informing consumers about the features and benefits of products. This refers to communicating about the other
3Ps to encourage exchange. (product, price and place)
Promotion
are paid communication methods with a mass-mediated attempt to persuade. These strategies are generally slow and can be seen over time to drive up long term sales:
It is done to build brand image and long-term sales.
Advertisements
What are the types of Advertisements?
- Radio Commercials
- Televisions Advertisements
- Print Media
- Direct Messaging
- Out of Home
- Influencer Marketing
What are the 10 types of Commercials?
- Topical Video
- Comparison Video
- Customer Testimonials
- Bandwagon Videos
- Proof of Performance Videos
- Slice of Life
- Jingle
- Visual Hero
- Humor
- Emotion
Commercials that use nostalgia, charm, or sentimentality to tug at your heartstrings can be both memorable and persuasive
Emotion
Funny commercials spark the interest of the audience due to their light and positive association to feelings
Humor
This type of commercial uses great visual effects similar to a film.
Visual Hero
An advertising slogan set to music for the audience to remember.
Jingle
This is a miniature play centering around two or more people and a story involving the product.
Slice of Life
Proof of Performance videos highlight the success of a product and quote eye-popping statistics. They work best when they talk about how they solved a common problem.
Proof of Performance Videos
These videos convince people to purchase a product because it’s the popular or trendy thing to do. Using someone who’s very popular or looks hip helps make the ads work.
Bandwagon Videos
This is a type of commercial is where customers talk about the benefits of a product people tend to believe them.
Customer Testimonials
This type of video helps companies stand out from their competitors. They talk about a business’ special processes, ingredients, or products that no other company
Comparison Video
This type of video highlights your product and motivates consumers to look, read, listen, or call.
Topical Video
is a short-term incentive offered to customers to stimulate purchase of the product. This is an incentive tool used to drive-up short-term sales.
Sales Promotion
short term sales
Promotion
is done to build brand image and long term sales
Advertising
Communications that are not paid that seeks to build good relations to the target market
Public Relations
creates and maintains the corporate image, handle matters with lawmakers, guide management with respect to the public issue. it also aims to build strong relations to the general public.
Public Relations
This is the process of communicating with potential buyer face-to-face with the purpose of selling a product or service. Higher success rates in certain types of products like unsought items and specialty products.
Personal Selling
This is using different social media platform, websites, applications which the business use to advertise, communicate with consumers and even transact sales.
Digital Marketing
These are new and cost-effective and more focused avenues for communicating through internet and mobile devices.
Digital Marketing
is concerned with making products available in accessible locations to its potential market.
Brick and mortar store (malls, shops, stalls, commercial areas, bazaar, pop-up stalls)
Place ( physical presence)
An appropriate location should have:
- High foot traffic
- Efficiency of delivering and maintaining inventory of raw materials
Online platforms are also considered as a location since buying and selling transactions took place.
Place ( online presence)
is the amount of money charged for products or services
Price
should complement the other elements of the marketing mix. (Place, Product, Promotion, People, Positioning and Packaging)
Price
is the process whereby a business sets the price at which it will sell its products and services and may be part of the business’s marketing plan.
Pricing
The amount the customers pay in exchange for the product you sell them.
Selling Price
The total amount you collect because of selling your product.
Revenue
These are costs that remain constant regardless of the number of goods produced or sold in each period
Fixed Cost
These are the cost that goes directly into the manufacture of a good/product that changes depending on the number of goods sold.
Variable Cost
This the combination of Fixed and Variable Cost.
Total Cost
This is the cost of producing one unit of product.
Unit Cost
This is the amount you earn because of your selling activities.
Profit
This is the quantity of products sold where revenue and total costs are equal.
Breakeven Point
This is the amount added to the total cost of a product to cover profit.
Mark-up
The revenue gained must cover the operational and production expenses of the business to keep it running.
Cost- Oriented Pricing
This method uses competitors’ prices as the basis for determining your own price. Depending on how you want your target customers to perceive your product, you will make decisions on whether you want your prices to be the same, higher, or lower than your competitors.
Competition- Based Pricing
Products that can be priced ending with odd numbers 5 or 9 are frequently used by firms to suggest that products are more affordable compared to setting prices using whole amounts.
Odd- Number Pricing
Two or more products are sold as one bundle to offer for a single price.
The final price is often less expensive compared to buying products separately. This could help slow-moving products to sell faster.
Bundle Pricing
Products are regularly sold for a low price. When Marketers use EDLP pricing, the use of temporary cost cuts and discounts are reduced or eliminated Consumers are inclined to buy good quality products at lower prices.
Everyday Low Price (EDLPs)
All companies are reliant on the people who run them, from front line Sales staff to the Managing Director.Having the right people in the business is essential and would add value to the product.
People
This is a diagram that shows the structure of an organization and the relationships and relative ranks of its parts and positions or jobs.
Organizational Structure
structure is a structure used to organize workers.
They are grouped based on their specific skills and knowledge.
Functional Organizational Structure
tructure emphasizes hierarchy and specialization among departments.
Clear professional identity according to the to their expertise and specialization.
Functional Organizational Structure
Among others, they use the information to oversee the performance of the whole organization and set its strategic direction.
Top Level Management
Set out the company’s mid-long-term development strategy and management plan and monitor business implementation. Monitors overall management operations for the firm to achieve profit objectives.
Deals with emergencies and major problems in relation to other companies.
General Manager
Responsible for the company’s daily financial accounting.
Allocates the funds properly to ensure the company’s continuous functioning. Responsible for the check and issue of wages.
Finance Department
Manages the administration activities of the company.
Responsible for employee rating and recruitment.
Human Resource Management
orders inventory for production fulfills production orders
In-charge of production of products.
Production and Inventory
Fulfills the daily operation of the store.
Store Operations Department
Offering professional supports to meet the annual sales targets.
Formulates and carry outs the promotion plan. Doing research and analysis of the market.
Product development and marketing strategies Develops new business partners and manage clients
Sales and Marketing Department
Employing and retaining the right people is imperative in both the long and short term success of your business.
People
This is where your product stands in relation to others offering a similar product and service in the marketplace as well as the minds of your market. This refers how the product offered can be differentiated based on product features, services, location, people, price, offerings or image.
Positioning
is regarded as the ‘face’ of a product. It involves designing and manufacturing a product’s container.
Its primary function is to hold, store, and secure the item.
Packaging
What are the functions of Packaging?
- Product Identification
- Protection and Promotion
- Main attributes of the product
- The company’s logo
- Place of business
- Ingredients or contents
- Directions for use
- or that we are calling “product label” is the information attached to the product.
- For legal purposes
- Promotional messages to attract customers
Functions of Labelling
What is the formula for revenue?
Revenue = Selling Price x Number of goods sold
What is the Formula for Total Cost?
Total Cost = Fixed Cost + Variable Cost
What is the Formula for Unit Cost?
Unit Cost = Variable Cost + Fixed Cost/ Estimated Unit Sales
What is the Formula for Profit?
Profit = Total cost - Revenue
What is the Formula for Mark-up?
Selling Price = Total Cost + Mark-up
What is the Formula for Cost - Plus Pricing?
Selling price = Unit Cost + Mark-Up
What is the Formula for Standard Mark-up Pricing?
Selling Price = Unit Cost + (Unit Cost x 0.75)
What is the Formula for Target Profit Pricing?
Selling Price =Target Profit + [Fixed Cost + (Variable Cost x Unit Sales) /Expected Unit Sales
What is the statement of sample positioning?
- “To busy multitaskers who need help remembering things, Evernote is a digital management application that makes it easy to capture and remember moments and ideas from your everyday life using your computer, phone, tablet, and the Web.”
- “TO TARGET MARKET AND NEED OUR BRAND IS CONCEPT THAT POINT OF DIFFERENCE.”
Who are the staffs in SALES & MARKETING DEPARTMENT ?
- Sales and Marketing head
- Sales and Marketing staff
- Social Media Strategist
- Customer Service Staff
Who are the staffs in STORE OPERATIONS DEPARTMENT ?
- Store
- Keeper
- Cleaner
- Runner
- Cashier
Who are the staffs in PRODUCTION AND INVENTORY ?
- Production Head
- Quality Assurance Staff
- Maintenance Staff
- Purchasing Staff
Who are the staffs for HUMAN RESOURCE DEPARTMENT ?
- Human Resources Head
- Payroll Staff
- Recruitment Staff
Who are the staffs for FINANCE DEPARTMENT ?
- Finance Department
- Head Finance Staff
Who are the people in TOP LEVEL MANAGEMENT ?
- Chief Executive Officers (CEO) Chief - Financial Officers (CFO)
- Chief Operating Officers (COO)
