Module 6: Marketing Flashcards by Herchelle Marice Lacaba

Process of planning and executing the conception, pricing, promotion, and distribution of products to create exchanges that satisfy individual and organizational objectives

Marketing

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Marketing identifies the ______/_______/________ of the individual

Needs
Wants
Desires

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Marketing identifies the individual’s ______ of the product

Perceived value

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Dynamic market means

Sink or swim

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What makes marketing in FS unique?

Product components are tangible and intangible: food and service
Direct customer contact
Products are highly perishable
Products could deteriorate during distribution

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The marketing process

Conducting a market research
Classifying the market (segmentation) and identifying the target market
Developing a positioning strategy (4 Ps)
Designing the marketing plan
Accessing the target market and implementing the plan
Monitoring the marketing plan
Assessing the impact of sales strategies and adjusting as needed

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A study of the profile of the target market so that the products and services can be designed and packaged in a manner that will suit the budget, taste, and culture of the target market

Market research

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A group of people, who as individuals or an organization, have needs for products and possess the ability, willingness, and authority to make a purchase.

Target market

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The strongest potential customer base of a business and toward whom all sales efforts are aimed

Target market

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Factors to consider in choosing a target market

The TM is large enough to warrant the volume of sales to recover the cost

The property has the physical and financial capability to serve the demands and requirements of the target

There is an easy, economical access to the target market

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The process of arriving at distinct categories of the general market

Segmentation

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Prospects with common and distinct characteristics

Segments

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The general market may be divided into segments according to what characteristics?

Demographic
Geographic
Psychographic
Product preference

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The target market may be the

Community
Competitors

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In the community, what serves as an indicator of the responses to different styles of food operations?

General and future economic health

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Any restaurant or business that offers a majority of food and beverage and services that are directly competitive with those provided by the operation

Competitors

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How do you assess competitors?

Know if the needs are being met by the competitors

Determine the gaps

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What is market saturation?

Same products, too many competitors

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Market saturation could predict the

Effect of competition
Probable acceptance of the consumers to a certain concept

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Blue ocean strategy

Focuses in value innovation rather than imitate the competitor’s offering

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Positioning the products (objects, services, ideas) to appeal to target market — meet or exceed needs, wants, expectations, preferences

Positioning strategy

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Give examples of positioning strategies

Branding
Quality
Pricing
Identity

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Giving a name to a product and protecting its IPR

Branding

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Consistent with the price range

Quality

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Sets the income level and purchasing power

Pricing

What makes you stand out from other competitors; consistent with company goals and philosophy

Identity

The FSO Marketing Mix elements and their specifications

Product (Product/Service) - Service and goods Place and packaging (presentation) - theme concepts, atmosphere, location, staffing Price - menu pricing scale Promotion - communication

It should reflect the image of your product/company and evoke emotions from the target market

Place and packaging

How can the pricing method differentiate you from other competitors?

Same quality but cheaper; Be consistent in terms of quality

Successful marketing requires the understanding of your target market’s _______, _______, and ________ of the target market.

Needs, wants, characteristics

What drives marketing?

Market research and strategic planning

The marketing plan is designed with due consideration to the

Internal and external environment

What comprises the target market’s external environment?

Social, cultural, economic, technological

What are the steps to developing a marketing plan?

1. Planning 2. Implementation 3. Evaluation

What step of the marketing plan refers to the establishment of SMART goals that are consistent with the organization’s mission and vision and customer needs?

Planning

This step of developing the marketing plan refers to how you operationalize the financial success plan.

Implementation

This step of developing the marketing plan looks into the financial and customer satisfaction and the necessary adjustments. (Objectives are compared with actual performance)

Evaluation

A comprehensive managerial function that describes sales promotions

Merchandising

Influences; increases the acceptance and sales; includes advertising and publicity

Promotion

Refers to the communication management tactic that makes use of publicity or other non-paid form of promotion to influence the feelings, opinions, and beliefs about the company products and services

Public relations

This is defined as a planned promotion (calling something to the attention of the public)

Advertising

Activities designed to stimulate the buying behavior of customers

Non-personal promotion

Merchandising tools used in non-personal promotion

Menu folder/card, wine cards, tent cards, coasters, placemats, clip-ons, napkins

How do you generate interests through food displays?

Present all foods attractively using garnishes and appropriate fill Arrange displayed foods in cafeteria or buffet lines in an eye-appealing manner Use bulk display techniques

A management function of influencing customer’s purchase and repurchase behavior; usually runs for a short period of time

Sales promotion

Goals of sales promotion: 1. Present _______ to the customers 2. Reinforce _______ _______ ________ to stimulate repeat business 3. Stimulate _____-______ _______ by arousing _______ 4. Enhance the ______ of the organization

Information Desired purchasing behavior First-time business; curiosity Image

Certficate that entitles the consumer an immediate price reduction

Coupons

Cash refund given for purchasing a specific product

Rebates

Extra item given to the customer usually in exchange for some proof of purchase

Premiums

For building long-term, mutually beneficial relationships between a company and its key consumers

Loyalty marketing programs

Prizes are given away

Contests and sweepstakes

Allows the customer to try the customer or service for free

Sampling

Display set up at the retailer’s location to build traffic, advertise the product or induce impulse buying

Point of purchase promotion

Type of customer that buys your product most of the time

Loyal customers

T or F. For loyal customers, the goals are to reinforce behavior, increase consumption, and retain purchase timing. These can be done through loyalty marketing programs, bonus packs, or premiums.

1st statement is false: change purchase timing

Buys competitor’s products most of the time

Competitor’s customers

Buys a variety of products

Brand switchers

Buys the least expensive brand

Price buyers

How do you persuade competitor’s customers to switch to your brand and break their loyalty?

Through sampling, sweepstakes, contests, or premiums

What is the goal for brand switchers?

Persuade to buy your brand more often

Sales promotion tactic for brand switchers

Promos that will lower price: coupons, price-off packages, bonus packs, trade deals that will make product readily available

T or F. The goal for price buyers is to appeal to them using low prices or supply added value that makes price less important. Sales promotion strategies for price buyers are similar to brand switchers.

Both are true.

Complete: Guidelines in sales promotion 1. Develop a _____, _______, or _______ that ______ your positioning. 2. Take advantage of _______ _________. 3. It must include: ______, ________, _________, _____________ 4. Mention your name _______

1. Logo, slogan, phrase 2. Free advertising 3. Name, address, contact details, schedule of operations 4. Thrice

Free advertisement may include

Testimonials, word of mouth

T or F. Impressions may come from testimonials from satisfied clients, word-of-mouth advertisements, business cards, brochures, and public relations. One advantage of traditional media is the reduced paper cost.

2nd statement is false: non-traditional media

Guidelines in advertising 1. _______ your product first. 2. Decide on a _______. 3. Decide on the ______. 4. Be _______ in advertising. 5. __________ is more important than ______. 6. Establish a _______ _______ that reflects the ______ of your restaurant.

1. Perfect 2. Budget 3. Media 4. Honest 5. Frequency; size 6. Central theme; personality

Why should the product be perfected first?

Because marketing is expensive

Ads should be short but _______

Memorable

Why is honesty important in advertising?

Backlash is costly

A written document which lists the menu

Menu cover/folder

The functions of a menu cover/folder

Reflects personality and identity Entertains guests Educates the guest Advertises the menu Reflects the mood

Give some trends in marketing

Mobile apps Blogging/vlogging Social media

How is nutrition used in advertising?

;)

What are used to make necessary adjustments and corrective measures?

Results of monitoring and evaluation

These factors should be monitored and adjusted

Areas of dissatisfaction Movement of products Ability to meet sales targets

T or F. Marketing activities of FS should evolve to reach their target market.