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Plant Design I [ChE 141] > [Topic 4] Marketing Aspect > Flashcards

[Topic 4] Marketing Aspect Flashcards

1
Q

It is considered one of the most important areas in plant design.

A

Marketing Aspect or Marketing Feasibility Study

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2
Q

Describes market situations where the product can be identified through the demand analysis.

A

Marketing feasibility study

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3
Q

Describes the general trade practices of an industry or business which sells the same product.

A

Industry Profile

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4
Q

Inclusions in Industry profile

A
  1. Pricing
  2. Sales
  3. Methods of transportation
  4. Promotion
  5. Channels of distribution
  6. Supplies
  7. Packaging resources available
  8. The values of people
  9. Opportunities
  10. Threats
  11. Strengths
  12. Weaknesses of the industry
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5
Q

What specific customers do the researchers pinpoint in determining the demand?

A

Specific customers who are willing and are able to buy the proposed product/s.

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6
Q

The demand is determined through this process.

A

Segmenting the market geographically and demographically.

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7
Q

This segmentation determines to whom, in particular place, the products will be offered.

A

Demographical Segmentation

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8
Q

Information needed in demographical segmentation

A
  1. Sex
  2. Age
  3. Religion
  4. Educational attainment
  5. Ethnic group
  6. Income level
  7. Occupation
  8. Credit availability
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9
Q

This represents the number of producers selling similar or substitute products.

A

Supply

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10
Q

This refers to the producers selling similar or substitute products.

A

Competitors

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11
Q

This must be done in order to attract customers and even the customers of the competitors.

A

Marketing Plan Strategies

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12
Q

7 Os in Marketing Plan

A
  1. Occupants
  2. Object
  3. Objective
  4. Occasion
  5. Outlet
  6. Operations
  7. Organizations
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13
Q

This refers to the target market including their values, culture, religion, etc.

A

Occupants

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14
Q

This answers the question “what makes the products attractive to the target market?”.

A

Object

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15
Q

This answers the question “what are their objectives in buying the product-status symbol, price, quality, etc.?

A

Objective

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16
Q

In the objective part in marketing plan, how do price increase?

A

By moving the experience chain up.

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17
Q

What are the levels in the experience chain?

A
  1. Material
  2. Component
  3. Device
  4. System
  5. Services/Application
  6. Style
  7. Social Paradigm
18
Q

This answers the question, “ When do the customers usually buy the products - daily, weekly, during birthdays, anniversaries, or christmas season?

A

Occasion

19
Q

This answers the question, “ Where could the target buyers buy the products - from the wholesalers, retailers, brokers, contractors?

A

Outlet

20
Q

This answer the questions, “How does the market buy the products, How do the products arrive to your customers?”.

A

Operations

21
Q

This answers the question “What is the customer’s role in the family - initiator, consumer, buyer, or decision maker?

A

Organizations

22
Q

5 Ps in Marketing Mix

A
  1. Product
  2. Promotion
  3. Pricing
  4. Place
  5. People
23
Q

This refers to what should be done with the product so that it will be more attractive than the competitor’s products?

A

Product

24
Q

This refers to the promotional activity that should be done in order to compete with the promotions of the current suppliers.

A

Promotion

25
Q

This refers to what terms of sale will increase the selling value of the products and what pricing technique can be used.

A

Pricing

26
Q

What are the Pricing Techniques?

A
  1. Cost-Plus Method
  2. Market-oriented Method
  3. “Loss” Leader Strategy
  4. Psychological Pricing
  5. Value for Money Pricing
  6. Pricing Factor Segmentation
  7. Marked Down Pricing
  8. Bonus-Pack Pricing
27
Q

A pricing strategy in which the selling price is determined by adding a specific amount called “markup” to the product’s unit cost.

A

Cost-Plus Method

28
Q

A pricing strategy where it compares similar products being offered on the market. The seller sets the price higher or lower than their competitors depending on how well their own product matches up.

A

Market-oriented Method

29
Q

A pricing strategy where some products may be sold at a losing preposition to attract customers to go to their stores. The mark-up is taken from other products.

A

“Loss” Leader Strategy

30
Q

Examples of Loss Leader Strategy

A
  1. Price Match Guarantee
  2. Percent off
  3. Free shipping
  4. Extra days for returns
31
Q

A pricing strategy where it states the price on a lower scale. For example: 2.95 instead of 3 pesos.

A

Psychological Pricing

32
Q

A pricing strategy where it sets prices primarily, but not exclusively, according to the perceived or estimated value of a product or service to the customer rather than according to the cost of the product or historical prices.

A

Values for Money Pricing

33
Q

A pricing strategy where price discrimination is applied which refers to the practice of setting a different price for the same product in different segments of the market. For example, this can be for different classes, such as ages, or for different opening times. It favors both the consumer and the seller.

A

Pricing factor Segmentation

34
Q

On the part of the consumers, they get the benefit of quality and good tasting products at reduced prices.

A

Pricing factor segmentation

35
Q

On the other hand, the seller avoids wastage and minimizes the cost of storage.

A

Pricing factor segmentation

36
Q

The “seller” subdivides the market into the groups responsive to price and price deals, product quality, etc.

A

Pricing factor segmentation

37
Q

In cases where demand is limited and competition is intense, the usual mark-up pricing approach is temporarily suspended in favor of a markdown to capture a segment of the market.

A

Market Down Pricing

38
Q

The concept that the lower you you can make your price, the more you sell, and you generate revenues sufficient to cover costs and provide a profit.

A

Marked Down Pricing

39
Q

For end-users, this is commonly used so that they will buy more than the required quantity. Example: Buy 6 at the price of 5

A

Bonus-pack Pricing

40
Q

This is where the product or service is manufactured, displayed, sold, or distributed. Associated with the distribution channel.

A

Place

41
Q

This refers to the sales personnel who will be selling and promoting the products. Do they know the product, are they committed to the company, or are they motivated and satisfied?

A

People

Plant Design I [ChE 141] (10 decks)

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