WEEK 7, 7.2 & 8 Flashcards
Refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market.
MARKETING MIX
What are the 4P’s?
product, price, place, promotion
According to them, marketing mix is the mixture of controllable marketing variables that the firm uses to pursue the sought level of sales in the target market
Philip Kotler
Is the tangible good or the intangible service that the enterprise offers to its customers in order to satisfy their needs and to produce their expected results
PRODUCT
Value of the money in exchange of the product services.
PRICE
Location where the buyer and seller exchange goods and services.
PLACE
Complete set of activities which communicate the product or services to the user.
PROMOTION
What are the 4 tactics used in promoting the product?
Discounted products
Free Delivery
Flash Deals
Buy more, Save more
Examples of Advertisement
Radio
TV
Bulletin Boards
Flyers
Word of Mouth
People whom you interact with and people you are connected with.
PEOPLE: target
Silent hero in the marketing world
PACKAGING
How product is positioned in the hearts and minds of the customers.
POSITIONING
What are the types of product?
Breakthrough Product
Differentiated products
Copycat products
Niche product
Will not make much impression on the consumer’s mind.
Has lower prices, easier access, promotional freebies and the like.
Copycat products
Claim a new space in the mind of the customer different from the spaces occupied by existing products.
Differentiated products
The product offers new performance benefits in which it doubles the performance of the product but half the cost.
Breakthrough Product
They are products with lower reach, lower visibility, lower prices and lower top of the mind.
Niche product
The price charged for products and services is set artificially low in order to gain market share. Once this is achieved, the price is increased
Penetration Pricing
A company charges a higher price then slowly lowers the price to make the product available to a wider market because it has a considerable competitive advantage
Skimming Pricing
A pricing method in which a seller uses prices of competing products as a benchmark instead of considering own costs or the customer demand
Competitive Pricing
The practice of reviewing and setting prices for multiple products that a company offers in coordination with one another
Product Line Pricing
The act of placing several products or services together in a single package and selling for a lower price
Bundling Pricing
Setting the price of a product higher than similar products
Premium Pricing
practice of setting prices slightly lower than rounded numbers, in the belief that customers do not round up these prices, and so will treat them as lower prices than they really are
Psychological Pricing
The companies are offering to sell accessory products with the main product
Optional Pricing
The basis of mark-up is the cost of sales
Cost-based Pricing
A price-setting strategy where prices are set primarily on consumers’ perceived value of the product or service
Value Based Pricing
involves adding a markup to the cost of goods and services to arrive at a selling price
Cost Plus Pricing
gives the advantage of selecting the territory and audience to which the message is to be directed.
radio
On account of pictorial presentation, it is more effective and impressive and leaves a lasting impression on the mind of the viewer.
tv
carry their messages entirely through the visual mode. These media consist of newspapers, magazines and direct mail
You can also advertise electronically through your company website and provide important and pertinent information to clients and customers.
electronic
important for every business, as each happy customer can steer dozens of new ones your way.
WORD OF MOUTH
The collection of methods an organization uses to help it move from its current situation to its end goal, which include gaining publicity.
Public Relation
A grocery store gives its customers a raffle ticket for every 1000 pesos worth of purchase. Wherein the winner of the said raffle may win a 98 inches television.
Sales Promotion
Physical look, sanitary conditions, crime, and safety levels.
Aesthetics should match the position of the business.
Image and Location Condition
Foot traffic connected to the target market
Pathways and intersections should contribute to the business’ success.
Exact Fit to Target Customers
often results in drawing a bigger market to the location because the competing establishments would, most probably, be offering a wider range of choices and, possibly, more competitive prices.
Clustering or Dispersing of Competitor Establishment
The location may not have the correct economics in the short run but it promises larger returns in the medium or long term.
Future area of development programs
Seek a place that has favorable tax rates, good governance, excellent infrastructure, and great public service.
Fiscal and regulatory Requirements
ultimate marketing
strategy
PEOPLE
The first modality is to outsource the people from advertising agencies, events management outfits, call centers, and telemarketers.
to create customer awareness
customers who have tried the products before
Professional evaluator’s guidebook on competing products.
Testimonials from credible endorsers.
to arouse customer interests
Taste Tests
Physical Demo
Free Trial Period
Money- back guarantee offer
to educate customers as they evaluate their buyer choices
Finally, the sale must be closed and the products should be delivered to the customers.
to close the sale and deliver the products
