Lesson 6 - Developing Marketing Mix

54問 • 2年前

問題一覧

is defined as the process of determining the needs and wants of consumers and being able to deliver products that satisfy those needs and wants.

Marketing

includes all of the activities necessary to move a product from the producer to the consumer.

Marketing

Think of marketing as a bridge from the _______?

Producer to the consumer

What are the 4p's of the market?

product, price, place, promotion

4p's - What are you selling

Product

4p's - how much are you charging

Price

4p's - where it is being sold, how it will get from manufacturer to consumer

Place

4p's - Inform, Persuade, or Remind customers about your product

Promotion

What are the 7 functions of marketing?

1. Marketing information management 2. Selling 3. Distribution 4. Product/Service management 5. Promotion 6. Pricing 7. Financing

7 functions of Marketing: Obtaining information needed to make sound business decisions. Example: Taste tests and surveys.

Marketing information management (MIM)

7 functions of Marketing: Determining consumer’s wants and needs through planned, personalized communication (face to face, phone, internet)

Selling

7 functions of Marketing: Transporting (physical distribution), storing (warehousing .vs. distribution centers), and handling of goods and services (inventory control methods, logistics) for businesses.

Distribution

7 functions of Marketing: The process of developing, improving, obtaining, and maintaining the products/services of the business to meet consumer demand.

Product/service management

7 functions of Marketing: Informing, persuading, or reminding potential consumers about a business’s products/services.

Promotion

7 functions of Marketing: Establishing and communicating the values of products/services to potential consumers and determining profit for the business.

Pricing

7 functions of Marketing: Acquiring the money for starting and running a business.Business loans for upstart money, cash flow issues, or new business ventures.

Financing

It will work as a survival as well as a preventive tool.

Marketing

It keeps the entrepreneur on track when tempted to impulsively dip into a business or fall into a deadly trap of lowering prices to keep pace with competitors.

Marketing plan

What are the 3 contents of a simple yet effective marketing plan:

1. Execution strategies 2. Objective 3. Marketing mix

Contents of a simple yet effective marketing plan: this will spell out the difference between a well-written business plan and a poorly done one. It will spell out the concrete operational plan to put forward the products or services towards the customers place ending up in a buying process.

Execution strategies

Contents of a simple yet effective marketing plan: this must be specific as what is there that needs to be accomplish. The plan should articulate clearly the purpose in terms of specific goals, targets, quantifiable or qualifiable results and timetables.

Objective

Contents of a simple yet effective marketing plan: defines the position of the business or the product in a market place.  Product or service, price, place, promotion and position

Marketing mix

INTRODUCING NEW PRODUCTS Library research, Questionnaire survey, Existing research statistics, Published market statistics, Trade association meeting and trade shows, “Experts”, Phantom products, Professional market surveys

Get INFORMATIONS first

INTRODUCING NEW PRODUCTS General market, List all needs, Narrow the markets, Determine the needs, Codify the segments, Analyze the needs, Size of each segment

PINPOINTING your market

This refers to the marketing institutions and interrelationships responsible for the physical and flow of goods and services from the producer or manufacturer to consumers or industrial users.

Channels of distribution

Channels of distribution, 3 Modalities used by entrepreneurs:

1. Direct marketing 2. Wholesalers 3. Agents

Modalities used by entrepreneurs: This refers to a system of marketing by which an organization communicate directly with customers to generate a response and or transaction.

Direct marketing

Modalities used by entrepreneurs: This is where the producers or manufacturers generally dispose or sell their product who in turn sells the same to the retailers or end users.

Wholesalers

Modalities used by entrepreneurs: If a wholesaler is necessary, the entrepreneur must determine how to reach them. Manufacturer’s representatives (agents) contact the wholesaling companies and are paid commission on their sales.

Agents

_______ is one of the market mix elements. A __________ can have a wide range of objectives, including: sales increases, new product acceptance, creation of brand equity, positioning, competitive retaliations, or creation of a corporate.

Promotion, promotional plan

there are three basic objectives of promotion. These are:

1. To present information to consumers as well as others. 2. To increase demand. 3. To differentiate a product.

4 Components may make-up any promotional activity:

1. Advertising 2. Personal selling 3. Publicity 4. Sales promotion

4 Components may make-up any promotional activity: any paid form of presentation and promotion of ideas, goods and services by an identified sponsor.

Advertising

4 Components may make-up any promotional activity: It involves face-to-face selling through oral conversation

Personal selling

4 Components may make-up any promotional activity: done to stimulate demand for a product through significant news or announcements about it in radio, TV or newspaper.

Publicity

4 Components may make-up any promotional activity: Under Publicity wherein, a company prepares a news story about its product or a feature aimed at stirring the interest of the press.

Free-advertising

4 Components may make-up any promotional activity: general term for tools which are not formally classifiable as advertising, personal selling or publicity.

Sales promotion

3 types under sales promotion:

Consumer promotion, trade promotion, sales force promotion

What type under Sales promotion? free samples, buy-one-take-one offers, discounts, demonstrations, taste tests, etc.

Consumer promotion

What type under Sales promotion? free goods, dealer sales contest

Trade promotion

What type under Sales promotion? bonuses, contests among salesman.

Sales force promotion

_________ – it is one of the most crucial aspects of marketing. Setting the right _______ for your product make it easier to compete for and attract customers.

Price setting, price

3 basic methods in setting the price of your products:

1. Cost-oriented pricing 2. Demand-oriented pricing 3. Competition-oriented pricing (Other pricing strategies)

Cost-oriented pricing: 2 Pricing techniques?

Cost-plus Break-even technique

Pricing techniques: literally means cost plus mark-up.

Cost-plus

Cost-oriented pricing: is the level of sales volume where the earnings are equal to the total cost.

Break-even

vary in direct proportion to the number of products made. (Answer) do not vary with production and remain the same whether the output increases or decreases. (Answer)

Variable costs, Fixed costs

The approach is based primarily on how many buyers demand the product. Pricing may vary depending on the person buying the product. It may also vary with place, time or versions of the same product

Demand-oriented pricing

Its pricing is based chiefly on what its competitors are charging.

Competition-oriented pricing

What are the 4 Other pricing strategies?

1. Loss-leader pricing 2. Psychological pricing 3. Buy-One-Take-One 4. Target-earnings pricing

Other pricing strategies: a low price is set for the most popular item hoping it will attract many buyers.

Loss-leader pricing

Other pricing strategies: pricing an item a few centavos below a whole number price.

Psychological pricing

Other pricing strategies: it creates an impression of a bargain purchase.

Buy-One-Take-One

Other pricing strategies: a firm sets the price for its products according to the price that would give it the desired earnings or sales.

Target -earnings pricing

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Lesson 7 - Organizing and managing an enterprise

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Lesson 7 - Organizing and managing an enterprise

28問 • 2年前

JXBLITHE _07

問題一覧

is defined as the process of determining the needs and wants of consumers and being able to deliver products that satisfy those needs and wants.

Marketing

includes all of the activities necessary to move a product from the producer to the consumer.

Marketing

Think of marketing as a bridge from the _______?

Producer to the consumer

What are the 4p's of the market?

product, price, place, promotion

4p's - What are you selling

Product

4p's - how much are you charging

Price

4p's - where it is being sold, how it will get from manufacturer to consumer

Place

4p's - Inform, Persuade, or Remind customers about your product

Promotion

What are the 7 functions of marketing?

1. Marketing information management 2. Selling 3. Distribution 4. Product/Service management 5. Promotion 6. Pricing 7. Financing

7 functions of Marketing: Obtaining information needed to make sound business decisions. Example: Taste tests and surveys.

Marketing information management (MIM)

7 functions of Marketing: Determining consumer’s wants and needs through planned, personalized communication (face to face, phone, internet)

Selling

Distribution

7 functions of Marketing: The process of developing, improving, obtaining, and maintaining the products/services of the business to meet consumer demand.

Product/service management

7 functions of Marketing: Informing, persuading, or reminding potential consumers about a business’s products/services.

Promotion

7 functions of Marketing: Establishing and communicating the values of products/services to potential consumers and determining profit for the business.

Pricing

7 functions of Marketing: Acquiring the money for starting and running a business.Business loans for upstart money, cash flow issues, or new business ventures.

Financing

It will work as a survival as well as a preventive tool.

Marketing

It keeps the entrepreneur on track when tempted to impulsively dip into a business or fall into a deadly trap of lowering prices to keep pace with competitors.

Marketing plan

What are the 3 contents of a simple yet effective marketing plan:

1. Execution strategies 2. Objective 3. Marketing mix

Execution strategies

Objective

Contents of a simple yet effective marketing plan: defines the position of the business or the product in a market place.  Product or service, price, place, promotion and position

Marketing mix

Get INFORMATIONS first

INTRODUCING NEW PRODUCTS General market, List all needs, Narrow the markets, Determine the needs, Codify the segments, Analyze the needs, Size of each segment

PINPOINTING your market

This refers to the marketing institutions and interrelationships responsible for the physical and flow of goods and services from the producer or manufacturer to consumers or industrial users.

Channels of distribution

Channels of distribution, 3 Modalities used by entrepreneurs:

1. Direct marketing 2. Wholesalers 3. Agents

Modalities used by entrepreneurs: This refers to a system of marketing by which an organization communicate directly with customers to generate a response and or transaction.

Direct marketing

Modalities used by entrepreneurs: This is where the producers or manufacturers generally dispose or sell their product who in turn sells the same to the retailers or end users.

Wholesalers

Agents

Promotion, promotional plan

there are three basic objectives of promotion. These are:

1. To present information to consumers as well as others. 2. To increase demand. 3. To differentiate a product.

4 Components may make-up any promotional activity:

1. Advertising 2. Personal selling 3. Publicity 4. Sales promotion

4 Components may make-up any promotional activity: any paid form of presentation and promotion of ideas, goods and services by an identified sponsor.

Advertising

4 Components may make-up any promotional activity: It involves face-to-face selling through oral conversation

Personal selling

4 Components may make-up any promotional activity: done to stimulate demand for a product through significant news or announcements about it in radio, TV or newspaper.

Publicity

4 Components may make-up any promotional activity: Under Publicity wherein, a company prepares a news story about its product or a feature aimed at stirring the interest of the press.

Free-advertising

4 Components may make-up any promotional activity: general term for tools which are not formally classifiable as advertising, personal selling or publicity.

Sales promotion

3 types under sales promotion:

Consumer promotion, trade promotion, sales force promotion

What type under Sales promotion? free samples, buy-one-take-one offers, discounts, demonstrations, taste tests, etc.

Consumer promotion

What type under Sales promotion? free goods, dealer sales contest

Trade promotion

What type under Sales promotion? bonuses, contests among salesman.

Sales force promotion

_________ – it is one of the most crucial aspects of marketing. Setting the right _______ for your product make it easier to compete for and attract customers.

Price setting, price

3 basic methods in setting the price of your products:

1. Cost-oriented pricing 2. Demand-oriented pricing 3. Competition-oriented pricing (Other pricing strategies)

Cost-oriented pricing: 2 Pricing techniques?

Cost-plus Break-even technique

Pricing techniques: literally means cost plus mark-up.

Cost-plus

Cost-oriented pricing: is the level of sales volume where the earnings are equal to the total cost.

Break-even

vary in direct proportion to the number of products made. (Answer) do not vary with production and remain the same whether the output increases or decreases. (Answer)

Variable costs, Fixed costs

The approach is based primarily on how many buyers demand the product. Pricing may vary depending on the person buying the product. It may also vary with place, time or versions of the same product

Demand-oriented pricing

Its pricing is based chiefly on what its competitors are charging.

Competition-oriented pricing

What are the 4 Other pricing strategies?

1. Loss-leader pricing 2. Psychological pricing 3. Buy-One-Take-One 4. Target-earnings pricing

Other pricing strategies: a low price is set for the most popular item hoping it will attract many buyers.

Loss-leader pricing

Other pricing strategies: pricing an item a few centavos below a whole number price.

Psychological pricing

Other pricing strategies: it creates an impression of a bargain purchase.

Buy-One-Take-One

Other pricing strategies: a firm sets the price for its products according to the price that would give it the desired earnings or sales.

Target -earnings pricing