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42 Cards in this Set
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Is a widely accepted strategies marketing tool that combines the original 4ps with the additional 3ps |
Marketing Mix |
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These 7Ps are employed until the entrepreneur finds the right combination that will most affectively serve the customer's needs and wants and at the same time achieve the profitability objective |
Marketing Mix |
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What product or service is the most appropriate for the opportunity, and why will customers buy or avail them. |
Product |
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What location is best suited for the business where there are more potential customers |
Place |
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What is the most appropriate price, and what pricing strategies will be used for the target customers. |
Price |
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What is the most effective advertisement or combination of advertisements, and which advertising tool shoulf be used to drive awareness and increase sales. |
Promotion |
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What type of people need to be hired? |
People |
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What is the best packaging for the product that is attractive enough to customers and cost- efficient at the same time? |
Packaging |
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What is the most compelling feature of the product or the business that will make a difference in the lives of the customers |
Process |
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7Ps of Marketing |
-Product -Place -Price -Promotion -People -Packaging -Processing |
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Refers to a location or the medium of transaction. A strategic location depends on the nature of the business and the primary target market. |
Place |
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Three level concept of products or services summarizes the reasons that a customer and addressing their existing problems. |
Level 1: Core benefits of the product or service Level 2: Physical Characteristics of the Product and Service Level 3: Augmented benefits of a product or service |
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Is the peso value that the entrepreneur assigns to a certain product or service after considering it's costs, competition, objective, positioning and target market. |
Price |
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It is the only P in the 7Ps that generates revenue for the business. |
Price |
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Involves presenting the products or services to the public and how these can address the public's needs, wants, problem, or desires. |
Promotion |
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Is any physical good, service, or idea that is created by an entrepreneur or an innovator in serving the needs of the customers and addressing their existing problems. |
Product |
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This is a type of communication that influences the behavior of customer to choose the product or service of the entrepreneur over the competitors. |
Advertising |
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This is the act of trading a product or service for a price or a fee. |
Selling |
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These are image-building initiatives of the entrepreneur to make the name of the business reputable to stakeholders, such as the target market customers, government agencies, business partners, media, and the public. |
Public relations |
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These are short-term promotional gimmicks where in practical incentives and appealing activities are incorporated to entice the customer to buy the product or avail of the service. |
Sales Promotions |
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Develop the habit of thinking in terms of the people inside and outside of your business who are responsible for every element of your sales, marketing strategies, and activities |
People |
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The sixth element in the marketing mix is the packaging of your product or service through the eyes of a critical prospect. |
Packaging |
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This will determine the uniqueness of the product from competitors. |
Packaging |
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It is the last addition in the marketing mix as marketers began to realize the importance if the internal and external operations of the business to serve customers better |
Process |
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Is defined as a step by step procedure or activity workflow that the entrepreneur or employees follow to effectively and efficiently serve customers. |
Process |
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Refers to setting a very high price to reflect elitism and superiority |
Premium Pricing |
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Refers to adding an extra products |
Optional pricing |
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The basis of mark up is the cost of sales |
Cost based pricing |
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The mark up is based on a certain percentage of cost |
Cost plus Pricing |
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Refers to pricing a different product or services within a parallel products |
Product line pricing |
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This considers the psychology and positioning of price |
Psychological Pricing |
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It is all about knowing your costumers |
Marketing Process |
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Simply states why customers should buy your certain product |
Value proposition (UP) |
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Refers to how you will sell a product or service to your customers |
Unique Selling Proposition (USP) |
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It is a comprehensive process of understanding the customers intricacies |
Marketing Research Process |
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Approximation of the number of buyers |
Market Size |
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Plotting and calculation of the competitors market |
Market Share |
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Most Common pricing strategies |
-Bundling -Penetration Pricing -Skimming -Competetive Pricing -Premium Pricing -Optional Pricing -Cost Based Pricing -Cost Plus Pricing -Product line Pricing -Psychological Pricing |
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Refers to 2 or more products |
Bundling |
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Refers to setting low prices to increase market sales |
Penetration Pricing |
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Opposite of penetration Pricing |
Skimming |
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This refers to benchmaking prices with competitors |
Competitive pricing |
