MARKETING (2ND QUARTER Mastery)

are tangible objects that a company sells to customers

Products

refers to the components of a product

Level of products

What are the level of products?

Core product, actual product, augmented product

The reason or the benefit that a customer can get out from that product

Core product

The tangible properties of the product, the features and packaging

Actual product

Add-ons aside from what is being offered

Augmented product

What are classifications of products?

Consumer goods, industrial goods

 Is a process that involves the conceptualization and creation of new product. 

New Product Development

What are stages of product development?

idea generation, idea screening, concept development and screening, market and business planning, product development, test marketing, full scale launch

searchers for and surveys new ideas.

Idea Generation

weighing possible pros and cons

Idea screening

transitioning from idea to concept

Concept development and screening

 planning on how to market

Market and Business Planning

creation of the prototype

Product Prototype

the output created

Product Prototype

product testing to a group of customers (sample size) in terms of marketability with specific location.

Test Marketing

product launching

Commercialization

product testing to a group of customers (sample size) in terms of usability

Soft launch

 official launching that includes the 4Ps of Marketing.

Full Scale Launch

Is a group of similar products offered by the same company. 

Product Line

What is the product life cycle?

Introduction, growth, maturity, Decline

product is launched in the market

Introduction

gains acceptance in the market

growth

been a market player and competition has also increased

Maturity

Profit and sales continue to decrease

Decline

What are under decline?

sunset, harvest, and concentrated

until supply lasts

sunset

discounts or markdowns

harvest

tie up or focus to one segment

concentrated

The channel of distribution with the use of marketing intermediaries. 

Place

an entity that links producers and consumers.

Marketing Intermediaries

What are distribution intensity? ( Channel of distribution is classified according to distribution intensity)

Intensive, Selective, Exclusive

Needs many intermediaries

Intensive

Needs few intermediaries

Selective

Needs only one intermediaries

Exclusive

What are marketing intermediaries?

Manufacturers, Distributorship, Wholesaling, Retailing, Retailers

the makers of the product

Manufacturers

Selected by manufacturers to buy goods for resale.

Distributorship

the selling of products for business use.

Wholesaling

the selling of products directly to the final consumer

Retailing

it is when the individuals engaged in retailing

Retailers

What are types of retailing?

Sari-sari stores, department store, supermarkets, drugstores, convenience stores, hypermarkets, non-store retailing

It is a small retail shop found in the neighborhood

Sari-Sari stores

It is a large stores which offer a variety of products that are organized into departments. 

Department Stores

It is where there’s high efficiency in providing the product. 

Supermarkets

Is a retail establishment primarily selling medications and prescription drugs, often staffed by licensed pharmacists. 

Drugstores

Is a small retail outlet designed for easy access, typically open long hours, and located in residential or high-traffic areas. 

Convenience Stores

a huge superstore that are bigger and more spacious than supermarkets.

Hypermarkets

Selling of goods in medium outside a physical store like e-commerce

Non store retailing

 It is the selling of products to merchandisers or producers for business use. 

Wholesaling

What are types of wholesalers?

Merchant Wholesalers, full service wholesalers, general merchandise wholesalers, limited line wholesalers, specialty line wholesalers, brokers and agents wholesalers

Refers to buying goods in bulk and resell them with a mark up.

Merchant Wholesalers

They provide wide range of services to their customers such as recruitment, inventory, and delivery of goods.

Full Service Wholesalers

Offer a wide variety of goods

General Merchandise Wholesalers

They provide an assortment of goods that are limited to a few specific product lines but offer a broad selection

Limited Line Wholesalers

A single product line but offer extensive service.

Specialty Line Wholesalers

A third party business transactions

Brokers and Agents Wholesalers

they facilitate the purchase of goods between buyers and sellers.

brokers

they act on behalf of the seller.

agents

Also called as marketing communication. activities done to increase the target customer's knowledge of the product

Promotion

a non-personal form of communication and the most expressive of promotion types

Advertising

What are elements of advertising?

Reach, Frequency, Impact

the percentage of the exposed target market.

Reach

number of times it reached to the target market.

Frequency

value of exposure

Impact

What are objectives of advertising?

Inform, Persuade, Compare, Remind

What are execution styles of advertising?

Lifestyle, slice of life, fantasy, mood, musical, technical/scientific evidence, testimonial

Shows how a product fits a certain lifestyle

Lifestyle

Depicts scenarios where the product is used in normal day-to-day settings.

slice of life

Typically depicts idealized or even exaggerated effects of the product/service in question, allowing customer to fantasize about such a scenario

fantasy

Attempts to build a mood or thematic atmosphere (such as love, beauty, extravagance, etc.) around a product or service.

mood

This style expresses the message of the ad through music which may be an existing song adapted and licensed for use in the ad or a jingle composed specifically for the ad.

musical

Uses technical knowledge or scientific evidence to assert the superiority of the product over its competitors.

technical/scientific evidence

Features an individual or group of people giving positive feedback on the product, attesting to the high quality of the product

testimonial

face to face technique using the art of persuasion through the sales person’s knowledge and skills.

personal selling

Activities which help increase sales for a product or service.

Sales Promotion

sales promotions intended for consumers.

consumer schemes

sales promotions intended for wholesalers and retailers.

trade promotions

communicating with the media and the public for positive image

Public Relations

communicates with consumers directly without the help of middlemen

Direct Marketing

It is a set amount customers have to pay

Price

What are pricing approaches?

In cost-based pricing, perceived value pricing, competitive pricing

Selling price is computed using the fixed and variable cost

in cost-based pricing

expenses which firms cannot do away regardless of production

fixed cost

direct expenses on materials and labors

variable cost

the added amount that will determine the profit

mark-up

estimation of the quantity of goods that can be sold

sales forecast

estimation of the market demand for a good in the future

demand forecast

when revenue equals the expenses

break-event point

Selling price is set based on the customer’s perceived value.

perceived value pricing

Selling price is set based on the competitors price.

competitive pricing

Setting the price for a product

marketing objectives, research and development costs, market structure, elasticity of demand, laws

prices are set primarily by the manufacturer

Monopoly

one seller will set the price and all others will follow

Oligopoly

What are pricing schemes?

In product bundle pricing, main or captive product pricing, product line pricing, market penetration pricing, market skimming

individual products are put together to create one whole bundle.

In product bundle pricing

main product is charge at lower price but additional charge go with it.

Main or captive product pricing

price varies on the variations of goods.

Product line pricing

initially setting a low price to attract customers.

market penetration pricing

starts with a higher price and then gradually decreasing it

market skimming