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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
Note 
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