Marketing aspects of new ventures

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73 Terms

1

Primary Research

Secondary Research

2 types of marketing research

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2

Market Research

It involves conducting research with potential customers to determine its viability. This process helps businesses decide either to launch a product or service and how to market it to potential customers best

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3

Primary research

It involves direct interaction with consumers or third-party entities to conduct pertinent studies and gather valuable data.

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4

Quantitative research

Qualitative research

2 types of primary research

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5

Quantitative research

Is a systematic research approach that focuses on analyzing numerical data.

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Qualitative research

Aims to provide insight into the underlying reasons or motivations behind a particular phenomenon, correlation, or behavior.

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Secondary research

Uses data and insights from other sources rather than collected directly.

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8

Product and service development process

It involves a holistic approach that includes research, design, testing, and improving the product and the service.

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9

Service Requirement

Output Requirements

2 types of customer requirements

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10

Ideation

Evaluate the ideas with the most promising potential for success in the market.

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11

Prototyping

Once an idea has been selected, the company must prototype its proposed product or service.

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12

Testing

Determine if the product functions as intended or if the desired service offering appeals to the target audience.

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Refinement

Once the prototype has been enriched with the analysis feedback, the final product or service can be crafted and delivered to the market.

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14

Flowchart

Is a visual representation of a process or system. It uses symbols connected by arrows to show the steps, decisions, and flow of information.

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15

Cost

Is all the money spent to manufacture a product or provide a service.

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16

Costing

Is the process of allocating costs to various aspects of a business.

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17

Product cost

Is the cost associated with making a product to be sold. Product costs consist of three (3) main components: direct material, direct labor, and manufacturing overhead.

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18

Direct materials

Are the raw materials or components used directly in the production process of the final product.

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19

Direct labor

Refers to the cost of labor involved in producing a product. It includes wages, salaries, and benefits of employees.

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20

Overhead costs

Are the expenses related to the production of a product. These costs include the cost of machinery and the cost of operating the machinery.

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21

Indirect materials

Refer to supplies and materials used in the production process but are not a visible part of the final product.

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22

Indirect labor

Refers to the work performed by individuals not directly engaged in producing goods, such as security guards, drivers, and legal advisers.

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23

Other overheads

Include any additional factory overhead costs that do not fit the abovementioned categories. Electricity expenses cannot be categorized as either material or labor costs.

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24

Service costing

Is a method used to determine the cost of providing a specific service. It involves identifying all the costs related to the resources used in delivering the service.

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25

Fixed costs

Are those expenses that do not change regardless of how much activity the business is doing.

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26

Semi-variable costs

Consist of both fixed costs and variable costs. Labor costs are usually divided into semi-variable expenses, such as fixed costs for monthly salaried employees and variable costs for hourly employees.

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27

Variable costs

Are subject to change depending on the number of units produced.

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28

Unit of measurement

Refers to the standard method used to measure the quantity or volume of a particular service provided.

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29

Pricing or price

Is a crucial factor in influencing consumer choice.

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30

Cost-plus pricing (Markup)

This method involves calculating all the costs associated with manufacturing a product or delivering a service and then incorporating a predetermined markup to determine the appropriate selling price.

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31

Predetermined markup percentage

Is a percentage added to a product or service's cost to determine its selling price.

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32

Procing strategy

Is crucial in marketing as it dramatically impacts the success or failure of a product or service. It directly impacts how consumers perceive the product, considers the analysis of competitors, and ultimately contributes to maximizing revenue and profitability.

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33

Premium pricing

The price of a product or service is set to a high price point to create a perception of higher quality.

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34

Economy pricing

The price of a product or service is relatively low and affordable, targeting customers who want to save as much money as possible on whatever good or service they purchase.

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35

Price skimming

The initial price of the product or service is deliberately set high to generate maximum consumer interest.

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36

Penetration pricing

The initial price of the product or service is intentionally set at a low level to swiftly enter a competitive market, gain a loyal customer base, and generate rapid sales, with the plan of increasing the price later.

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37

Psychology pricing

The price of a product or service aims to influence consumer perception and behavior by using specific price points.

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38

Bundle pricing

This pricing strategy is where multiple products or services are offered together at a discounted price.

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39

Dynamic pricing

The price of a product or service adjusts in response to changing market conditions. It uses algorithms and real-time data to set prices based on various factors such as demand, competition, and customer behavior.

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40

Premium pricing

Economy pricing

Price skimming

Penetration pricing

Psychology pricing

Bubdle pricing

Dynamic pricing

7 Common pricing strategies

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41

Hard services

Soft services

2 categories pf facilities management

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42

Hard services

Refer to physical modifications and adaptations to a building or its structure. Fire safety is a typical example of hard service.

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43

Soft services

Play a vital role in enhancing the overall environment of the workplace, making it more enjoyable for all.

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44

Workplace structure

Is vital for the success of an organization. It helps clarify roles and responsibilities and promotes efficient communication and collaboration.

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45

Virtual office

Physical office

Manifacturing/plant

3 workplace structures

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46

Open office design

A workplace layout that is characterized by minimal walls or barriers between employees.

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47

Cellular office design

A workplace layout that incorporates private, individual workspaces known as

"cells" or offices. The design typically features enclosed rooms or cubicles for each regular employee.

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48

Co-working space design

A workplace layout consists of open work areas with shared desks. It promotes collaboration, flexibility, and a productive environment among employees.

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49

Combination office design

A workplace layout tailored to the organization's specific needs and preferences. This combination can create a dynamic and versatile office environment that supports productivity and collaboration.

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50

Product or line layout

In this layout, only one (1) product type is made in each area.

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51

Process or functional layout

This layout is helpful if there is a low production need.

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Fixed position layout

In this type of layout, the products are built in a fixed location, with all the necessary materials and equipment brought to that place.

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Combination type of layout

It is a layout that utilizes a combination or a mix of other layouts.

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54

Target market

Is a specific group of consumers or organizations a business wants to sell to.

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55

Product

Price

Place

Promotion

People

Physical evidence

Process

Positioning

The 8 p’s of marketing

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56

Product

Refers to the item the business offers to the customers, whether tangible or intangible.

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57

Price

It refers to the amount that customers are willing to pay for a product or service.

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58

Place

The location of the product or service's purchase, sale, and experience.

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59

Promotion

It refers to the entire set of activities used to promote a product, brand, or service.

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60

People

It is all about the people involved in the launch or campaign, including the company's key executives, endorsers, and the marketing team.

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61

Physical evidence

It refers to anything that helps the target audience trust the business.

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Process

A set of steps that help businesses figure out customer problems, look at market opportunities, and make marketing materials to reach the people they want to see.

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63

Positioning

It refers to the capacity to alter how consumers perceive a brand or product in comparison to competitors.

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64

Advertising

Selling

Direct marketing

Sales promotion

Public relations

5 Types of promotions

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65

Advertising

It is a method of mass communication that is used to get people to do something, usually about a commercial product or service.

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66

Sales promotion

Is a marketing strategy in which a company uses short-term campaigns to get people interested in a product, service, or other offer.

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67

Public relations

The set of techniques and strategies for managing how information about an individual or company is disseminated to the public, especially the media.

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68

Paid media

Is when companies use public relations, marketing, and promotional activities they create and pay for themselves.

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69

Earned media

This media type provides word-of-mouth and PR benefits to a business without needing direct payment.

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70

Owned media

Refers to any online platform a business possesses and has complete control over, such as a blog, website, or social media channels.

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71

Value proposition

Captures why a consumer should purchase a company's product or utilize its service.

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72

Unique selling propostion

Refers to a distinctive quality that sets the business apart from the competition.

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73

Branding

Involves the creation of a unique brand identity for a company.

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