ABME 10 - Module G

Marketing

defined as the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

Marketing

meeting needs profitably

Function of Marketing

Revolves on making the customers happy while making the company happy

Marketing Strategy

anchors on a (unique) value proposition, target market defined is necessary

4Ps of Marketing

Product, Price, Place, Promotion

Product

• is what you offer to the market

• Physical form of what your Value Proposition is all about

• Able to address the needs of your target market

Branding

the art and science of creating an identity for your offering

creates a memorable impression on consumers what to expect from a company

Brand

is a mark of ownership which distinguishes itself from other makers in the industry.

is the representation of the company

Price

an art and science of assigning a value to your offering

Minimum Price

above the cost of producing, communicating, and delivering it

Maximum Price

equal or below the demand of customer who are willing to pay.

Cost Plus

price depends on costs + patong (mark-up)
Ex: 70% additional from cost

Going Rate

Price depends with competitors (tapatan)

Ex: Fast food, agri products

Low-cost

Pricing affordably to be bought by many

Ex: MyPhone, HBW, CDR King, Papus

Premium

Pricing at a premium (high) to show quality/image/differentiate/user

Ex: Apple, Shangrila Hotel

Discount

pricing at a discount to trick customers, but actually has profits already
Ex: Buy 1 Take 1

Psychological

pricing to seemingly deceive and trick the brain

Ex: 299, 999, 888

Place

how will the consumers access your offerings or how will you reach your target market

Own Store

a store which the entrepreneurs own

Other’s Store

A store, not owned by the entrepreneur, but you place your products for them to sell or distribute

Online Platforms

A digital platform where one can buy a product

Delivery

product is delivered to the customers

Promotions

how your brand will be communicated to the customers.

process of introducing your offering to your target market

The 3 Essentials

• Right message

• Right channels

• Right time