1&2&3&4 - INTRODUCTION & MKT REVIEW

• Sir starts at 11:05; sir will dismiss us earlier by 5 min. But be early. Sir said 5 minutes early is on time

• May 3 until August 9

• When you wanna recite, open camera

• No phones during class

• We will be graded by other groups

• Groups can separate to reporting - not all will present

  • Group A

  • Group B

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• sir will give us a journal and report its synopsis

• study helpful materials and all group report presentations for exam

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• half of the group will do set 1 then the other for set 2, so on and so forth

MARKETING STORIES

• emotion-aligned branding

• product-centric companies - markets the product itself rather than the need

• customer centric marketing - focuses on customer needs

  • ex. skin care like cetaphil

• human-centric marketing

• traditional marketing w digital marketing

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• Marketing 5.0

• marketplace - an open square where markets r held

• selling is marketing but selling is not marketing

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• HR qs - what do u think is our competitive advantage

  • circumstance or condition that puts a company in a favorable business position

• customer value - the level of satisfaction of customers w ur service

• actual value vs perceived value

  • actual value - cost of producing and distributing an item

  • perceived value- what a customer believes something is worth

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• 4 PS

  

  • Product

  • Place

  • Price

  • Promotion

• 7Ps - we’ll stick to this

  

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• product strategy is composed of 3 parts:

  • vision

  • mission

  • goals

• bases for product differentiation

  • product form

  • product features

  • customization

  • performance quality

  • conformance quality

  • durability

  • reliability

  • repairability

  • design

• bases for service differentiation

  • ordering ease

  • delivery

  • installation

  • customer training

  • customer consulting

  • maintenance and repair

• product classification - grouping similar products into categories

  • convenience goods

    • focus on awareness

    • wide scale promotion

    • impulse buying

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  • shopping goods

    • research on it

    • higher priced

    • product quality and pricing

    • ex. cars, airline sites

  • specialty goods

    • people seek them to great lengths due to their unique appeal

    • innovate

    • ex. apple, wedding dresses

  • unsought goods

    • do not know about or would ever think of buying

    • a lot of promotion is necessary

    • ex. cemetery services

• any hotel and airline services is shopping goods

• cemetery plots is unsought

• value proposition - “how can we serve these customers best?”

  

  • USP/unique selling proposition - what sets a product apart from the competitors

Consumers do not buy products, they buy product benefits.

• In a pure marketing sense, a product has no value, its benefits do

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• Needs become a want when the product they crave has specific requirements

• Demand - a set of wants for a specific product backed by an ability to pay

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• 5 levels of product:

  1. core product - core reason for being, the service or benefit the customer really is buying ex. restaurants for eating food

  2. basic/generic product = product version containing attributes necessary for it to function ex. restaurant’s napkins

  3. expected product - attributes buyers expect when they purchase ex. restaurant’s cleanliness, freshness of food, music

  4. augmented product - additional features that differentiate product from competitors ex. restaurant’s free appetizers and live band

  5. potential product - includes all augmentations and transformations a product might under go ex. resto revolving around a city

we must deliver a product from core to potential

• Presentation next Friday:

  

• no phone for ftf class

Pricing

• must be consistent w marketing strategy, target market, brand positioning

Price method

• market skimming pricing - high price for a new product. for products that have short life cycles. low volumes. ex. some ps game was high af then became lower

  • only works for businesses that have a large CA such as technology

• market penetration pricing - set low price for new product to attract many buyers and a large market share

  • low price = more competitors

  • players should have enough capital

  • ex. mcdos entrance of ala king

• status quo pricing

• premium pricing - price of product is higher than similar products

• product line pricing

  • 6 colors of johnnie walker - determined by years fermented

• psychological pricing - how customers perceive the product

• reference pricing - setting a product below a competitor’s price

• everyday low pricing - setting a low price on a consistent basis

• multiple unit pricing - bulk order pricing

• product form pricing

• image pricing

• channel pricing - different prices depending where u buy them

• time pricing - price varies by season, day, or hour

• customary pricing - when price of a product is consistent over time

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• price elasticity

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WORKSHOP

• mineral water is elastic as we can drink water from other sources

• life saving drug is also inelastic

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• traditional textbooks are inelastic if it’s required. even if price rises, required to buy pa rin

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^ inelastic. if specific product with specific brand

• this will be our midterm

• cookies and softdrinks are elastic

• half a cup of black coffee is still elastic, so is coffee only

• A person is inelastic

• movie theaters r elastic

• jewelry is elastic

• noodles are inelastic, because food are a necessity

• fine dining restaurants are elastic

• cars are elastic

• persons are inelastic

• meralco is inelastic

• vacation - elastic there r substitutes

• cigars

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• fresh milk has no substitutes

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• Place

• Marketing channel - entire system of getting products

• Channel management - where company develops marketing techniques

• distribution channel - chain of intermediaries

  • direct distribution

  • indirect distribution

    

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• B2B - business sells to another business

• B2C - business to consumer

  • produces products and sells directly to consumers in own retail store

  • low overhead cost, high profit

  • customers often shoulder shipping cost

  • Specialty coffee - cannot sell in volume

• Intensive distribution

  

• Exclusive distribution

  

• How do u choose a distributor?

  

• how to avoid marketing myopia

  • regularly challenge what u know. js bc it worked before does not mean it will still

  • embrace diverse perspectives

  • long-term mindset

  • encourage experimentation