Entrep

• Two types of competitors: Direct and Indirect Competitors
• Direct competitors are the ones whose movements or strategies you have to closely watch out for.
• Direct competitors are rival firms located near you and offer the same or very similar products/service as yours.
• large competitor has a capacity to offer the product/service in a bigger scale or volume than you.
• small competitor is one that offers the same or similar products/service but with a lesser volume or scale than what you offer.
• marketing mix is an integrated approach to strategies in offering and delivering the product/service to your target customers.
• The 7Ps in the marketing mix must be carefully planned and managed to deliver their unique value to the customers.
• Product (or Service) this element of the marketing mix indicates a description of the product or service that you are selling.
• core product (or set of products) is the main offering of your business.
• Place this element if the marketing mix pertains to the distribution strategy of your business. It should provide convenience to the customers to buy your product or service as they need it.
• Price is also a marketing decision that combines market research with financial analysis.
• The 3 elements to consider when setting a price are: costs, margins, and markups.
• Pricing strategies: cost plus pricing, competitive pricing, and bundling.
• Cost plus pricing also called mark-up pricing. Here, you add a specific mark-up to the cost to determine the selling price.
• Competitive pricing is the offering prices similar to your competitors, it is also called benchmark pricing
• Bundling this is offering one or two products at a reduced price.
• Price ceiling is the most a customer will pay for your product or service.
• Price floor pertains to your assessment of how much it costs yo to produce your product or service.
• By evaluating your costs and expenses, you will e able to establish a price floor, the price below which you cannot sell and make the necessary profit. Also called break-even price.
• Promotion this element in the marketing mix enables the entrepreneur to inform potential customers about the product's availability, or to educate the consumer about the product.
• Business cards are good marketing tools because they are visual reminders of you and your business.
• Brochures are also useful marketing tools to promote your product or service.
• People this element in the marketing mix focuses on the role of human resources in propelling the growth of the business.
• Frontliners are those staff members whose job involves directly interacting with customers.
• contract is an agreement between two or more people, which creates an obligation to do or not to do something in exchange for money or some other consideration.
• Packaging this element if marketing mix considers the attributes of your product that may be affected as it goes through the distributions channels. In terms also of appeal.
• 3 questions in designing the packaging of the product:

  -what is the product?

  -who is buying the product?

  -how are people buying the product?
• Positioning this marketing concept gives consideration to how your product or service offering is positioned in the minds of your target customers.