POM

• Developing a product

  • Brand name and description - catchy name
  • Market-based Mission Statement - guiding principles of a company
  • Unique Selling Preposition - unique features
  • Target Market - different consumer
• TYPES OF SERVICES

  • Intangibility - cannot claim ownership
  • Perishability - services cannot be stored for future
  • Variability - can replicate or alternate
  • Inseparability - consumer has to be present the service is being rendered
• Experience - part of the company offerings
• Price - sum of all values that customers give up to gain the benefits of having or using product
• Product cost - include product development, research, testing, packaging, raw materials, and etc.
• Competitors - person who offers same product as you
• Pricing Strategy

  • Value based pricing - needs and value perceptions of its consumers
  • Cost based pricing - cost and profit margin
  • Competition based pricing - higher or lower than other competitors
  • Market skimming pricing - same product then lower the prices
  • Market penetration pricing - new product at lower price
• Price adjustments

  • Discount pricing - reducing the price to reward customers in several form
  • Segmented pricing - price is not based on cost
  • Psychological pricing - psychology tactics (1.99)
  • Promotional pricing - lower prices at short period of time
• Promotion MIX

  • Advertising - paid form of nonpersonal communication
  • Public Relations - creating favorable publicity and good corporate image
• Sales promotion - short term incentives

  Direct Marketing - face to face

  Personal Selling - making a sale and building customer relationships
• Sale PROMOTION

  • Samples - trial amount of a product
  • Coupons - small certificates bearer to discount or free items
  • Rebates - cashback
  • Bundling/ price packs - bundled at reduced price
  • Premiums - offered free at low cost as an incentives
  • Promotional Product - printed with company name
  • Points of Purchase promotion - merchandising materials displayed where consumers make their purchases
  • Contest - based on the like on social media to best entries
  • Raffles - will be drawn at a later data
• Games - can play
• Paid media - paid for by the company
• Owned media - owned by the company
• Distribution Channels - make product available
• Function of Marketing Intermediaries

  • Information provider - can provide consumer insights
• • Product Promotion - patronize products
• • Physical Distribution - take care of product for transport and at home
  • Matching demand and supply - find almost everything they need at a certain store
  • Merchandising - physical arranging of goods so it will be convenient for the customers
  • Sales Promotion - enjoy sales and promotion
• Channel levels - several layers
• Supply Chain management - upstream and low stream value added flows of materials