ENTREP REVIEWER

• Marketing Mix

  • it is a special tool used in the implementation of any business, which is made up of seven distinct but interconnected variables.
• The Traditional 4ps

  • The original components of the marketing mix were four different yet interrelated variables. Such a framework was used for marketing decision-making of any form of business. The essential pillars of the traditional 4Ps are product, price, place, and promotion.
• The New 7ps

  • In addressing the continuing concerns in the marketing industry, three other variables were added towards the creation of the current 7Ps: people, packaging, and positioning.
• The Extended 7PS

  1. Product
  2. Price
  3. Place
  4. Promotion
  5. People
  6. Packaging
  7. Positioning
• Product

  • refers to any item that is produced to satisfy the needs and demands of a certain group of people.
  • It has a life cycle that revolves around its growth, maturity, and after-sales performance.
• Unique Selling Proposition

  • A lot of products these days have no clear competitive advantage in the market. With this kind of situation, differentiation is a vital aspect that must be established by any busines
• Product

  • A lot of products these days have no clear competitive advantage in the market.
  • With this kind of situation, differentiation is a vital aspect that must be established by any busines
• Product Classifications

  1. Tangibles
  2. Intangibles
• Tangibles

  • Tangible products are those items that have actual physical presence.
  • The benefits of these products can be evaluated based on visual comparisons.
• Intangibles

  • Intangible products are those items that have no physical presence and can only be felt indirectly.
• 6 Examples of Tangible Products

  1. Cash
  2. Buildings
  3. Equipment and Machinery
  4. Computer and Gadgets
  5. Furnitue
• 6 Examples of Tangible Products

  1. Cash
  2. Buildings
  3. Equipment and Machinery
  4. Computers and Gadgets
  5. Furniture
  6. Vehicles
• 6 Examples of Intangible Products

  1. Copyright
  2. Trademark
  3. Patent
  4. Logo
  5. Franchises
  6. Insurance
• Stages in the Development of a Product

  1. Strategy Development
  2. Generation of Ideas
  3. Screening and Evaluation
  4. Business Analysis
  5. Product Development
  6. Market Testing
  7. Commercialization
• Strategy Development

  • Businesses often decide on effective strategies prior to the creation of a new product.
• Generation of Ideas

  • The ideas or concepts in developing a new product may come from various sources and not only from the upper management itself.
• Screening and Evaluation

  • All ideas generated must go through proper evaluation wherein their feasibility is being determined.
  • There are also ideas that do not resonate well with the core objectives of the business.
• Business Analysis

  • During this phase, the ideas thrown in become subject to a more rigorous analysis.
  • Other factors, such as profit projections, risks involved, and consumer feedback, are likewise taken into consideration.
• Product Development

  • It is during this stage that the product is introduced to the market.
  • The production department will be tasked to produce and deliver the product to various intermediaries, and the marketing department will be tasked to take care of the branding of the product.
• Market Testing

  • Businesses adopt different approaches to testing the new product. In most situations, test marketing involves the introduction of the new product to a small market.
  • If such launching were successful, then it would be introduced to larger market size.
• Commercialization

  • If the outcome of the previous test marketing were successful, the business would introduce the product to a larger market, either locally or internationally.
• Introduction of "Place" in Marketing Mix

  • a location in any business process where the aspects of management, product storage, logistics, processing of orders, and inventory control are being made available
• Distribution Channels

  • A distribution channel contains a set of interdependent organizations that are involved in the process of making a product or service available to the end consumers.
• Types of Distribution Channels

  1. Direct Distribution
  2. Indirect Distribution
  3. Dual Distribution
  4. Reverse Distribution
• Direct Distribution

  • In this type of distribution channel, the manufacturer or producer directly distributes the product to the end consumer.
• Indirect distribution

  • Any business using an indirect distribution channel will always employ selling through an intermediary.
  • Generally, the business will sell its products to a wholesaler who further reaches out to a retailer to target more consumers.
• Dual distribution

  • The dual distribution channel involves a combination of direct and indirect selling strategies.
  • Businesses may opt to sell their products directly to the end consumers, and they may also reach out to several intermediaries at the same time.
• Reverse channels

  • The reverse channel has a different course—from the end consumer, next to the intermediary, down to the beneficiary or user.
  • In this kind of distribution channel, the consumers will be using goods for recycling and repurposing.
• Example of Reverse Channel Distribution

  Reuse

  1. Containers
  2. Metallic Equipment
  3. Drums
  4. Bottle
• Example of Reverse Distribution Channel

  Recycle

  1. Paper
  2. Plastics
  3. Cardboards
  4. Cartons
  5. Aluminum Cans
  6. Empty Aerosols
• Example of Reverse Distribution Channel

  Refurbish

  1. Computer parts and Equipment
  2. Appliances
  3. Electronics
  4. Machines
• Intermediary

  • Intermediaries are the middlemen who play a vital role in the distribution of products to the market
• Wholesaler

  • A wholesaler is engaged in the buying and handling of goods in bulk or large quantities, which are subsequently sold to retailers in various areas.
• Retailer

  • Individuals engaged in retailing typically purchase goods at a low price, which are then resold to earn a profit.
• Distributor

  • The primary role of a distributor is to obtain products from the manufacturer itself and distribute it to various retailers and other endpoint locations
• Agent

  • The core service of an agent typically revolves around bringing buyers and sellers together towards a negotiation process.
  • In most cases, agents earn money through commissions and fees paid for their services.
• Types of Intermediary

  1. Wholesaler
  2. Retailer
  3. Distributor
  4. Agent
• Distribution Strategies

  1. Intensive Distribution
  2. Selective Distribution
  3. Exclusive Distribution
• Intensive distribution

  • In this kind of distribution strategy, products are distributed to as many retail outlets as possible.
  • Low-priced products such as gums, candies, and other basic supplies are oftentimes distributed using this approach.
• Selective distribution

  • Luxuries and other products that are upscale in nature are primarily distributed through selected channels.