entrep mp

• Marketing is not just about selling
• Marketing


  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
• Marketing


  The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
• Marketing Plan


  Its role is to ignite the customers to be informed, be persuaded, and be reminded to buy a product or avail of a service
• Marketing Mix


  The set of tactical tools - product, price, place/distribution, and promotion - that a firm controls and mixes to meet the desires of the target market
• Purpose of Marketing Mix


  Represents how a firm can influence the demand for its products
• Marketing Strategy using 4P

  Marketing strategy anchors on a (unique) value proposition. Before planning about the marketing mix, entrepreneurs need to have a first a good understanding of the customers they are serving. It is common for an entrepreneur to consider his offering to be for everyone. In reality, it is very difficult crafting strategies towards everybody, hence defining or describing the target market is necessary
• Product (Solution)


  It is what you offer to the market. It is the physical form (or experience form) of what your value proposition is all about. It should be able to address the needs of your target market. Entrepreneurs shall always consider its quality, packaging, features, functionality, and the brand itself
• Three-Level Concept of Product or Services

  The idea that a product or service can be understood and analyzed at three different levels: the core product, the actual product, and the augmented product. These levels help marketers understand the different layers of value that a product or service offers to customers
• Core Product


  This represents the fundamental benefit or service that the customer is really buying. It's the primary reason why a customer purchases the product
• Actual Product


  This refers to the tangible features and attributes of the product or service. It includes the design, quality, brand name, packaging, and other characteristics that customers can evaluate
• Augmented Product


  This level goes beyond the tangible features and encompasses additional services or benefits that enhance the value or experience for the customer
• Branding


  The art and science of creating an identity for your offering. A brand is a mark of ownership that distinguishes itself from other makers in the industry
• Product Attributes


  Include size, color, functionality, components and features that affect the product's appeal or acceptance in the market
• Product Attributes


  • Product Concept, Quality, Features, Design
• Packaging and Labelling


  Regarded as the "face" of the product. Its primary function is holding, storing, and securing the item. It is a marketing strategy to glamourize your product in order to attract and influence the buying attitude of the buyer
• Packaging


  • Primary packaging, secondary packaging, tertiary packaging
• The cost of the packaging is also a significant factor in its design and production. It will add up to the total cost of creating a product which will affect its selling price
• Labeling


  The display of information about the product on its container, packaging or on the product itself
• Product Labels


  • Company name, brand name, or product name, Product features and benefits, Ingredients or contents, Directions for use, Safety precautions, Expiration date, Manufacturer details
• Packaging and labeling should be "on brand" and easily recognizable for customers. The right use of colors, fonts, and images is also important to draw attention from buyers and potentially increase sales of a product
• Price (Value) Strategies


  Pricing is an art and science of assigning value to your offering. The minimum price should be above the cost of producing, communicating, and delivering it (overall cost per piece), while the maximum price should be equal to or below the demand or the maximum price customers are willing to pay
• Pricing Decisions


  Have a direct impact on your customer demand and your company revenues. Setting it high reaps benefits of higher return or profit margins (patong) per piece but may discourage consumers to purchase it. Setting it low reveals the opposite case
• Common Pricing Strategies


  • Cost-Plus, Based on Competitor's Price, Demand-Oriented, Penetration Pricing, Skimming, Premium Pricing, Bundling, Product Line Pricing, Psychological Pricing
• Cost-Plus Pricing


  A straightforward and simple way to arrive at sales price by adding a markup to the cost of the product
• Based on Competitor's Price


  Setting the price of your product or service based at your competitor's price
• Demand-Oriented Pricing


  A method in which the price of a product is changed according to its demand
• Penetration Pricing


  Setting a relatively low price for a product to penetrate the market and achieving a high market share rather than an immediate high profit
• Skimming


  This is the opposite of penetration pricing where prices are initially high and then are lowered to offer the product or services to wider a market
• Premium Pricing


  Setting the high price to create a picture of superior quality and social status
• Bundling


  This refers to two or more products or services at one reduced priced
• Product Line Pricing


  This refers to pricing different products or services within a parallel product array using varying price points
• Psychological Pricing


  This considers the psychology and positioning of price in the market
• Place (Access) Strategies


  Where entrepreneurs make their products and services available is also a strategic decision. Place is all about answering the questions: how will the consumers access your offerings or how will you reach your target market?
• Distribution Strategy


  The distribution strategy, often referred to as the place strategy in the marketing mix, is crucial in ensuring that products reach the target market efficiently and effectively
• Promotion (Educate) Strategies


  It is a process of introducing your offering to your target market, allowing them to recognize the need, persuading them to purchase, and having a relationship with them
• Promotion


  The questions to ask are: How will you gain customers? How will you keep them? How will you grow them? The right message (informative, emotional, etc) in the right channels (Television, Social Media, Radio, Brochures, Influencers, etc) at the right time (Frequency, Schedule) are essential. On this basic, advertisements should be relevant, direct to the point, attention-grabbing, and can communicate the (unique) value proposition