CM3

• Value Proposition (VP) - is a business or marketing statement that summarizes why a consumer should buy a company's product or use its service.
• Unique Selling Proposition (USP) – refers to how you sell your product or services to your customer.
• Keep it Short and Simple (KISS)
• Market Targeting is a sage in market identification process that aims to determine the buyers with common needs and characteristics.
• Demographic Segmentation – divided based on consumers
• Geographic segmentation – the total market is divided according to geographical location.
• Psychological Segmentation – divided in terms of how customers think and believe
• Behavioral Segmentation – divided according to customers’ behavior pattern as they interact with a company.
• Customer requirements are the specific characteristics that the customers need from a product or a service.
• two types of customer requirements: 1.Service Requirement 2.Output Requirement
• Service Requirement: An intangible thing or product that cannot be touched but the customer can feel the fulfillment.
• Output requirement: A tangible thing or product that can be seen, felt, heard, tasted, or smelled by the customer.
• Market size is like a size of the arena where the entrepreneurs will play their business.
• Market Research or Marketing Research Process can be defined the process of gathering, analyzing and interpreting the information about the products or the services to be offered for sale to the potential consumers in the market
• Data Collection is the most valuable tool in any type of research study.
• Survey – are the most common way to gather primary research with the use of questionnaires or interview schedule.
• Interview – is one of the most reliable and credible ways of getting relevant information from target customers.
• Focus Group Discussion (FGD) – is an excellent method for generating and screening ideas and concepts.
• “7P’s of Marketing” product, place, price, promotion, people, packaging and positioning.
• Direct Distribution -- selling your product directly to customers who use it
• Wholesale distribution -- selling your products in very large quantities to wholesalers who sell them in smaller quantities to retailers
• Brand Name is a name, symbol, or other feature that distinguishes a seller’s goods or services in the marketplace.
• Branding is a powerful and sustainable high-level marketing strategy used to create or influence a brand.
• Market Size -- The entrepreneur’s most critical task is to calculate the marketsize, and the potential value that market has for their start-up business
• Tips in Collecting Data • Organize collected data as soon as it is available • Know what message you want to get across and then collect data that is relevant to the message • Collect more data • Create more data • Take note of interesting or significant data
• Product refers to any goods or services that is produced to meet the consumers’ wants, tastes and preferences.
• Place -- presents the location where the buyer and seller exchange goods or services.
• Another term for place -- distribution channel
• Direct Distribution: Manufacturer - Customer - Manufacturer - Retailer - Customer
• Wholesale Distribution: Manufacturer - Wholesaler - Retailer - Customer
• price is the value of money in exchange for a product or service.
• Promotion refers to the complete set of activities, which communicate the product, brand or service to the user.
• People -- This consist of each person who is involved in the product or service whether directly or indirectly.
• People -- ultimate marketing strategy.
• People -- one of the most important elements of the marketing mix today.
• Packaging -- refers to the outside appearance of a product and how it is presented to the customers.
• Packaging -- silent hero in the market world.
• Five Basic Functions of Packaging: A. Protection B. Containment C. Information D. Utility of Use E. Promotion
• Positioning -- refers to a process used by marketers to create an image in the minds of a target market.
• Brand Strategy is a long-term design for the development of a popular brand in order to achieve the goals and objectives.