MARKETING MIX

• Place is also known as the distribution channel, where the product is sold to the consumer.
• Marketing mix - it is set of marketing tools that the firm uses to pursue its marketing objectives in the target market and the foundation model of the business
• Product - these are anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
• core customer value - it is the first or basic level of the product
• core customer value - it is based on need & wants of the customers and defining the core problem-solving benefits or services that consumers seek.
• actual product - it is the second level or the product
• Actual Product or Associated features - it is where the product planners turn their core benefit into an actual product. They need to build / develop product and service features, design, a quality level, a brand name and packaging.
• Augmented product - it is the third level of the product
• Augmented level - it is where the product planners build an “augmented product” around the core benefit and actual product

  by offering additional consumer services & benefits. (parang innovation ng product)
• Location - it is where the product is manufactured
• Place - it is where the product is sold to the customers
• The place of the product has two stores which are online (click & mortar) and onsite ( brick & mortar)
• Price - it is the only P that adds profit to the business
• Promotion - it is the awareness of the product
• there are two types of consumers - consumer products and industrial products
• consumer products - it is bought by final consumers for personal consumption
• Industrial products - These are those purchased for further processing or for use in conducting a business.
• Convenience products - it is a consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort.
• Shopping products - it is less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style.
• specialty products - it is where consumer products and services has unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort. (rare or luxury items)
• Unsought Products - It is a consumer products that the consumer either does not know about or knows about but does not normally consider buying.
• Market offering - it is the combination of products, services, information, or experiences offered to a market to satisfy a need or want
• Price - it is the the sum of the values that customers exchange for the benefits of having or using the product or service.
• cost based pricing - it is a pricing approach where the variable cost is fixed and determined as the basis of the selling price.
• Fixed costs - Expenses which firms cannot do away with regardless of production volume (water bills, electricity bills)
• variable costs -Direct expenses on materials and labor that are utilized in the production (labor, wage, raw materials)
• Mark up - it is often expressed as a percentage over the cost based on the target sales volume.
• perceived value pricing - it is a pricing approach where the product’s prices are set based on the customer’s perceived value or the value the customer feels he or she will attain from the good, which determines his or her willingness to pay for it.
• competitive pricing - prices of goods are set based on the competitors’ prices on the same goods.
• product bundle pricing - it is where individual products are put together to create one whole bundle or set which is then offered to customers.
• captive product pricing - The main product is charged a lower price but additional charges go with it (optional pricing)
• product line pricing - Involves the separation of goods and their variations into categories by creating price gaps to emphasize differences in quality.
• market penetration pricing - low initial price is set to attract customers, improve sales, and eventually eliminate competition (from low price to high price)
• market skimming - Involves setting a high price for a product to gain as much profit as possible before the number of competitors (from high price to low price)