Entrep

• Every business needs its very own marketing mix to appeal to its customers
• Product refers to what your company offers to consumers.
• Marketing plays an important role in selling
• Marketing may refer to the process of value exchange that is facilitated by the 4P’s.
• The term marketing mix is a foundation model for businesses, historically centered around the product, price, place and promotion. 
• Marketing is 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 mix is a set of actions a business takes to build and market its product or service to its customers.
• marketing mix helps to make sure that you are able to offer your customers the right product, at the right time and at the right place for the right price. 
• • The framework of “7 Ps of marketing” includes: product, place, price, promotion people, packaging and positioning
• Marketing strategy typically starts with the product
• Marketers can’t plan a distribution system or set a price if they don’t know exactly what the product will be offered to the market.
• Product refers to any goods or services that is produced to meet the consumers’ wants, tastes and preferences.
• Examples of goods include tires, MP3 players, clothing and etc.
• Goods can be categorized into business goods or consumer goods
• Examples of services include hair salons and accounting firms.
• Services can be divided into consumer services, such as hair styling or professional services, such as engineering and accounting.
• The demand for consumer goods is a 'direct demand'. 
• The demand for business goods is a 'derived demand'. It is derived from the demand for consumer goods, which are made using the business goods. 
• Place represents the location where the buyer and seller exchange goods or services.
• place is also called as the distribution channel
• Product Line Pricing  

  The practice of reviewing and setting prices for multiple products that a company offers in coordination with one another. Rather than looking at each product separately and setting its price, product-line pricing strategies aim to maximize the sales of different products by creating more complementary, rather than competitive, products. If you offer more than one product or service, consider the impact that one product's or service's price will have on the others. 
• Bundle Pricing  

  The act of placing several products or services together in a single package and selling for a lower price than would be charged if the items were sold separately. 
• Premium Pricing  

  Setting the price of a product higher than similar products. The goal is to create the perception that the products must have a higher value than competing products because the prices are higher.
• Psychological pricing is the practice of setting prices slightly lower than rounded numbers, in the belief that customers do not round up these prices, and so will treat them as lower prices than they really are. This practice is based on the belief that customers tend to process a price from the leftmost digit to the right, and so will tend to ignore the last few digits of a price. 
• Optional Pricing  

  The company earns more through cross-selling products along with a basic core product. The main product does not have many features (and is priced low) which can be enhanced through optional or accessory products which are sold at premium by the same company. 
• Cost plus pricing involves adding a markup to the cost of goods and services to arrive at a selling price. Under this approach, you add together the direct material cost, direct labor cost, and overhead costs for a product, and add to it a markup percentage in order to derive the price of the product. 
• Cost Based Pricing  

  A pricing method in which a fixed sum or a percentage of the total cost is added (as income or profit) to the cost of the product to arrive at its selling price. 
• Value Based Pricing  

  A price-setting strategy where prices are set primarily on consumers' perceived value of the product or service. 
• Promotion refers to the complete set of activities, which communicate the product, brand or service to the user.
• The idea of promotion is to create an awareness, attract and induce the consumers to buy the product, in preference over others
• Generic 

  The promotion of a particular commodity is without reference to a specific producer, brand name or manufacturer. Producers join together to expand total demand for the commodity, thereby helping their own sales. These activities are often self-funded through assessments on marketing called check-off programs.
• In public relations, the article that features your company is not paid for.
• Many people use the term PR and advertising interchangeably, PR involves sharing information with the public using platforms that do not require a payment, such as social media or through press releases shared with magazines and newspapers
• Personal selling occurs when an individual salesperson sells a product, service or solution to a client.
• Today, personal selling involves the development of longstanding client relationships. 
• Direct marketing is a promotional method that involves presenting information about your company, product, or service to your target customer without the use of an advertising middleman
• Sales promotion is any initiative undertaken by an organization to promote an increase in sales, usage or trial of a product or service (i.e., initiatives that are not covered by the other elements of the marketing communications or promotions mix). 
• Providing free samples is a technique used to introduce new products to the marketplace. Samples give the consumer a chance to see how well they like a product or try something they otherwise would not normally buy. 
• Free Gifts  

  There are many ways to utilize this particular sales promotion technique. A newly opened store, for example, may offer the first 10 customers free items worth 100 pesos. 
• A free trial is a way for a consumer to try a new product while eliminating risk. It may be used when a product is unique to the marketplace.