reema s

• Entrepreneurship


  The process of starting and running a new business
• 7P's of Marketing and Branding


  • Product
  • Price
  • Place
  • Promotion
  • People
  • Positioning
• Marketing


  A process of introducing and providing the right products & services with the right price made available for the customer and gives you profit
• Benefits of Marketing


  • Introduce the product and services to the customer
  • Provision of right products and services based on customer needs and wants
  • Right price that the customer is willing to pay
  • Place where the product will be made available for the customer
  • Profit for the entrepreneur
• Marketing Mix


  A set of controllable and connected variables that a company gather to satisfy a customer better that its competitor
• Marketing Components


  • Product
  • Price
  • Place
  • Promotion
• Product


  Refers to any goods or services that are produced to meet the consumers' wants, tastes and preferences
• Product categories


  • Food
  • Things
  • Services
• Product


  • Benefits - the answer & the reason
  • Features - enhancement
  • Advantage - the edge
• Better Quality Product


  • No Chemical Preservatives
  • All Natural Ingredients
• Better Product/ New Features


  • Organic
  • No Chemicals
  • No Pesticides
• Purpose of Product Brand Names


  • Gives identity to the products
  • Protects the product to be copied by other producers
  • Legal rights of the producer to own the product names as well as the product
  • Communicate product benefits to the consumer
• Considerations for Product Branding


  • Fit - product name should have a relationship with the product
  • Association - take note of the words or phrases having bad implication or meaning in other dialects or foreign languages
  • Legal concerns - the producer deserves all the rights to the product as well as to the product name
  • Pronounciability - customer can pronounce the product name with ease
  • Memorability - product name must be easy to remember
  • Limitation - the shorter product name the better
• Product Branding Concept


  • Functional - the product brand implies what the product can do
  • Symbolic - the product brand implies social and economic status
  • Experiential - the product brand implies an effect after using the product by the use of human sense
• Commonly Used Branding Strategy


  • Purpose
  • Consistency
  • Emotion
  • Flexibility
  • Employee Involvement
  • Loyalty
  • Competitive Awareness
• Labeling


  Any written, printed or graphic matter upon any article or any of its container or wrappers accompanying the packaged food. Means by which product communicates with its consumers. It allows consumers to compare one product to another
• Parts of a Label


  • Information Panel
  • Ingredient Declaration
  • Name and address of manufacturer / packer / distributor
  • Country of Origin
  • Expiry Date
  • Nutrition Facts
  • Bar Code
• Packaging Functions


  • Containment and Protection - to contain a defined volume or weight of product at a minimum cost
  • Information & Marketability - functions as a silent salesman by providing a complete information on its label
  • Transport and Storage - enable products to be stored, stacked, conveyed, delivered and distributed to target destinations in the most effective and efficient manner
• FDA Approval


  Food and Drug Administration monitors, evaluate and ensures compliance of manufacturers, distributors, advertisers, and retailers of processed foods, drugs and other related products to health rules and regulations and standards of quality
• Price


  The value of money in exchange for a product or service. The amount or value that a customer gives up to enjoy the benefits of having or using a product or service. An amount of money paid by the customer in exchange of goods or services that meet his needs or wants
• Bases of Product Pricing


  • Capacity of the customer to pay
  • Production Cost - actual cost of the product plus the desired profit
  • Competitor's price for the product - through market research
  • Price Adjustment - increase or decrease of prices by the supplier, product is to be sold at a loss when goods are perishable, to be phased out or products has damaged
• Factors that lead to price increase


  • Inflation - increase in the prices of basic commodities
  • Foreign exchange rate - Philippine currency has a lower value that causes the greater costs in importation of goods and commodities
  • Law of supply & demand - a market situation where there's a higher demand but the supply is less
  • Product price increase - when the producer tries to improve the product quality and repositions the product
• Costs


  The money your business spends to make and sell products or services
• Costing


  The way or process of calculating the total costs of making or selling a product, or providing a service
• Importance of Costing


  • Set the prices
  • Reduce and control costs
  • Make better decisions - for the business
  • Plan for the future
• Types of Costs


  • Direct Costs - directly related to the products or services
  • Indirect Costs - not directly related to one particular product or service, often called overhead costs or expenses
• Place


  The location of the market and means of distribution used in reaching it. Represents the location where the buyer and seller exchange goods or services
• Elements of Product Distribution


  • Coverage - product should be made available in the right place at the right time
  • Inventory - maintaining a right level of inventory in a store is very critical
  • Display - right shelf location, adequate display spaces and right arrangement of inventory should be considered
  • Relationship - establishment of good relationship between supplier and sales outlets should be considered and maintained at all times
• Types of Distribution Method


  • Wholesale - selling of products to those engaged in buying and re-selling of goods
  • Retail - selling of products directly to the consumer
  • Direct Selling or "People's Franchise" - selling of products through authorized distribution agent who undergone training on the proven system of selling
• Promotion


  Refers to the complete set of activities, which communicate the product, brand or service to the user. The idea is to attract people to buy your product over others. A way of introducing a product in the market that builds awareness and attracts customers, and one that would immediately yield a result
• Purpose of Promotion


  • Pull - build awareness and stimulate interest of the customer through attractive advertisement
  • Push - encourages the customers to buy plenty of products to get the giveaways
• Advertisement Considerations


  • The message of the product should be communicated clearly
  • The desired result of the product should be reflected
  • Should contain the product features, benefits and advantage over other products
• Medium of Advertisement


  • Television
  • Billboards
  • Magazines
  • Posters
  • Flyers
  • Text Message
  • Newspaper
  • Radio
  • Walls
  • Brochure
  • Transportation
  • Word of Mouth
  • Social Media
• Ways of doing Sales Promotion


  • Bonus Pack
  • Giving extra quantity
  • Sample pack
  • Warranty Offering
  • Giveaways
  • Patronage Reward
• People


  Your team, a staff that makes it happen for you, your audience, and your advertisers are the people in marketing. They sell and push the product
• Positioning


  A process used by a marketers to create an image in the minds of a target market. When a company presents a product or service in a way that is different from the competitors, they are said to be "positioning" it
• Myth #1 - Just Because you produced something you already have a "PRODUCT". Someone must need and want your product
• Myth #2 - If you produce it, they will come - to buy. Product must be distributed-made conveniently available because people will not walk a mile to buy your product
• Myth #3 - Placing the product in the outlets settles everything - marketing problem solved!! The real challenge is to maintain and expand your share of the market
• Myth #4 - Enterprises need the right environment to grow