ENTREP

Marketing mix  Copycat products- not make much

impression on the consumers mind
 Market- Potential consumers. These are
offering more physical space in the
the People with the Desire to buy and
shelves, lower prices, easier access,
Ability to Buy a specific product.
promotional freebies, and the like.
 Marketing- communicating the value of
Aggressive advertising may add to
a product, service or brand to
market demand but at a greater cost
customers, for the purpose of
than the leading brand.
promoting or selling that product,
 Niche products- do not intent to
service, or brand.
compete directly with the giants. lower
It is about creating and accumulating
reach, lower visibility lower prices and
customers.
lower top of minds. roles in specific and
 Marketing MIX- integrated marketing
smaller market segments (PLAY
tool used after the target segment has
MINOR)
been identified

Product

 It refers to the tangible good or

intangible service offered by the
business to the target consumers
 often identified with their brand name
to distinguish them from other

products in the market.
 products have built up so much loyalty
to the point that their brand names
have become their best selling
proposition.

Types of products

 Breakthrough products- offer


completely new performance benefits.
double the performance at half the INNOVATION
cost. create new demand. unique set of  Disruptive
customer needs, products need a higher
 Factors
level of customer education and
(social, technology, crisis)
orientation
 Soft innovation
I.G PENICILLIN
(What pisses you off?, What needs are
 Differentiated products- new space in
not satisfied?, what are new
the mind of the customer different from
satisfaction?)
the space occupied by existing
products. close to existing products but
there would be additional benefits
  Types of Product Innovation  environmental issue by itself.
(Create an entirely new product  Some packaging are so beautiful, they
Alter/modify an existing product Re- can create their own value as
brand/Reformulate an existing/ collectibles.
old product)
Price
 Internal / Personal Innovation
(Past jobs, Hobbies, social network,  one that the customer thinks is good
travel) (Value for money)
 Ways to Innovate  great psychological effect on
Make it LARGER customers.
Modify- change the name, color,  The value that is put on the exchange
container, shape process:
Make it stronger/faster  List price
Make it smaller  Discount
Substitute materials/methods  Allowances
Packaging  Payment period
 Credit terms
 process of putting the product in a  depends on: business objectives set by
package or container. the business enterprise
 Includes:  major factor for the customer in buying
kind of material a product. (not the only factor)
used for the wrapper or container  Non-Price factor outweigh the price
LABEL factor whenever a customer is buying a
product information printed on the premium item because he or she is
package. more particular about:
 bundle of products or services that are  the “premium-ness” in
out together to attract and delight terms of quality,
customers.  the status or image
 terms and conditions attached to the that the product
sale or after-sale servicing of the brings,
products.  shorter waiting time or
 prominently displayed the: immediate delivery,
 brand name, and
main attributes of the product  other such decision
company’s logo, and criteria.
its place of business  Revenue-maximizing price is derived by
multiplying the different prices by their
PURPOSE OF PACKAGING
expected demand volumes.
 identifies the products it provides easy  Market share maximization is achieved
brand identification for the customers. by the price that obtains the highest
 differentiates the products from its volume of sales possible without
competitors and even from its other sacrificing too much profitability.
brand offerings.  Profit maximization is the short run or
 lengthens the lifespan long run process that may determine
 the price, input, output levels that lead  Discount pricing may be given to loyal
to the highest profit and regular customers to maintain their
patronage.

Promotion

 the explicit communication strategy


 Price Tolerance Survey- Market adopted by an enterprise to elicit the:
research approach in estimating the  patronage loyalty and support
demand, given the different price level, not only for its customers but
also from its significant
stakeholders.
 Strategies to make the consumer aware
of the existence of a product or service
  encompasses all the direct
communication efforts of the
 enterprise such as:
 advertising,
pricing  public relation campaigns
 Premium pricing- practice of keeping  promotional tours
the price of one of the products or  product offerings,
service artificially high in order to  point of displays
encourage favorable perceptions  websites
among buyers, based solely on the price  flyers,
 Low pricing- from a high price product  emails,
and later, when it has become less  letters,
desirable, sells it a discount or in a  telemarketing,
clearance sale  also encompasses indirect
 Cost recovery pricing- charges a price communication efforts of the
that allows the organization to merely enterprise through:
recover its full costs.  the quality of its products
The purpose is to reinvest the sales  the attractiveness of its
proceeds to produce additional packaging
products and reach out to more people.  the services rendered by its
people
 Marginal Pricing- sets the price higher
 its location
than the variable costs of a product but
 its office premises and
lower than the full costs in order to
branches,
increase overall profitability. This
 and its pricing strategy.
practice is done to utilize excess
production capacity that would  Effective promotion, depends on three
otherwise be unused. critical factors:
 the credibility of the
 offer introductory or promotional
communicator;
pricing to launch a new product.
 the message and the medium of
 charge different prices in different
the message;
geographical areas
  the receptiveness of the to find contact persons, write letters
audience to all that is being customized to the needs of the targeted
communicated. corporate market, and make impressive
 Before crafting promotion and face-to-face presentations.
communication strategy, the  target audience becomes bigger
communicator must profile the target (Shotgun approach)
audience very well.  Electronic mails,
 the market audience  Websites
 what they are looking for, in a  Letter blasts
particular product offering,  Radio broadcasts
 what it will take to convince to  print ads in certain
convince them to purchase the publications.
product offering.  For mass markets
 to get a very positive emotional  television commercials,
reaction from the target audience. All  ubiquitous billboards,
messages must make an impact on the  and high circulation
target audience: broadsheets, magazines or
 Sensory tabloids.
 Emotional
People
 Intellectual impact
 all messages must:  the ultimate marketing Strategy
 start from where the customers  the one that sell and push the product
are  search hard to find the right market
 not from where the enterprise  They:
is  Distribute
 The only exception is when the  Promote
enterprise has gained so much  Price
credibility and loyalty from the  Sell the products in the most
audience that anything it says is taken attractive market place
as gospel truth.  represent the business- individual
 the enterprise should start with the employees or workers who are directly
target audience in mind involved in the production, marketing,
 At the beginning of its operations- very and sale of the product or service.
limited market to cover (Rifle approach)  The attitudes of staff
 The narrower the market coverage -  Training of staff
more focused the promotion campaign  Internal relations
 Neighborhood flyers  The observable behaviour of
 word-of-mouth promotion staff
 house-to-house campaigns  The level of service-mindedness
 Niche market- effective in directly in the organisation
reaching this exclusive audience  The consistency of appearance
 marketing of corporate services of staff
(advertising, business-process  The accessibility of people
outsourcing, management seminars)-  Customer-customer contacts
 aim to please the customers, through  Are they still canvassing
continuing service and product and “shopping
enhancements around”?
 regular contact points between the  Are they currently
enterprise and its market. focusing on a few
 conducting the market and the candidates?
consumer research that would lead to  Are they seriously
the development of products(s) and the evaluating the
formulation of the marketing strategy. company’s product?
 devising the marketing plans and  What are the next steps of the
programs customers and how can the
 contacting, reaching, convincing the company facilitate their next
customer to buy their products steps?
 market strategy + the footwork that  What else do the
goes into distributing and selling customers need to
products. = success (One without the know and what issues
other will fail) must be addressed by
 The wrong products needs a the marketers?
superhuman sales force with  the sale must be closed and the product
charismatic powers. should be delivered to the customer.
 right products only need good  demands that the product be
distribution channels and an effective available, adequate,
sales force. acceptable, and affordable.
 The marketing efforts of people are Parameters that people should do for the
organized at four levels; customers
 To create customer awareness
 To arouse customer interest  Availability- the enterprise has the
 To educate customers as they goods or services on hand
evaluate their buying choices  Accessible- means that the customers
 To close the sales and deliver can easily get the product from their
the products. usual buying places or the products can
 To arouse the interest of customers: be conveniently delivered to them.
 outsource the people  Adequate- means the product meets
 to build in-house capabilities the quality and delivery specifications
 collaborate or enter into of the customers.
partnerships  Acceptable- means that the customers
 Educating customers in their evaluation is convinced by the selling points of the
process, requires the enterprise, to products, finds very little or no
know the customer’s decision-making objectionable features in the product,
process.: and accepts the conditionality,
 What and who are involved in warranties and amenities given by the
the buying process seller.
 Where are the customers in the  Affordable- means the price and
buying process? payment terms are right.
Beliefs about businesses
words or letters.
 Belief #1. Businesses take money away
from people (Business does not “take”
money away. It exchanges something
for people’s money.)
 Belief #2. Business is money making
scheme (yes)
 Belief #3. A business is an enterprise
owned by private individual/s.
(Business can also be owned by groups
and by government. The term “business
” refers to the activity not the owner.)
 Belief #4. A business is only for rich and
intelligent people. (no, for all)
 Belief #5. A business Will make you
wealthy. (generous too 😊)

Place-

 refers to the place where the target

consumers are
 more places to buy the product and the
easier it is made to buy it, the better for
the business

Positioning

 refers to the place occupied by the

product in the minds of the consumers
 a marketing strategy that defines the
target consumers.

Branding

 Brand Names play a significant role in

the positioning of the product
 Brand refers to the: name, design,
color, symbol, quality, features or a
combination of these element to make
the product separate and distinct from
similar products of the competitors
 Brand name is a word, letter,

ora group of