MARKETING MIX

Question 1

Refers to a mode, means, or tool used by an entrepreneur to position the product in the target market segment to efficiently and effectively deliver it to the consumers and convince them about the benefits that they will derive from buying the product.

Answer 1

Marketing Mix

Question 2

• Conduct a situation analysis:
• Set objective
• Conduct a SWOT (Strength, Weakness, Opportunity, and Threat)
• Come up with marketing strategies and tactics

Answer 2

7PS OF MARKETING

Question 3

• What you offer to meet customer needs.
• It should meet customer needs and have unique features.
• Any physical good, service, or idea that is created by an entrepreneur or an innovator in serving the needs of customers and addressing their existing problems

Answer 3

PRODUCT

Question 4

1. Core benefits of the product or service
2. Physical characteristics of the product or service
3. Augmented benefits of a product or service

Answer 4

THREE-LEVEL CONCEPT OF PRODUCTS OR SERVICES

Question 5

1. The product is only produced once there is an existing need or want.
2. The product must satisfy the need or want better than the competing products.

Answer 5

For emphasis, the two basic entrepreneurial tenets relative to the product are as follows: (sorry di ko alam ano lalagay here po)

Question 6

• Selling the right price for the profitability.
• The cost customers pay for the product, which should be competitive and aligned with its value.
• Value assigned to a certain product or service after considering its costs, competition, objectives, positioning, and target market.

Answer 6

PRICE

Question 7

1. Availability of the competing products
2. Cost of making the product
3. Type of product
4. Presence of substitute products
5. Stages of the product in the market
6. Demographic pprofile of the target consumers

Answer 7

PRICE

Question 8

• Channels and locations for product access
• Where and how the product is distributed.
• Location or the medium of transaction.

Answer 8

PLACE

Question 9

• Communicating product value to the audience.
• Strategies used to communicate and advertise the product.
• Presenting the products or services to the public and how these can address the public’s needs, wants, problems, or desires.
  1. Advertising
  2. Selling
  3. Sales Promotion
  4. Public Relations

Answer 9

PROMOTIONS

Question 10

• Everyone involved in the business.
• Servicing customers
• Employees

Answer 10

PEOPLE

Question 11

• The systems and procedures used to deliver the product or service efficiently, ensuring a smooth customer journey.
• The steps taken to provide the product/service efficiently.
• Step-by-step procedure or activity workflow that the entrepreneur or employees follow to effectively serve customers.

Answer 11

PROCESS

Question 12

• How the product or service is presented to customers.
• Entice customers to purchase the product or service.

Answer 12

PACKAGING

Question 13

• The tangible aspects that reinforce the brand’s credibility, such as packaging, store ambiance, website design, and customer testimonials.
• The environment or proof that a service exists.
• Store design and ambiance, which create a welcoming atmosphere for families.
• Digital presence, including their website, app, and active social media accounts.
• Customer reviews and testimonials, which reinforce their reputation for goods and services.

Answer 13

PHYSICAL EVIDENCE