Compilation Lesson: Entrepreneurship Marketing Mix and Strategy PDF

Importance of marketing mix in the development of marketing strategy  Market segmentation - Endorser going to another place to promote product.  Types of segmentation 1. Technographic segmentation Alternatively, you could present customers with deals depending on what device they use to...

Importance of marketing mix in the development of marketing strategy  Market segmentation - Endorser going to another place to promote product.  Types of segmentation 1. Technographic segmentation Alternatively, you could present customers with deals depending on what device they use to shop online. And use order online.  Transactional segmentation Using transactional segmentation you can group customers based on their previous purchase interactions including: Date of most recent order Total number of transactions Average order value  Basic types of channel distribution 1. Direct channel distribution – is the transfer or movement of goods and services from manufacturer to costumer with no hassle. 2. Indirect channel distribution – the transfer or movement of goods to be pick up.  Channel coverage 1. Exclusive distribution – is the moderate distributing of product to cities and provinces that needs and orders the product. 2. Selective distribution – chosen dealers to deliver the product in partners who sells large volume of product in a week. 3. Intensive distribution – large numbers of market with high capital to purchase a certain product.  Five steps in following a price strategy a. Sales based – the firm is interested in sales growth. The concern of the company is to increase sales by offering new business strategy. b. Profit based – the firm is interested in maximizing profit, c. Status quo based – maintain good channel relations, the goal of the company is to maintain good image to the community by creating projects. d. Broad price policy – it makes sure that pricing decisions are coordinated from other sellers.  Type of price based on costumers a. Penetration pricing – uses low prices to capture and attract the larger mass market for a product or service. b. Skimming price – uses  Price strategies a. Cost-based price strategy – Combining all the expenses incurred during the production of the product. b. Demand-based price strategy – sets pricing by the demand of the product.  Implementing price strategy a. Customary pricing – For promo prices. b. Variable pricing – the entrepreneur must consider the law of demand and supply. c. One price policy – Suggested retail price. d. Flexible pricing - is based on the costumers negotiate ability, so they need to adjust the price of product. e. Odd pricing – the entrepreneur based the price on the size of the product. (small, medium, large) f. Price-quality association – is when the consumers believe that high price represents high quality and low prices represents low quality. g. Prestige pricing – Setting a high price that cannot afford by the purpose costumer. h. Leader pricing – selling items at low prices to gain consumers loyalty. I. Multiple-unit pricing – when the entrepreneur offers discounts to consumers for buying large quantities. j. Price lining – setting a price mid price for particular product. k. Price bundling – bundle price like 3 for 100 price of product. l. Unbundled pricing – un- bundle product that you can purchase by its given price. M. Geographic pricing - the deal will be done if both parties agree with the price.  Pricing strategy 1. Cost plus pricing - this method cover all cost if warranty does not reach its limit. 2. Competitive pricing - base on the familiarity of competitors price, they set low price, when they knew the price of the other one’s. Recognize and understand the market  Unique selling proposition – is a marketing strategy that focuses on a products or  Value Focused Enterprise – requires a fundamental rethink on the way  The value cycle 1. Value creation – value in price and benefits. 2. Value appropriation - value appropriate by age, and value for fast approval 3. Value consumption - value in length of use of product, 4. Value renewal – product like buy 1 take one 5. Value transfer – stage when customers can no longer gain value.  Categories of consumers 1. Price shoppers - Interested in the best deal for a product. They are commonly called “PRAKTIKAL” and price conscious. 2. Brand loyal costumers – this group believes that their present brands are superior. 4. Features shoppers – focus on the benefit of a product. 5. Convenience shoppers – people  Types of research 1. Exploratory research – can be performed using the search, survey of people, about their experience about the product. 2. Descriptive research – Gathering research about the weakness of your product from feedbacks. 4. Historical research - answer questions about the past of the company. Example: History of this company How fast this company grow How fast this company earn money 5. Experimental research – comparing two products.  Understanding interview, group discussion and surveys. Kinds of Interview 1.Job interviews – which describe a formal consultation for the purpose of evaluating the qualifications of the interview. 2. Case interview – which applicant is presented with a question or task or challenge, and asked to resolve the situation. 3. Screening interview – is the first interview in a company that will test your personality and mental alertness.  Considerations in conducting interview 1. Determine the objective – before a schedule of the interview, determine why this person wants to have it. 2. Outline of areas – always have self confidence in answering the questions, and do not use awkward body language. 3. Pick the location – meeting at the interviewee’s office may make that person more at ease. In that case, crowded location might be. 4. Observe standard etiquette – do not sit down until there’s no command to sit down. If they asked you in English answer in English. 5. Open with standard rapport – in interview , it will take few moments to know each other. 6. Used notations to record impressions – people can read upside down, be careful with your actions. 7. Hide a notepad and pen – keep the pad and pen so the interviewer will recognize that you did not review your  Focused group discussion Variants of focus group include: 1. Two-way focus group – the one focus group watches another focus group and discusses the observed interaction s and conclusions 2. Dual moderator focus group – the two moderators deliberately ensures the session smoothly. 3. Dueling moderator focus group – 4. Respondent moderator focus group – the one and only one respondent with good source of details. 5. Client participant focus group – The one or more client representatives participate in a discussion. 6. Mini focus group – groups are composed of four or five members rather than 6 to 12. 7. Teleconference focus group – the group maximizes the use of telephone network. 8. Creativity group – the group can design activity new and not been used in the organization.  Factors to consider of a new entrepreneur 1. Know your product or service -First, you must believe on the product or service that you will offer to your customer. 2. Analyze market potentials - Know the costumers needs as their buying habits and their 3. Determining marketing strategy 4. Know the competitors - You must know their strengths and 5. Do not set on your laurels - The landscape of business is continuously changing. attitudes and  Business location for small entrepreneurs a. Rent and Space – the price input must be calculated. b. Terms in agreement – must be true to costumers in promising. c. Access to store – would not spend a lot of time to purchase Location for small industrial factors to consider a. Land area – the contour of the land, its size, and shape must be suitable to plant site. b. Facilities for expansion – the land area must have space for parking facilities for customers and employees. Characteristics of weak product and weak management a. Poor quality and high price – The entrepreneur should not launch a poor product in the market as it will surely fail. b. Product design and appeal – Poor design of the product is c. Production Cost – is the price determinants. d. Supply and demand – slow Competitive analysis 1. Selling Price – This refers to the selling price of product. 2. Competitions – Its refers to the 3. Distributions and cost of transportation 4. Channel of product distribution – this refers to the means of reaching the target market.  Production a. Product specification – it tells about the product or service that the entrepreneur will offer to its target market. b. Production process – it is the detailed process when making the product.  Micro business plan a. Executive summary – the ability to predict the financial path of your business. b. Marketing plan – the push or pull plan, The push strategy tells how I will move my product to marketplace The pull strategy tells how I will make costumers ask my product. c. Operations plan – company cost to the people that has been hired. Problem solving research 1. Distribution research – distribution of product to testify by the sample users. 2. Market segmentation 3. Pricing research – determining the ideal price for the product 4. Product research – testing new products of other company