The Marketing Mix (7Ps) in Relation to the Business Opportunity PDF

Focus Group Survey Interview Discussion (FGD) undefined it is referring to the set of actions or tactics that a company uses to promotes is brand or product in the market is a set of controllable and connected variables that a company gathe...

Focus Group Survey Interview Discussion (FGD) undefined it is referring to the set of actions or tactics that a company uses to promotes is brand or product in the market is a set of controllable and connected variables that a company gathers to satisfy a customer better than its competitor. It is also known as the “Ps” in marketing. 1. Product 2. Place 3. Price 4. Promotion 5. People 6. Packaging 7. Positioning  Place represents the location where the buyer and seller exchange goods or services. It is also called as the distribution channel.  Selling Directly to Consumers PRODUCER CONSUMER Selling through Retailers PRODUCER RETAILER CONSUMER Selling through wholesaler PRODUCER WHOLESALER RETAILER CONSUMER  You are here It is the value of money in exchange for a product or service.  You are 1. a buyer is willing to here pay, 2. a seller is willing to accept, 3. the competition is allowing to be charged.  (Capital) 1 pack of kikiam P50.00 mark up P50.00  Engagement (5 Content (10 Delivery (10 points): points): points): Is the main Did the Is the presenter message clear? presenter confident and engage the engaging? audience? Penetration Pricing The price charged for products and services is set artificially low in order to gain market share. Once this is achieved, the price is increased. Skimming Pricing A company charges a higher price then slowly lowers the price to make the product available to a wider market because it has a considerable competitive advantage. Competition Pricing A pricing method in which a seller uses prices of competing products as a benchmark instead of considering own costs or the customer demand. 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 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 left-most 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 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. Among the 3Ps’ that we have discussed today, do you think we can get away or we can remove one of the first three P’s as part of the marketing mix? Yes/No explain