lesson 3

Question 1

It is how a business intends to present a product to the public, taking into account the target audience, product benefits and marketing methods.

Answer 1

Marketing strategy

Question 2

refers to activities a company undertake to promote the buying or selling of a product or service.

Answer 2

Marketing

Question 3

is a long term plan on what to do to achieve a certain goal.

Answer 3

Strategy

Question 4

specific group of people with shared characteristics you want to reach with your marketing efforts

Answer 4

Target market

Question 5

is the activity of dividing a broad consumer or business market into sub-groups of consumers (known as segments) based on some type of shared characteristics

Answer 5

Market segmentation

Question 6

Bases of market segmentation

Answer 6

Geographic
Demographic
Behavioral
Psychographic

Question 7

What are under geographic

Answer 7

Location
Country
City
Language
Population

Question 8

What are under demographic

Answer 8

Age
Sex
Income
Education
Social status
Family
Occupation

Question 9

What are under behavioral

Answer 9

Readiness to purchase
Life cycle stage
User status
Intent

Question 10

What are under psychographic

Answer 10

Lifestyle
Interest
Personality
Values
Attitudes

Question 11

7Ps of marketing mix

Answer 11

Product
Price
Promotion
Place
People
Packaging
Positioning

Question 12

is the set of controllable, tactical marketing tools that a company uses to produce a desired response from its target market.

Answer 12

Marketing mix

Question 13

It consists of everything that a company can do to influence demand for its product..

Answer 13

Marketing mix

Question 14

This is defined as “anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. It includes physical objects, services, persons, places, organizations and ideas.”

Answer 14

Product

Question 15

bags, shoes, clothes, foods, cars, tables, pencil, notebooks, etc.

Answer 15

Tangible products

Question 16

These are activities, benefits or gratification offered for sale that is essentially intangible and does not result in ownership of anything.

Answer 16

Intangible products

Question 17

Product levels

Answer 17

1: Core Benefit
Level
2: Actual Product
Level
3: Augmented Product

Question 18

is the fundamental need that the customer satisfies when they buy the product.

Ex: telephone calls or text

Answer 18

Level 1: core need

Question 19

is the product features and its design. Products typically have lots of features but very few actual benefits (core benefits) to the customer.

Ex: features of the phone, including: color, screen size, camera, other specifications

Answer 19

Level 2: actual product

Question 20

Augment means

Answer 20

“To add to”
Or
“To make greater”

Question 21

Therefore, the last level in the product level model is increasing and adding value \These are referred to as ―add-ons.

Ex: 1 year warranty, free power bank, free case,

Answer 21

Augmented product

Question 22

It answers the question—how much? This is also the amount of money that the customer must pay to get the products or services that he wants.

Answer 22

Price

Question 23

This is also defined as the value that the entrepreneur assigns to a product or service after computing its costs.

Answer 23

Price

Question 24

is the method of pricing that an entrepreneur use to determine how much to sell their products or services.

Answer 24

Pricing strategy

Question 25

Pricing strategies

Answer 25

Market penetration pricing Market skimming pricing Competitive pricing Premium pricing Cost based pricing Psychological pricing Bundling Value based pricing Product line pricing

Question 26

This is the setting up of a low price to new products or services in order to attract more customers and increase in market share. Example: Newly opened cellphone shop offering 5% off for their smartphones as introductory price.

Answer 26

Market penetration pricing

Question 27

This is the opposite of market penetration pricing because with __________, the entrepreneur sets a higher price for a new product to gain maximum revenues for customers who are willing to pay for a higher price. Ex: iPhone

Answer 27

Market skimming pricing

Question 28

This is a common practice among entrepreneurs where they check and refer to the product price of their competitors. Entrepreneurs in the same industry set prices relatively low or relatively high with competitors.

Answer 28

Competitive pricing

Question 29

This is a method where the entrepreneur sets a very high price for their products and services to reflect an impression of higher quality and superiority. Ex: common for luxury products

Answer 29

Premium pricing

Question 30

This is a pricing method wherein a mark-up is added over costs or all expenses to come-up with the agreed price of the product or service. Ex: Anna’s polvorons expenses from the ingredients and other costs amounted to 50 pesos for 5 pieces; she then sets the price at 80 pesos for 5 pieces to cover all her expenses in making polvoron.

Answer 30

Cost based pricing

Question 31

It is the practice of setting prices of products that is slightly lower than a whole number. Ex: In a clothing store, a shirt is priced at 99 pesos.

Answer 31

Psychological pricing

Question 32

This is when entrepreneurs combine two or more of their products and offers the ―bundle at a lesser price. Example: Detergent powders are bundled with fabric detergents at a lesser price.

Answer 32

Bundling

Question 33

This is a pricing strategy wherein the entrepreneur determines the willingness to pay of a target customer for a particular product or service.

Answer 33

Value based pricing

Question 34

It refers to the practice of setting prices for multiple products in coordination with one another.

Answer 34

Product line pricing

Question 35

It refers to a location where the business is situated. An entrepreneur would choose a prime location for his business where the customers could easily visit his store to buy their goods or services.

Answer 35

Place

Question 36

In this marketing mix, the entrepreneur seeks to answer this – how can we deliver our products and services to our target customers?

Answer 36

Place

Question 37

Types of distribution channel

Answer 37

Direct distribution Indirect distribution

Question 38

It is organized and managed by a company that sells directly to consumers.

Answer 38

Direct distribution

Question 39

It involves intermediaries that perform a company's distribution functions

Answer 39

Indirect distribution

Question 40

The main purpose of promotion

Answer 40

is to get the attention of customers which will then lead to their purchase of the product that is being promoted.

Question 41

This marketing mix may also create interest and curiosity in the minds of buyers and can also generate loyal customers.

Answer 41

Promotion

Question 42

Promotional strategies

Answer 42

Advertising Sales promotion Personal selling Public relations Direct marketing Social media marketing

Question 43

It is any paid form of public presentation or announcements of products or services by an identified sponsor through a medium. Ex: TV commercials, billboards

Answer 43

Advertising

Question 44

Main purpose of advertisments

Answer 44

•Create awareness of your product or service •Persuade the customers that your company's product or service is suitable for their needs or wants •Improve the image of your company •Publicize new products or services.

Question 45

This is a short term incentive given to customers to encourage the purchase of a product or service

Answer 45

Sales promotion

Question 46

This is one of the most sought after strategies in promotion. Customers find that _______ is the priority of the entrepreneur is on the interactions, relationship and trust built between sales and the customers or buyers.

Answer 46

Personal selling

Question 47

This also known as PR is the process of creating good relations with the general public and building a good image. This also includes proper management of unfavorable feedbacks from customers. Ex: media conference, journals or blogs, partnership events

Answer 47

Public relations

Question 48

This is the strategy where the entrepreneur makes direct connections with carefully targeted customers to get fast response and make a lasting relationship thus making them your loyal customers. Ex: e-mail marketing, direct mail, online selling

Answer 48

Direct marketing

Question 49

This strategy uses social networking websites such as Facebook, Instagram and Twitter as a promotional tool.

Answer 49

Social media marketing

Question 50

This is an additional element in the basic 4P’s of marketing. This include your employees and how they handle and take care of your customers’ needs.

Answer 50

People

Question 51

It how the product is presented to the customers. It is the way your product or service looks from the outside. ___ will set you apart from your competitors. It is also part of your over-all brand identity.

Answer 51

Packaging

Question 52

is also considered as the ―”silent salesman” of your products or services.

Answer 52

Packaging

Question 53

This is the process of communicating the image of a brand into the minds of your customers.

Answer 53

Positioning

Question 54

is one of the most vital features of any enterprise.

Answer 54

Branding

Question 55

is an identifying symbol, mark, logo, name, word, and/or sentence that businesses use to differentiate their product from others.

Answer 55

Brand

Question 56

Characteristics of a brand name

Answer 56

Catchy Visually appealing Positive meaning Clear and concise Unique

Question 57

use a word or phrase that is easy to recall. Avoid words that have foreign sounding pronunciation.

Answer 57

Catchy

Question 58

your brand which includes your brand logo must be carefully planned out. It must use a good combination of graphics and colors.

Answer 58

Visually appealing

Question 59

your chosen brand name or brand logo should be carefully checked for possible negative meanings.

Answer 59

Positive meaning

Question 60

the brand name should clearly identify your product and its salient features.

Answer 60

Clear and concise

Question 61

As an entrepreneur, you should choose a name that has no similarity with other brand names. It always a must to check the availability of your chosen brand name before starting your business.

Answer 61

Unique

Question 62

This is also the marketing mix where companies create their Unique Selling Proposition or USP.

Answer 62

Positioning