Quarter 1 Quiz 1 Topics: Entrepreneurship Market potential Market research Recognize and understand the market 7 p's of marketing
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Personal Attributes:
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Meaning
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Determination
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to bounce back after hard times
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Flexibility
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to change or move quickly in a changing market
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Leadership
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create rules and set goals
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Passion
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what gets them started and keeps them there
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Self Confidence
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comes from thorough planning
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"Smarts"
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common sense with knowledge and experience
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Initiative
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doing things even before being told.
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Proactive
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which means he can classify opportunities and seize it
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Problem Solver
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which means he can retain good relations with other people.
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Perseverance
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meaning he will pursue things to get done regardless of challenges.
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Persuasion
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means that he can entice people to buy even if they don’t want to.
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A planner
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he makes plans before doing things and does not fail to monitor it.
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Risk-taker
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meaning which means that he is willing to gamble but he will calculate it first. pursue things to get done regardless of challenges.
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Individual marketing
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tailored for the needs of individual customers
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Differentiated Marketing
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products are designed to suit the needs of a particular segment
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Concentrated Marketing
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products are designed to suit the needs of majority of consumers in the segment market
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Mass or undifferentiated marketing
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mass produced for the whole market
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Demographic Segmentation
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based on age, gender, ethnicity, income, level of education etc
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Geographical Segmentation
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based by their physical location
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Psychological Segmentation
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based on what customers think and believed like personality traits, hobbies etc
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Behavioral Segmentation
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based on variables such as perceptions, knowledge, reactions etc.
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include political, climate, legal system, economic and social conditions and market situations.
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Leader
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Innovative
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Decisive
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Communicator
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Proactive
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Opportunity Seeker
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Risk-taker
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Economic and Dynamic Activity
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creation and operation of enterprise that focuses in generating wealth and profit
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Innovative
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looks for new ideas, needs creativeness
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Profit Potential
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compensated by profit from the operation
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Risk Bearing
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gamble but wise enough to offset risk
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Identify new customers for your business
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Find ways to improve and change your business
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Show potential to business collaborators and investors
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Increase your profit
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Create a strategic plan for changes in economy and market
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Interview
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establish the relationship with potential participants and gather information
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Telephone Interview
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less expensive and less time consuming version of interview
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Focus Group Discussion
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discussion with customers to generate ideas from their opinions and brainstorming
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Protection
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a. natural detioriation b. physical protection c. safety d. waste reduction
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Containment
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merging unit loads for shipping
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Information
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provides info about the product
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Utility of Use
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for convenience
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Promotion
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for promoting
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Solid Positioning
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attract customers with different reasons on the same product
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Functional Positioning
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providing benefits and getting favorable perception
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Symbolic Positioning
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self image enhancement, ego identification
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Experiential Positioning
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providing with sensory or cognitive
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Product
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the most important part of marketing mix. Can be categorized as business goods or consumer goods
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Place
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represents the location where the buyer and seller exchange goods or services.
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Price
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the value of money in exchange for a product or service
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Promotion
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create an awareness and attract customers
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People
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consist of each person that is involved in the product directly and indirectly
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Packaging
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the outside appearance of a product and how it is presented
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Positioning
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the process of making an image to the minds of target market.
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Innovative Entrepreneurs
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make new things by thinking of new ideas
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Imitating Entrepreneurs
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dont create things and follow the ideas of other entrepreneurs
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Fabian Entrepreneurs
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skeptical of changes, dont initiate but follows when satisfied with results
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Drone Entrepreneurs
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they are conservatives, ready to suffer loss from their business
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Social Entrepreneurs
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initiate changes in social innovation and transformation in various fields
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estimate the potential market
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estimate the customers who probably doesnt like your product or avail your service
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estimate the market share using the competitor's market share to determine the portion of your venture
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Consumer Goods
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Products bought for the average consumer
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Business Goods
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Goods bought for producing the final product
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Channel 1
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producer - whole saler- retailer - consumer
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Channel 2
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producer- retailer- consumer
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Channel 3
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producer-consumer
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Radio
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Television
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Print
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Electronic
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Word of Mouth
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Public Relations or PR
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Personal Selling
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Sales Promotion
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Penetrating Pricing
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low pricing at first then pricing increased after getting a market share
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Skimming Pricing
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higher price then slowly lowers price to gain a wider market
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Competition Pricing
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same prices with other competition
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Product Line Pricing
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creating complementary pricing rather than competitive pricing on products
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Bundle Pricing
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selling products together in a lower price compared to buying it individually
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Premium Pricing
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price higher than similar products. Give perception that product has higher value
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Psychological Pricing
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slightly lower than rounder numbers to convince people to buy it
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Optional Pricing
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main product which doesnt have many features priced low and optional accessories that is premium pricing
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Cost Plus Pricing
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add together the direct material cost, direct labor cost and overhead cost to derive the price of product.
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Cost Based Pricing
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fixed sum or percentage of the total cost for the pricing
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Value Based Pricing
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prices based on perceived value of the product by customers
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