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Chapter II - Marketing Aspect

The document discusses various aspects of marketing including the marketing mix, also known as the 4Ps - product, price, place, and promotion. It provides details on developing marketing strategies for each of these elements, such as determining the target market and their needs for products, setting an appropriate price, deciding on distribution channels, and promoting products to drive awareness and sales. Overall, the document outlines the key considerations for building an effective marketing plan.

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Jewel Cruz
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55 views25 pages

Chapter II - Marketing Aspect

The document discusses various aspects of marketing including the marketing mix, also known as the 4Ps - product, price, place, and promotion. It provides details on developing marketing strategies for each of these elements, such as determining the target market and their needs for products, setting an appropriate price, deciding on distribution channels, and promoting products to drive awareness and sales. Overall, the document outlines the key considerations for building an effective marketing plan.

Uploaded by

Jewel Cruz
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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II.

MARKETING
ASPECT
Mrs. Maridel S. Serpa Juan
Teacher
MARKETING ASPECT
The Marketing Aspect is said to be the
lifeblood of all feasibility studies. This chapter seeks
to determine the opportunities and threats, the
target market, the total demand and supply of the
product, the competition and
the marketing program which refers to the
product, price, place and promotional strategies.
Business Cycle
Combined collection

Having Materials and Equipment

Acquiring Employees

Formal of the product

Spreading

Consumers or customers
Marketing Strategy
A marketing strategy is all of a company’s marketing goals and
objectives combined into a single comprehensive plan. Business
executives draw a successful marketing strategy from market research.
They also focus on the right product mix so that they can get the most
profit.
Put simply; a marketing strategy is a strategy designed to promote a
good or service and make a profit. In this context, the word ‘good‘ means
the same as ‘product.’
A good marketing strategy helps companies identify their best customers.
It also helps them understand consumers’ needs. With a good strategy, it
is possible to implement the most effective marketing methods.
Product Strategy
Once you have decided on your marketing strategy, draw
up a marketing plan that sets out how you intend to
execute that strategy and evaluate its success. The plan
should be constantly reviewed and, if necessary, updated
so you can respond quickly to changes in customer needs
and attitudes in your industry and in the broader
economic climate. Read more about how to write a
marketing plan.
Promotional Tactics
Once you have created your marketing strategy, you must
then decide which marketing activity or activities will
ensure your target market know about the products or
services you offer, and why they meet their needs.
There are many ways to achieve this - such as various
forms of advertising, exhibitions, public relations, digital
marketing and an effective 'point of sale' strategy. Try to
limit your activities to those methods you think will work
best with your target market, to avoid spreading your
budget too thinly.
Product Description

A product description is the marketing copy used to


describe a product’s value proposition to potential
customers. A compelling product
description provides customers with details around
features, problems it solves and other benefits to
help generate a sale.
Packaging
Packaging is the first thing that contributes to the user
experience (UX), it can set the stage for a great user
experience or damage the user's product satisfaction before
they've even used your product.

Your packaging strategy should fulfil six functions: unique,


functional, safe, easy to remove, promote product benefits
and reinforce the brand.
Pricing Strategy

Price is the value that is put to a product or service and is the


result of a complex set of calculations, research and
understanding and risk taking ability. A pricing strategy takes
into account segments, ability to pay, market conditions,
competitor actions, trade margins and input costs, amongst
others. It is targeted at the defined customers and against
competitors.
Economy pricing: no-frills price. Margins are wafer thin; overheads
like marketing and advertising costs are very low. Targets the
mass market and high market share.
Example: Friendly wash detergents; Nirma; local tea producers.

Skimming strategy: The high price is charged for a product till such
time as competitors allow after which prices can be dropped. The
idea is to recover maximum money before the product or segment
attracts more competitors who will lower profits for all concerned.
Example: the earliest prices for mobile phones, VCRs and other
electronic items where a few players ruled attracted lower cost
Asian players.
Premium pricing: high price is used as a defining criterion. Such
pricing strategies work in segments and industries where a
strong competitive advantage exists for the company.
Example: Porche in cars and Gillette in blades.

Penetration pricing: price is set artificially low to gain market


share quickly. This is done when a new product is being
launched. It is understood that prices will be raised once the
promotion period is over and market share objectives are
achieved.
Example: Mobile phone rates in India; housing loans etc.
Placing Strategy

It outlines how and where a company will place its


products and services in an attempt to gain market share
and consumer purchases. Place strategy is sometimes
referred to as distribution strategy, and may include
stores, both physical and online, and any other means by
which the company can reach customers.
Promotional Strategy
The Promotion aims to stimulate demand for a
company’s goods or services. A Promotional strategy is
designed to inform, persuade, or remind target
audiences about those products. The goals of promotion
are to create awareness, get people to try products,
provide information, keep loyal customers, increase use
of a product, identify potential customers, and even
teach clients about potential services.
The unique combination of advertising, personal selling,
sales promotion, public relations, social media, and e-
commerce used to promote a product is called the
promotional mix. Advertising is any paid form of nonpersonal
promotion by an identified sponsor. Personal selling consists
of a face-to-face presentation in a conversation with a
prospective purchaser. Sales promotion consists of
marketing activities—other than personal selling, advertising,
and public relations—that stimulate consumers to buy. These
activities include coupons and samples, displays, shows and
exhibitions, demonstrations, and other selling efforts.
Brochure

Marketing brochures help companies market their products or services.


They’re traditionally single or multi-fold paper-based documents
(although with the advent of the digital age, they also come in digital
varieties as well) and come in various shapes and sizes (most often
resembling a pamphlet or an A4 size piece of paper.)
Tarpaulin
Facebook page
Marketing Mix 4P’s
The marketing mix simply refers to the
planned mix of the controllable elements
of a product’s marketing plan. These
elements are usually referred to as the 4Ps
and they are Product, Price, Place, and
Promotion.
Price
There are quite a number of factors that go into
determining the price of a product including the
operation costs and distribution costs incurred while
availing the product to the market. One very important
factor that you should never forget though is your target
market. Ensure that the price you set for your product is
one that will be within the means of your target market.
Failure to do this will result in your not making enough
sales or none at all.
Product
This is what you are offering to the market. It is a very
important part of the marketing mix as it is what you will use to
attract the customers. When developing a product, it is
imperative that you come up with a product that solves a
certain problem for your target market. It is commonly said
that a business opportunity exists where there is a gap to be
filed in the needs of a market.
For your product to be profitable, it has to be filling a certain
gap in the needs of your target market. Do not simply develop
a product; develop a product that people will want to buy to
meet a certain need.
Place
Place is a very important factor in the
marketing mix. Marketing is all about getting
customers for your product. It is thus
imperative that you reach out to these
customers. To do so, you have to get to where
they are. Marketing has to take place where
your target market is.
Promotion
Promoting the product is all about selling
your idea to the customer; showing your
customer how the product will be of
benefit to them and that it will be good
value for their money. This should come
out clearly when you are promoting the
product.
SWOT ANALYSIS
Strengths, Weaknesses, Opportunities, and Threats, and
so a SWOT Analysis is a technique for assessing these four
aspects of your business.

You can use SWOT Analysis to make the most of what


you've got, to your organization's best advantage. And you
can reduce the chances of failure, by understanding what
you're lacking, and eliminating hazards that would otherwise
catch you unawares.

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