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Entrepreneurship

Chapter 4- Let The Market Know You Better

TermDefinition
Positioning, Product, Packaging, Place, People, Promotion, Price The 7 Ps of Marketing
Positioning You should develop the habit of thinking continually about how you are positioned in the hearts and minds of your customers.
Product is a tangible good or the intangible service that the enterprise offers to its customers in order to satisfy their needs and to produce their expected results.
Breakthrough Products, Differentiated Products, Copycat Products, Niche Products Four Types of Product
Breakthrough Products Products that are technologically advanced and creatively superior to existing products in the market
Differentiated feature is an aspect of the product that makes your product stand out from the competition and should be sustainable and not easily duplicated by others.
Differentiated Products Products that try to claim a new space in the mind of the customer different from the spaces occupied by existing products
Copycat Products A product that has been designed, branded or packaged to look exactly like that of a well-established competitor; a cheap imitation.
Niche Products Products that do not intend to compete directly with the giants. They are products with lower reach, lower visibility. Lower prices and lower top of mind
Packaging the process when the products are wrapped in a cover that displays the brand name
Place is the best access to customers. There will always be that specific location for your business where it will be in the demand and progressive.
Initial locations screening Image and location conditions, exact fit to target market, clustering of competitors establishments, future area development, fiscal and regulatory requirements
Comparative Location Analysis these locations must have that “extra something” that makes competitors fight for a store space within the same area.
People The ultimate marketing strategy All companies are reliant on them. This is essential because they are as much a part of your business offering as the products/services you are offering.
Promotion Advertising, PR, Sales Promotion, Personal Selling and Social Media are tools used to put across the organisation’s message to the correct audiences in the manner they would most like to hear, whether it be informative or appealing to their emotions.
Price The Product should always be seen as representing good value for money. One of the main tenets of the marketing concept is that customers are usually happy to pay a little more for something that works really well for them.
Profit maximization, Revenue maximization, Market share maximization, Attainment of the desired prestige or quality leadership, Penetration, survival, or liquidation, Scarcity pricing or market skimming Set prices are based on:
Created by: yuniskie
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