WEEK 7- BUSINESS IMPLEMENTATION

What is a marketing strategy?

A marketing strategy is a comprehensive plan designed to promote products
or services, attract customers and achieve short,medium or long term business
goals. Its ultimate goal is to reach your target audience through marketing
and advertising campaigns and then get them to buy or engage with your
service. It can also help you map your target audience, as well as the best
ways to reach them with tracking and insights.

Essentially, a marketing strategy is an overarching plan that anyone deciding

HOW TO START A BUSINESS, or working with an existing business use to
increase visibility and ultimately their profits. It can involve anything from
creating a strong brand identity to developing innovative products and
services. Successful marketing strategies should be tailored to your specific
goals and objectives.

Creating strategic marketing strategies starts with defining what is product

marketing for your niche, understanding where you are now, identifying key
areas of improvement and focusing on achieving specific goals.
(NICHE-a place, employment, status, or activity for which a person or thing is best
fitted…finally found her niche.
A job, activity, etc., that is very suitable for someone)

It should include:
 Goals of your business, e.g., to brand awareness or to sell services and
products
 Your target market and research on who they are and where they are
 Buyer personas and informational on your customer demographics, if
relevant
 Competitors, including their marketing strategies and pricing
 Value of your product or services for your target customers
 Your company's value proposition and what sets up apart from
competitors
 Your key branding messaging as this must run consistently through all
your marketing materials and campaigns
What is the purpose of a marketing strategy?
Marketing strategies can have many different purposes. The main ones often
cited are:
 Brand awareness
 Stronger customer relationships, both with existing and potential ones
 Competitive advantage, whether through more website traffic or
greater brand awareness
 Furthers business goals, whether these revolve around building a brand
or selling more

Marketing strategy vs. marketing plan

While these terms are used interchangeably, marketing strategies are broader
summaries of what your business does to overcome your pain points, meet
your goals and reach your audience.

A strategy provides a larger picture of how you plan to stay ahead of your
competition. It can reveal threats that you may need to consider for long-term
sustainability. By contrast, the marketing plan methodically outlines details of
how you will implement your strategies and how you will track your
marketing ROI.

Additionally, your marketing plan is highly detailed and involves the four Ps
of marketing: product, price, place and promotion. It helps to ensure a more
integrated marketing approach—that is, a unified message across all of your
promotional channels.

The main types of marketing

The main types of marketing can be broadly divided into two
categories: traditional marketing and digital marketing.

Traditional marketing

This type relies on offline channels to reach its target audience and
consumers.
Examples include print (newspapers, magazines, brochures), broadcast
(TV, radio commercials), direct mail (catalogs, coupons), outdoor advertising
(billboards, bus ads) and in-person or online public relations (press
releases, media events).

Digital marketing
This type uses and takes place on online channels to connect with consumers.
It includes content marketing (blog posts, articles, videos), social media
marketing (Facebook, Twitter, Instagram), search engine optimization (SEO)
for better search ranking, search engine marketing (paid ads on search
results), email marketing, affiliate marketing (partnering with other websites)
and mobile marketing (text messages, apps).

DIFFERENT MARKETING STRATEGIES:

1. Content marketing-
2. Social media marketing
3. Email marketing
4. SEO-Search Engine Optimization
5. Public Relations
6. Diversification strategy
7. Video marketing
8. Word of mouth
9. Inbound marketing
1.Content marketing
Paglalarawan
Content marketing is a form of marketing focused on creating,
publishing, and distributing content for a targeted audience online.
Content marketing is a form of marketing focused on creating,
publishing, and distributing content for a targeted audience online.

Content marketing is a brand strategy that focuses on creating

valuable content to engage the target market.
Content Marketing Strategy. Content marketing uses written and
visual content to provide value to your target audience.
Content marketing also helps you generate awareness, become an
authority and tell a story. Focusing on this strategy early on is handy
for other marketing ideas, as you can share your content on social
media or in email newsletters later. The most popular content
strategies are:
 Content writing
 Infographics
 Video marketing
 Starting a podcast
A powerful content marketing strategy contains buyer personas,
business cases, brand positioning, action plan, and value
proposition.
In the past decade, there's been a shift in the marketing mindset.
Today we see a rise in blogs, podcasts and webinars that are
engaging and inclusive to audiences—so they feel more connected
with brands.
Creating valuable and informative content has become a win-win
especially when it comes to developing and improving customer
engagement. Content marketing creates a strategic opportunity for
your business to connect with a customer meaningfully.

2. Social media marketing

Social media marketing is the use of social media platforms and
websites to promote a product or service. Although the terms e-
marketing and digital marketing are still dominant in academia, social
media marketing is becoming more popular for both practitioners and
researchers.
Social media marketing is one of the most popular types
of marketing strategies. And, it's also one of the most effective to
build awareness and increase sales.

Social media marketing uses social media platforms as a key channel

to share your messaging. Social media marketing can be paid ads ...
Social media marketing strategy. Today, social media marketing is a
huge part of any business's marketing plan as it's a hugely
compelling way to drive ...

An estimated 71% of small-to-mid-sized businesses use social media

for marketing, and 60% reported success with social media ads,
according to these small business marketing statistics. This high
percentage comes as no surprise. Social media marketing is one of
the most influential ways to use digital marketing to increase visibility
and gain traffic to your website. More so, it can be a valuable lead
generation method, a sales channel, an audience insights tool and a
customer service outlet.

From Instagram Reels to TikTok, your options of getting in front of

new audiences are endless. Ensure you strategically choose which
channels you focus most on, based on your target audience. If you
aim to reach a professional audience, LinkedIn is a must for creating
a company page. Social media platforms are a great way to secure
first-mover advantage, a concept in marketing and business when
companies are the first to market in a specific product category. The
speed at which it's possible to generate and distribute multimedia
content on social media is ideal for this.

Video marketing is a format that is becoming more heavily favored on

social media as users consume more content on their mobile devices
(this marketing strategy also works well if you're focusing on mobile
marketing), so consider this as an important form of content creation
in your marketing strategy. This marketing strategy also allows
brands to tap into the phenomenon of viral content. While not easy to
achieve, it can have a dramatic impact on key marketing metrics and KPIs, such as
website traffic and brand visibility.

Social media advertising is another component that should not be overlooked. For
example, advertising on Facebook can drastically increase new customers. Want to try
Facebook advertising for your business? Facebook Ads by Wix directly connects to your
website to set up and optimize your campaigns. Remarketing on social media channels
is a highly effective way to bring people back to your website to complete a purchase.

Popular social networks for promoting a business:

 Instagram marketing
 YouTube marketing
 TikTok marketing
 Facebook marketing
 LinkedIn marketing
 Pinterest marketing
 Twitter marketing

Our recommended reading to improve your social media strategy:

 Types of Social Media Content for Your Business
 How to Increase Social Media Engagement
 Ways to Improve Your Social Media Presence

.
3. Email marketing and newsletters

Email marketing
Email marketing
Email marketing. Email marketing is a strategy where you send potential
customers marketing messaging through email. It's used in both B2B and B2C marketing

Recent studies show that 89% of marketers use email as the primary channel for
generating leads. However, for email marketing campaigns to succeed, they need to
deliver the right kind of message to your audience (no spammy "Buy now" emails).
Good email marketing builds a relationship and acquires trust with readers. You can still
automate emails (check out marketing automation software) but remember to always
add value. These newsletter examples show how all-sized companies can communicate
uniquely and interestingly with subscribers. When you make a newsletter, conduct A/B
tests to maximize performance.
When done correctly, your newsletter and email marketing strategy can create a strong
ROI, improve customer retention and influence purchasing decisions.

Email marketing tips:


To build your email list, add a pop-up to your website to collect user
information.
 Share engaging content in your emails, such as blog posts, user-generated
content and videos.
 Personalize emails by adding information such as first names and customizing
content based on how the user engaged with your site.

4. Search engine optimization (SEO)

SEO. Search engine optimization (SEO) is when brands optimize their

websites in order to rank higher on search engine results pages

SEO strategy. Search engine optimization helps your website's

content appear in the top results of search engines. Organize your
content so that users can.
Using SEO techniques, you'll direct the right kind of traffic to your
site. People who find you through searches already arrive at your
business website

SEO is an important business strategy because of the popularity of

search engines and the competitive nature of SERPs. Organic search
— the unpaid listings
Search engines are filled with micro-moments. These are high intent
instances when someone wants to learn, buy or do something. By
optimizing your chances of ranking higher on search engines to show
up at these instances, you're practicing search engine optimization
SEO.

Search engine optimization (SEO) can be used as a core marketing

strategy or a marketing tactic. In either case, a solid SEO strategy
centers around making a brand’s content desirable, discoverable and
accessible for web users via search engines like Google and Bing.
Like inbound marketing, the most effective SEO strategies will include
a great deal of audience research (typically with keyword research)
and will be designed to ensure the brand has competitive visibility
within the target audience.

SEO strategists tend to specialize in certain skills, such as technical

SEO. Taking this approach can help brands to concentrate
knowledge, utilize the most effective SEO tools, and best satisfy user
intent.
Using SEO techniques, you'll direct the right kind of traffic to your
site. People who find you through searches already arrive at your
business website with intent. Driving traffic to your website isn't the
only significant benefit. Bottom line sales also improve with SEO.
fact, 70% of online marketers say that "SEO is better than PPC
advertising for generating sales."
To implement an SEO strategy, start by learning how to do keyword
research the right way. After selecting which high intent keywords
you're after, you can begin optimizing your content and improving
your online presence to increase your search ranking and visibility.
5. Influencer marketing

Influencer marketing. Companies leverage influencer marketing by

partnering with individuals who have large followings on social media
platforms like TikTok ...
Influencer marketing is a growing type of marketing strategy that lets
you work with people who have influence with your audience to ...
Influencer marketing leverages the reputations and social followings
of “experts” in specific fields to promote brands. Influencers'
endorsements.

Influencer marketing. Some may consider influencer marketing a

subset of social media marketing, while others consider it a separate
strategy.
According to author and entrepreneur Seth Godin, "People do not buy
goods and services. They buy relations, stories, and magic. These
wise words sum up the power of influencer marketing. As one of the
quickest growing marketing strategies, influencer marketing uses real
people to speak for your brand. Another side of it, is tapping into
celebrity branding—using high profile influencers or online celebrities
as part of your marketing efforts.
Influencers are individuals with high following or authority on a given
topic or niche. This is one of the best marketing strategies because
you get to expose your products and brand to a high follower reach
without spending time building the audience. More than that, the
influencer you've chosen to work with can use their authority to sway
potential consumers to buy. Influencer marketing is not unlike word
of mouth marketing or referral marketing.
According to Sarah Adam, head of marketing partnerships and
influencer marketing for Wix Studio:

"Marketing is forever changing and to be competitive and stand out,

you need to keep up with the industry changes. Tactics that worked
last year are no longer recommended today. Influencer marketing is a
great example of that. It is literally changing and growing by the day
and that is the core nature of the industry."
The key is to find influencers that relate to your product and align
with your brand values. Don’t be afraid to start with smaller
partnerships with nano and micro-influencers. Interestingly enough,
often their engagement rates and conversions are much higher than
the ones with massive followers.

After reading these impressive stats below, you’ll further understand

the lucrative power of a good influencer marketing strategy in helping
your secure greater market penetration as part of a wider mass
marketing strategy:

 60% of marketers report better performance with influencer

content vs. their own brand content.
 Over 70% of marketers agree that the quality of customers and
traffic from influencer marketing is better than other forms of
marketing.
 Influencer marketing yields between $5.20 to $6.50 for every one
dollar spent.

6. A diversification strategy involves taking new products into new

markets. This is really the creation of a completely new business. This
is the riskiest
Diversification strategy. A diversification strategy involves the
development of a new product for a new market

Diversification is a marketing strategy that can give your business a

unique position in the market. The idea behind this strategy is that by
offering more.
Marketing strategy is used by different companies to collaborate with
their consumers. It is also employed to aware the customers about
the features, ...

7. Earned media and PR

Public Relations
Paglalarawan
Public relations is the practice of managing and disseminating
information from an individual or an organization to the public in
order to influence their perception. Public relations and publicity
differ in that PR is controlled internally, whereas publicity is not
controlled and contributed by external parties.
Public relations (PR) marketing. PR marketing is a strategy where you
partner with a news source to generate more buzz around your
business
Public relations (PR) is a type of marketing that can help build your
business reputation in the media. Public relations builds beneficial
relationships
Public relations strategy. PR strategy enables marketers to share a
company's value with society and build a positive public image.
After you've launched your business and website, it's time to spread
the word. Gaining positive publicity and traction from media outlets
will create the buzz around your business to get the attention of the
masses. Business marketing strategies within this realm come in
varying forms, including TV, newspapers, radio and podcasts.

Ideally, the press and publicity you acquire are organic (unpaid), but
even if you’re considering working with a paid PR agency, the ROI
can prove worthy. Bill Gates himself said, “If I only had two dollars
left, I would spend one dollar on PR. It's an effective way to take your
marketing communication to the next level.

8. Video marketing. Audiences are 10 times more likely to engage

with, comment on, or share video than text. Videos are highly
engaging, memorable, and user ...
Video marketing. As video content gains traction across platforms
like YouTube, businesses use video marketing to promote their
brand, products, or services ...

Video marketing doesn't have to be limited to just YouTube. If you're

not considering TikTok, you probably should. In 2022, TikTok was the
second most ...
A video marketing strategy is the set of actions involved in using
videos to market your products and services to an audience. Today,
people consume video ...
8. Word of mouth

Word of mouth marketing. Word of mouth marketing is a marketing

strategy that relies on existing customers referring your business to
new customers.

Word of mouth. It totally relies on what impression you leave on

people. It is traditionally the most important type of marketing
strategy.

Word of Mouth Marketing. Word-of-mouth Marketing is the passing of

information from person to person by oral communication
Word-of-mouth marketing can be quite challenging to get right as it's
rather difficult to control, but it's highly effective when you get it right.

9. Advertising

Advertising is the techniques and practices used to bring products,

services, opinions, or causes to public notice to persuade the public
to respond in a certain way toward what is advertised.

An advertisement, otherwise known as an advert or ad, is generally

considered a public communication that promotes a product, service,
brand or event. To some the definition can be even broader than that,
extending to any paid communication designed to inform or
influence.

What is the best means of advertising?

Broadcast advertising

Radio and podcast advertising are both broadcast advertising

methods that can reach a large audience. For small businesses, radio
advertising can be a cost-effective way to reach a local audience
What is advertising in your own words?
Advertising is a marketing tactic involving paying for space to
promote a product, service, or cause. The actual promotional
messages are called advertisements, or ads for short. The goal of
advertising is to reach people most likely to be willing to pay for a
company's products or services and entice them to buy.

There are numerous types of advertising to consider for your

business. From social media advertising to TV and print advertising,
the options for advertising campaigns greatly vary. One thing is clear,
online advertising is a powerful way to get your audience's attention.
Its digital technology helps you better target, track and measure the
results of your paid marketing investment.

Learning how to advertise on Google early on will significantly benefit

your growth within digital advertising. Since Google is the largest
search engine globally, you want to stay ahead of the competition and
show up for strategic keywords related to your offerings with Google
ads. Advertising on Google and many social media platforms is also
known as Pay-Per-Click (PPC) advertising.

To choose the proper advertising methods for your business,

consider:

 Your audience
 Costs and budget
 Timing and length of your campaign
 Creative assets available

10. Affiliate marketing

To answer the question, “What is affiliate marketing?” you can think
of it as paid partnerships where others promote your brand for you.
By creating an affiliate marketing program, you’re ultimately working
with another affiliate that will distribute product promotions on their
social media accounts, blog, or other platforms. Their sales get
tracked with unique links called affiliate links, which allow the
individual to get compensated based on performance.

This type of marketing is increasing in popularity, and more and more

companies are rolling out their own affiliate programs. Due to this
growth, today, 81% of advertisers include affiliate marketing as part of
their overall marketing strategy.
11. Retargeting

Retargeting is a highly effective way to reach people who are already

familiar with your brand and have expressed some level of interest in
what you have to offer. It allows you to show ads to people who have
already visited your website or shown interest in your products or
services.

There are a few different ways to retarget people who have visited
your website, from display and social media ads to email marketing,
which can help you in the following ways:

Increase brand awareness. Make sure your brand is top of
mind for people who have already visited your website. This can
make them more likely to remember you when they are ready to
make a purchase.
 Generate leads. Showing ads to people who have visited your
website and have done nothing else can encourage people to
take the next step. Try offering free discounts or trials to give
further incentives.
 Drive sales. People who abandoned their shopping carts or
visited your website but didn’t buy anything might just need a
reminder, and you can make sure they get one.
A target market can be translated into a profile of the consumer to
whom a product is most likely to appeal. The profile considers four
main characteristics of that person: demographic, geographic,
psychographic, and behavioral. These characteristics help determine
who might purchase a company's product.
Who is your target market?
A target market is a specific group of potential customers who a
business aims to reach with its products or services. This group may
share common characteristics such as age, gender, income level,
education, interests, or geographic location that make them more
likely to be interested in and purchase from a business.

A group of people that have been identified are the most likely
potential costumers for the product because of the shared
characteristics such as age, income and lifestyle.
How to determine who the customers are in terms of market size?
How to Calculate Market Size
1. Start with your total addressable market.
2. Find a group of customers to focus on within that target market.
3. Figure out how many of those customers are likely to buy your
product.
4. Multiply that customer number by estimated penetration rate.
How do you determine target market audience?
7 Ways to Determine Your Target Audience
1. Analyze Your Customer Base and Carry Out Client Interviews. ...
2. Conduct Market Research and Identify Industry Trends. ...
3. Analyze Competitors. ...
4. Create Personas. ...
5. Define Who Your Target Audience Isn't. ...
6. Continuously Revise. ...
7. Use Google Analytics.
What determines a target audience?
Target audiences can be based on demographic information (age,
gender identity, location), psychographic information (aspirations,
concerns, values), or behavior (likely to buy online). Target audiences
are often broad and varied, so audience segmentation can help
deliver a more personalized and effective message.

Who are the target customers of target?

Target Shopper Demographics
 18-24: 12.41%
 25-34: 29.56%
 35-44: 20.16%
 45-54: 17.02%
 55-64: 13.13%
 65+: 7.72%
Who represents your target market?
The target market are people who will be using your product, and the
target audience are people you're selling the product to. Here's an
example: you're making software that helps children learn to read.
Your target market are children aged 5-8.
Why is it important to identify the target market?
Who are your target consumers markets?
What is a target market? Your target market is the people who are
most likely to be interested in the product or service that you are
offering. For some companies, this will be broader than others. For
example, if you sell toothpaste, your audience will be most of the
adult population.

What is the importance of marketing mix in the development of

strategies?
A successful marketing mix helps to get your product or service to
the right customer, at the right time and at the right price. Without
consistently analyzing and adapting your marketing mix based on
real-time data and consumer research, your business will not reach
its full growth potential.
Why do we need to recognize the importance of marketing mix in the
development of marketing strategy brainly?
Answer: in order for us to conclude or find the best startegies to be
used on the development of marketing strategies
What is the marketing mix and why is it so important in strategy
implementation?
The marketing mix in marketing strategy: Product, price, place and
promotion. The marketing mix is the set of controllable, tactical
marketing tools that a company uses to produce a desired response
from its target market. It consists of everything that a company can
do to influence demand for its product.
implementation?
Why is marketing important in the development of a marketing
strategy?
The purpose of marketing is to help businesses grow efficiently and
reach their highest potential for ROI by promoting brands, products
and services. Marketing promotions usually focus on boosting
content engagement, increasing sales of products and services and
growing brand awareness.
How does the marketing mix help determine a marketing strategy?
By carefully considering each element of the marketing mix, you
can create a cohesive and effective approach to product
development, pricing, distribution, and promotion that will help you
meet customer needs, differentiate your business from competitors,
and ultimately achieve business success.
Why do we need to recognize the importance of marketing?
Why is marketing so important? Every company needs to apply
marketing strategies to: increase sales, define products or services,
create connections with new collaborators or partners, get new
customers, build customer loyalty, create a brand, internationalize the
company through the media

Why is it important to consider the marketing mix?

The marketing mix helps determine the appropriate product, price,
place, and promotion strategies to reach the target market and
achieve business objectives. This enables businesses to effectively
position their products or services in the market, attract customers,
and gain a competitive advantage.

WEEK 8 - MARKETING PLAN

Recognize and understand the market needs.

What is recognize and understanding the market?

A key part of operating a business is understanding your industry and
the market you are serving. That means analyzing the competition,
the opportunity for growth and your audience or customer base.
Understand your audience.
Why is it important to recognize your potential market and understand
the market need?
With the change in consumer behavior, understanding the potential
market for your business becomes important. It will help transform
your small business into a big business. The understanding of the
potential markets will help you identify new potential customers you
don't have now but can work to attract.

Why is identifying and understanding market needs a critical focus of

entrepreneurship?
Knowing the preferences of your market will give you an advantage
as you can target your marketing to those specific needs.
Understanding what the customers in your market want and need will
also help you develop new products and expand your business
portfolio.

What is the importance of understanding the market?

Understanding the Market

Market research helps businesses understand why customers

purchase specific products or brands. It is directly related to the
marketing mix, as it allows companies to make decisions about
product, price, promotion, and place through the data collected
during market research.

How to understand the market?

These are the seven steps of conducting a market analysis:
1. Determine your purpose. ...
2. Research the state of the industry. ...
3. Identify your target customer. ...
4. Understand your competition. ...
5. Gather additional data. ...
6. Analyze your data. ...
7. Put your analysis to work.
 What are the basic market needs?

There are four main customer needs or market needs that an

entrepreneur or business must consider. These are price,
quality, choice, and convenience.

How to identify the needs and wants of your market customers?

The most straightforward way to identify customer needs is to
simply ask them directly. You can gather customer feedback through
surveys, interviews, focus groups, or casual conversations. Surveys
allow you to collect data quickly and easily from a large sample size.

SCREEN THE PROPOSED SOLUTIONS BASED ON VIABILITY,

PROFITABILITY AND COSTUMER REQUIREMENTS.

What is the primary purpose of screening proposed solutions?

By following an effective idea screening solution, businesses
can improve their chances of bringing successful new products to the
market. This process aligns potential product ideas with the
company's mission, ensures a strategic fit with market needs, and
provides a competitive advantage in different industries.

How will you ensure the viability and profitability of your proposed
business?
Evaluate the competition and identify a unique selling proposition.
Consider your financial feasibility, including startup costs, revenue
projections, and profitability. Assess the skills and expertise of your
team, and ensure you have a clear business plan.

What is the ability of the business to survive or quality of having a

reasonable chance of success called?
Viability is the ability of the business to earn a profit.

What is the purpose of customer screening?

Customer screening assesses a customer's position in terms of
receiving bad news, being identified as a PEP, or being a potential
criminal. To determine if the clients are genuine persons or
businesses, the names and contact information must not show on
any negative lists or searches.

Why is screening when generating business ideas important?

Idea screening is a core part of any new product development
process. It helps you to vet and evaluate potential ideas using set
criteria, data (such as market research) or scoring models. For
example, with new ideas you may want to assess them against
relevance, constraints, budgets, value, risks, and/or feasibility.

What is the importance of identifying the viability and profitability?

By conducting a thorough viability study, companies can make more

informed judgments regarding whether or not to engage in a project,
thereby preventing the waste of resources and financial losses. Using
a viability study, you can determine if a proposed business or project
is possible and how likely it is to succeed.

What is the viability of profitability?

A business is viable where: It is making a profit that is enough to
provide a return to the business owner while also meeting its
commitments to business creditors. It has enough cash resources to
sustain itself through a period when it's not returning a profit.

How can you identify the profitability and viability of a business?

You look at figures about profitability, assets, liquidity, cash flow, and
private income. With these numbers, you can make ratios or
calculation modules. From these, you can determine viability.. You
get these numbers from your profit and loss accounts and balance
sheet, which together form your annual accounts.
What are the factors that guarantee the viability of a business?
After defining market demand, competition, financial stability,
operational efficiency, and the role of a competent management
team you'll be better positioned to steer your new venture in the right
direction, making informed decisions that foster growth and
sustainability.

What do you mean by feasibility and viability of business?

Feasibility is the possibility and ability for something to be
done. Viability is that something's ability to survive. Sustainability is
executing and maintaining that something so that it is not detrimental
to the economy, to the environment nor society.

What do you mean by a business that needs to be viable?

Business viability refers to the ability of a business to sustain its
operations and generate profits over the long term. It is a measure of
whether a business idea, product, or venture has the potential to be
successful and financially sustainable. Creating a viable business is a
two-part process.

What is the purpose of screening and assessment?

Screening is a process for evaluating the possible presence of a
particular problem. The outcome is normally a simple yes or no.
Assessment is a process for defining the nature of that problem,
determining a diagnosis, and developing specific treatment
recommendations for addressing the problem or diagnosis.

What is the purpose of monitoring customer satisfaction?

A company's success lies in its ability to offer products and services
that fill customer demand. Measuring customer satisfaction helps you
take stock of that demand, find out what your customers like, and
maybe even discover what they don't like and what leads to
dissatisfaction.
WHAT ARE THE COSTUMER REQUIREMENTS

Customer requirements refer to the specifications or features of

a product or service that are deemed necessary by customers.
These requirements motivate customers to buy a product or
service. To determine customer requirements, companies can
research their target market to understand their desires and
needs.

Why are customer requirements important?

Customer requirements provide the information source for product
innovation. In the early stage of innovation, the direction of product
innovation is obtained through customer requirements. The driving
force of customer requirements has a greater impact on the
incremental product innovation.

How do you determine a customer's requirements?

The most straightforward way to identify customer needs is to
simply ask them directly. You can gather customer feedback through
surveys, interviews, focus groups, or casual conversations. Surveys
allow you to collect data quickly and easily from a large sample size.

What are the 5 basic needs of customers?

Now that we understand what customer needs are, let's show you the
5 main customer needs to serve:
 Price points.
  convenience.
 sustainability.
 transparency.
 control and options.
What are the customer specific requirements?
Customer Specific Requirements (CSRs) are the requirements created
or provided by the customer in agreement with the supplier or
manufacturer. These guide organizations in the automotive industry
in ensuring customer satisfaction.

How are customer requirements determined?

Customer requirements can be determined through research,
customer feedback, and identifying how customers want to purchase
products.

What are the two customer requirements?

There are two types of customer requirements: service requirements,
which are intangible aspects like on-time delivery and easy payment
processes, and output requirements, which are tangible product
specifications like loudness and clarity.

How do you create customer requirements?

Price — Customer's budget will need to be well understood. Customer
Experience — Customer's experience needs to be easy to use.
Functional needs are also required to be able to solve customer's
problem or desires. Design — Product or system design needs to be
process driven and intuitive to use.

How do you meet customer requirements?

The six main areas to consider when trying to meet customer needs
are product quality, customer service, price, convenience, brand
reputation, and communication. You need to make sure that your
product meets the expected quality standards while providing
excellent customer service.
SELECT THE BEST PRODUCT OR SERVICE THAT WILLMEET THE
MARKET NEEDS.
How do you select the best product that will meet the market need?
1. Easy to Reach Market. You want to choose a product that has an
easily-reachable market. ...
2. You Already Know the Market. ...
3. Existing Competition. ...
4. No Dominating Competitors. ...
5. Upfront Market Research. ...
6. Solves a Known Problem. ...
7. Differentiated Product. ...
8. The Price is Right.
What are the market needs of a product?
What are market needs? Market needs refer to the functional needs,
desires and goals of a target audience. A company may identify an
area of the market with unmet needs and create a product or service
that addresses them. If that audience has a large amount of need, the
company may receive a significant profit.

Why is it important to select the best product for the market?

The right product selection powers energetic growth not only of large
companies, but propels small companies, too. A retailer can increase
the number of buying customers by changing and improving the
product selection.

How do you say your product is the best?

Discuss specific features and benefits.

Instead of describing your products as “innovative” or “leading

edge”, show customers the specific features and benefits that live up
to these adjectives. For example, saying your service has a 99.7%
reliability rate is much more compelling than saying it's best-in-class.

What are examples of needs and wants in marketing?

While human needs are tied to survival, wants are desires or cravings
consumers have beyond their basic needs. For instance, a customer
might need a car for transportation. But they want a Tesla because of
its luxurious features, brand reputation, and commitment to
sustainability.

What are the five market needs?

The 5 P's of marketing – Product, Price, Promotion, Place, and
People – are a framework that helps guide marketing strategies and
keep marketers focused on the right things. Let's take a deep dive
into their importance for your brand. Need content for your business?

What is product need in marketing?

The aim of product marketing is to align activities for the new product
to the customers' needs. Traditional marketing involves creating
value for the customers. While traditional marketing helps in
acquiring new customers for a brand, product marketing helps in
pushing a product towards them.

Why do you need to market your product?

Marketing is the process of attracting customers to your company to
generate revenue. A well-thought-out marketing strategy allows a
company to research, promote, distribute products or services, and
sell for a profit. Marketing is a way to promote brand awareness and
create leads, which can become sales

What is the importance of good product in marketing?

Strong product elements grow brand loyalty, help earn a distinct
brand identity, and foster lasting brand-customer relationships. The
second P in the list, Place, emphasizes the importance of strategic
distribution channels to ensure your product is easily accessible to
the target audience.

Why it is important to choose the good quality of a product?

For companies, product quality earns customer loyalty, helps
establish brand recognition and manages costs. Customers often buy
more from companies they know and trust, and businesses can
reduce costs that result from product returns, defects and losses
through product quality control.
How do you determine the market need for a product?
1st, conduct market research using surveys and data analysis to
identify current needs and gaps. 2nd, analyze industry trends to spot
emerging demands. 3rd, study competitors to find where they fall
short. 4th, engage with potential customers to understand their pain
points and unmet needs.

How do you choose your product?

Methods for choosing products
1. Based on supplier reputation. If you choose products from a
supplier you know has good quality products, then your
customers are more likely to be happy with their purchase. ...
2. Based on market trends. ...
3. Based on fulfilling a unique need. ...
4. Based on a demographic. ...
5. Based on what you would buy.

What is a good better best product line?

What is an Example of Good Better Best? A classic example of this
strategy is seen in the smartphone market, where models are
categorized into basic (good), advanced (better), and premium (best)
tiers, each offering different features and benefits at varying price
points.

APPLY THEORETICAL KNOWLEDGE TO IDENTIFY AND EVALUATE

CHALLENGES FORMARKET PLANNING

What is a theoretical framework in marketing?

A group of related ideas that provides guidance to a research project
or business endeavor. The appropriateness of a theoretical
framework that a marketing department is using to promote its
corporate and product image to the consuming public can be an
important determinant of its ultimate success.
How do you evaluate a market plan?
There are four ways to evaluate a marketing plan, including customer
satisfaction, brand value, ROI, and market share. Return on
Investment is a good technique for evaluating how the marketing
budget worked versus the profits earned. Customer satisfaction and
brand value employ surveys to engage customers in feedback.

What are the difficulties in marketing planning?

Without a clear understanding of the target market, it can be difficult
to create effective marketing messages and campaigns that resonate
with the intended audience. Sometimes the strategy doesn't quite get
the targeting right, and that fact doesn't reveal itself until you start
communicating with them.

What are the challenges in implementing and controlling the

marketing plan?
What marketing strategy challenges do you face?
 Defining your objectives.
 Understanding your audience.
 Developing your value proposition.
 Choosing your marketing channels.
 Measuring your results.
 Here's what else to consider.
How to evaluate a market for a business?
The 10 Ways to Evaluate a Market is a checklist that's helpful in
identifying the overall attractiveness of a new market: urgency,
market size, pricing potential, cost of customer acquisition, cost of
value delivery, uniqueness of offer, speed to market, up-front
investment, up-sell potential, and evergreen potential.

What are the challenges you encountered while planning?

Identifying Barriers to Planning
 Inability to plan or inadequate planning. ...
  Lack of commitment to the planning process. ...
 Inferior information. ...
 Focusing on the present at the expense of the future. ...
 Too much reliance on the organization's planning department. ...
 Concentrating on controllable variables.

WEEK 9-10. PRODUCT & PRICING STRATEGIES

What is a product and pricing strategy?

A pricing strategy is a model or method used to establish the best

price for a product or service. It helps you choose prices to maximize
profits and shareholder value while considering consumer and market
demand.
What are the 5 pricing strategies with examples?
The 5 most common pricing strategies
 Cost-plus pricing. Calculate your costs and add a mark-up.
 Competitive pricing. Set a price based on what the competition
charges.
 Price skimming. Set a high price and lower it as the market
evolves.
 Penetration pricing. ...
 Value-based pricing.
Which strategy is an example of product pricing?
Out of the options given, the strategy that is an example of product
pricing is the "Dollar menus" (option A). This strategy involves
offering items on a menu for a fixed price of one dollar. It is a
common pricing strategy used by fast food chains and restaurants to
attract customers with affordable options.

What is the 4 pricing strategy?

Premium pricing: High price now, high price in the future. Penetration
pricing: Low price now, high price in the future. Pricing skimming:
High price now, low price in the future. Loss leader: Low price now,
low price in the future.

Why is product pricing important?

Product pricing is considered the only element that directly generates
revenue for the business. Therefore, proper management of listing
prices can dramatically impact the profitability of your eCommerce
business. In some cases, raising the price is more effective than
selling more products.

What is pricing strategy and its importance?

A pricing strategy is an approach businesses use to determine what
prices they should charge for their products and services. It involves
analyzing the market and customer demand, understanding customer
needs, evaluating production costs, and setting competitive prices
that maximize profits.

Which pricing strategy is best?

Value-based pricing is always a good move, and competitive pricing
can be a good place to start if you're unsure about what customers
are willing to pay. Both can also be valuable strategies for ecommerce
companies moving over to a subscription model.

What is the simplest pricing strategy?

What is the simplest pricing strategy? Since you only need to add up
the cost to make your product and add a percentage to it, cost-plus
pricing is the simplest form of pricing to use.

What are three main pricing strategies?

The three most common pricing strategies are:
Value based pricing - Price based on it's perceived worth.
Competitor based pricing - Price based on competitors pricing.
Cost plus pricing - Price based on cost of goods or services plus a
markup.
DETERMINE THE POSSIBLE PRODUCTS OR SERVICE THAT WILL
MEET THE NEEDS OF THE TARGET MARKET.

How will you identify the possible products that your market needs?
Some ways to define market needs may include:
 Be introspective. ...
 Conduct interviews. ...
 Analyze the competitors. ...
 Consider cultural components. ...
 Narrow your niche. ...
 Define your target market. ...
 Determine emotional needs. ...
 Differentiate your business.
(Someone who is introspective spends considerable time examining
his own thoughts and feelings. If you take to your diary after an
unhappy break-up, you are being introspective. The Latin word
introspicere means to look inside, and that's what an introspective
person does, metaphorically speaking.)
How to determine the possible products or services needed in the
market?
Conduct interviews

One strategy for learning more about market needs involves

conducting interviews with potential customers or members of the
target audience. These interviews are a qualitative method for
learning what the actual customers think about your particular
product, service or marketing strategy.

How do you determine the needs and wants of the target market?
Tools like surveys, focus groups, and in-person discussions can help
you understand what your target market needs, why it is (or isn't)
shopping with you, and what you can do to make your offerings more
appealing. You can also look at data from your POS or CRM to glean
insights about your customers.
How do you meet target market needs?

How can we best reach our target audience?

1. Step 1: Define Your Target Audience. ...
2. Step 2: Create Useful and Relevant Content. ...
3. Step 3: Leverage Influencers. ...
4. Step 4: Use Targeted Advertising. ...
5. Step 5: Referral Marketing. ...
6. Step 6: Reach Your Target Audience on Social Media via
Hashtags.
ANALYZE THE POSSIBLE PRODUCTS OR SERVICES THAT WILL
MEET THE NEED
How do you determine the need for a product?
The need for a product or service is identified by connecting with
your potential customers, understanding why they have the problem
and what it would take to solve it. Entrepreneurs must get out in the
market and start talking to potential customers. They must be able to
care about their customer's needs.
What are products that are used to satisfy a need or want?
Answer and Explanation:

Consumer products are those goods that individuals purchase so as

to fulfil their present needs and requirements. These are also
considered to be final goods. Example: beverages, clothes, food
items and others.
How do you determine the possible products or services that will
meet the need of the market?
  WHAT ARE THE MAIN FEATURES OR. ATTRIBUTES OF THE
PRODUCT?
 WHAT BENEFITS WILL USERS GAIN. FROM EACH PRODUCT
FEATURE?
 WHAT ARE THE MAIN APPLICATIONS. OF THE PRODUCT?
 WHAT MAKES YOUR PRODUCT. DIFFERENT FROM OTHER
SIMILAR. PRODUCTS ON THE MARKET?
 IS THE PRODUCT WORTH THE PRICE?
What is the need for the product or service?
The need for a product or service is identified by connecting
with your potential customers, understanding why they have the
problem and what it would take to solve it. Entrepreneurs must
get out in the market and start talking to potential customers.
They must be able to care about their customer's needs.
 What are my customers needs and wants?


 What are customer needs and wants? Customer needs and

wants are the motivation for why a customer wants to buy a
service or product. They can help you understand if your
product is delivering the right value. And also how you can
improve your product to be more attractive.

How would you ensure that your products are designed to meet
the needs of customers?
When designing the functionality of a product to meet the
practical needs of your audience, it's a good idea to focus on
usability, ensuring it's intuitive. Addressing emotional needs
involves creating a user experience that consumers will enjoy.

How do you analyze market needs?

These are the seven steps of conducting a market analysis:
 1. Determine your purpose. ...
2. Research the state of the industry. ...
3. Identify your target customer. ...
4. Understand your competition. ...
5. Gather additional data. ...
6. Analyze your data. ...
7. Put your analysis to work.
How do you identify the need for a product or service?
How to Identify Customer Needs
1. Use Existing Data.
2. Solicit Customer Feedback.
3. Customer Journey Mapping.
4. Input from Service Team.
5. Study Competitors.
6. Social Media Listening.
7. Keyword Research.
DESCRIBE THE UNIQUE SELLING PROPOSITION AND VALUE
PROPOSITION AND VALUE PROPOSITION THAT DIFFERENTIATES
ONE’S PRODUCT OR SERVICEFROM EXISTING PRODUCTS OR
SERVICES
What is the unique selling proposition and value proposition that
differentiates one's product service from existing product service?

The difference between value proposition and unique selling

proposition is that the former is about what you offer the customer,
and the latter is about how you offer it. A value proposition is about
what you can do for your customers. It's a statement of benefits—
what does your product or service do for them?
What is unique selling proposition or unique value proposition?
Purpose: The purpose of a USP is to differentiate a product or service
from its competitors and convince potential customers to choose it
over other options. The purpose of a UVP is to clearly communicate
the overall value of a product or service to potential customers and
persuade them to buy it.
How would you differentiate value proposition and unique selling
proposition on Quora?

Your unique selling point is the thing that makes you outstanding and
differ from all 'the others' out there doing more or less the same thing.
Your value proposition is how you can make this USP valuable for
your company/customer/boss/etc.
(Quora is a question-and-answer website where questions are asked,
answered, edited and organized by the community of users. Actually
'Quora' is an abbreviated form where 'qu' stands for question and 'a'
stands for answer. Thus the full form of Quora is 'Question or answer
'.)

What is the unique selling proposition of your product?

A unique selling point (USP), also called a unique selling proposition,
is the essence of what makes your product or service better than
competitors. In online marketing, communicating your USP clearly
and quickly is one of the keys to getting potential customers to
convert on your site.
A unique selling point (USP), also called a unique selling proposition,
is the essence of what makes your product or service better than
competitors. In online marketing, communicating your USP clearly
and quickly is one of the keys to getting potential customers to
convert on your site.
What is a value proposition? A value proposition is a simple
statement that summarizes why a customer would choose your
product or service. It communicates the clearest benefit that
customers receive by giving you their business.
Product differentiation is a process used by businesses to distinguish
a product or service from other similar ones available in the market.
This tactic aims to help businesses develop a competitive advantage
and define compelling, unique selling propositions (USPs) that set
their product apart from competitors.

WEEK 11-PROMOTION
A. Design a brand name of student’s new business idea and venture.

What is the best business idea for students?

12 unique business ideas for students
 Personal chef and catering services. ...
 Healthy foods startup. ...
 Live streaming. ...
 Photography services. ...
 Fitness coach. ...
 Blogging/Vlogging. ...
 Freelance writing. ...
 Graphic design services.

How do you venture a new business?

Starting a business can seem like a lot, but following these steps will
help make sure you're successful:
1. Make a business plan.
2. Secure funding.
3. Surround yourself with the right people.
 4. Follow the right legal procedures.
5. Establish a location.
6. Develop a marketing plan.
7. Build your customer base.
8. Plan to change.

Which business is best to start for beginners?

best home business ideas
Buy products in bulk and sell them online.
Sell homemade products.
Start a dropshipping store.
Start a print-on-demand business.
Offer online services.
Teach online classes.
Monetize your expertise.
Grow an audience you can monetize.
What is best small business in Philippines?
Business ideas with a starting capital of Php 60K or less
 Repair services. ...
 Meal planning and delivery. ...
 Website development. ...
 Graphic design. ...
 Photography/videography. ...
 Food cart/kiosk franchise. ...
 Laundry shop. ...
 Car cleaning and detailing. Initial investments: Garage space,
cleaning supplies, hiring, signage.
What is an example of the Filipino famous business?
Tony Tan Caktiong (Jollibee Foods)
The cheerful tagline “langhap sarap” – a Jollibee trademark – is well-
known among Filipinos. Tony Tan Caktiong, another Chinese
immigrant, is the brains behind this popular food chain.
What is an example of a business venture?
A business venture is really just a fancy way of saying starting a new
business. It could be anything from a tech company that wants to
change how we do things to a small shop that brings people together.
The key is seeing a chance to do something different and better.

Why business is a good venture to start?

You can start from scratch.

You make the rules. You're not restricted by the standards and
procedures of your boss or corporate culture. You can offer a product
or a service that fits your vision. You can also build your company
according to your own ideas.

DEVELOP A STRONG TOTAL PROMOTION CAMPAIGNS.

8 Tips for creating a strong promotional strategy
 Keep promotions simple. ...
 Bundle products together. ...
 Reward customers to boost orders. ...
 Reward top customers with special offers. ...
 Re-merchandise your product and homepage. ...
 Seed product reviews. ...
 Test out different promotions. ...
 Stay memorable.
How to create a promotional campaign?
1. Strategize your goals. The first step of a marketing campaign is
to clearly define your goals. ...
2. Set your budget. ...
3. Define your target audience. ...
4. Develop your message. ...
5. Execute your campaign. ...
6. Analyze your results.
Ways to Get the Word Out About Your Campaign
 1. DESIGN WITH SHARING IN MIND.
2. ADD FEATURES TO YOUR WEBSITE (OR BLOG)
3. UPDATE SOCIAL MEDIA PLATFORMS.
4. DO EMAIL MARKETING.
5. CREATE THE RIGHT KINDS OF CONTENT.
6. ADVERTISE.
7. USE TRADITIONAL MEDIA EFFORTS.
8. LIST ON GIVEAWAY SITES

What makes a promotional campaign effective?

Focus on the offer and outcomes

The number one takeaway for creating effective promotional

campaigns is to focus on creating an offer that incentivises the
outcomes you're hoping for.
What is the importance of a promotional campaign?
Marketing campaigns are important for businesses because they help
increase brand awareness, drive customer engagement, generate
leads, boost sales, and ultimately contribute to business growth and
success.
What is the goal of a promotional campaign?
To promote sales for an existing product

Marketers use promotional goals to guide marketing initiatives for

existing company products. This includes notifying the public of new
features, designs or color options. It also includes coming up with
creative ways to maintain or increase current sales numbers for a
product.
How can I create a campaign?
Select your advertising objective and choose a goal
1. In your Google Ads account, click the Campaigns icon .
2. Click the Campaigns drop down in the section menu.
3. Click Campaigns.
4. Click the plus button , then select New campaign.
 5. Choose your campaign objective, then follow the prompts in
Google Ads. ...
6. Click Continue.
7. hy is effective promotion important?
8. In addition to increasing immediate sales, sales promotions can
also help your business: attract new customers. encourage
loyalty and repeat purchases. get insights into customer
behaviour.
DISCUSS PROMOTION THAT CAN BE VIEWED AS A MAJOR
COMPONENT OF COSTUMER SERVICETHAT PROVIDED
INFORMATION.
What are the main components of customer service?
Effective communication, responsiveness, empathy, personalization,
and consistency form the cornerstone of strong customer
relationships. Businesses that prioritize these elements not only meet
customer expectations but also foster loyalty, drive growth, and
establish a positive reputation.
What is the role of customer service as a component of selling?
Customer service is a very important part of the business structure.
Having a good customer service plan in place contributes to sales,
increases brand loyalty, generates referrals, helps retain customers,
and provides businesses with a competitive advantage over others in
the same industry.
Is customer service part of promotion?
“Making sure we have top-of-the-line customer service is one of our
most important marketing efforts, and it yields serious results,”
James said. “Good customer service gives us a unique selling
proposition, repeat business, increased trust, branding and word of
mouth. That sounds like excellent marketing to me.”
What are the major components of customer satisfaction explain?
The key components of a successful customer satisfaction system
include measuring satisfaction with service across various aspects
such as delivery, timeliness, information, professionalism, and staff
attitude.
What is the main responsibility of customer service?
Handle customer inquiries via email and chat, giving prompt answers
to customer questions. Provide knowledgeable help to customers and
go the extra mile in providing the correct details to customer queries.
Adhere to Service Level Agreement (SLA) deadlines in resolving
customer complaints quickly and effectively.
INTERPRET THE DIFFERENT PROMOTIONAL GUIDELINES THAT
ARE OF INTEREST TO THE TARGET MARKET

What is market targeting and explain the procedure on how to target

different markets?
A target market is a specific group of people with shared
characteristics that a business markets its products or services to.
Companies use target markets to thoroughly understand their
potential customers and craft marketing strategies that help them
meet their business and marketing objectives.

What is a good promotional strategy to use when target markets very

little in regard to product use and consumer attitudes?
When target markets vary little in regard to product use and
consumer attitudes, the best promotional strategy to use is mass
marketing. Mass marketing involves creating a single marketing
message and broadcasting it to a large audien

DIFFERENT PROMOTIONAL GUIDELINES THAT ARE OF INTEREST

TO THE TARGET MARKET

Customer loyalty programs

Advertising
Coupons
Email marketing
Social media marketing
Blog posts
Competition
Content marketing
Direct marketing