PACE ACADEMY

G12 ABM – Principles of Marketing

Written Works 6
Lesson 4: The Marketing Mix (Product/Service Development, Price, Place/Distribution, and
Promotion)

Identification. Identify the terms as defined.

1. Satisfying the customers’ needs and wants entails identifying opportunity gaps (unfilled needs and wants),
determining the target market, and providing products or services that satisfy changing consumer preferences or set a
trend. This is the pull portion of new product development because new products are introduced by identifying and then
satisfying customers’ needs and wants.

2. Pain points of the customers and the consumers are a good source of new product or new service ideas.

3. These are needed to eliminate ideas generated with poor or low potential, and allow those with superior
potential to go further. Internally, there are time and costs associated with product development, production, packaging,
inventory, distribution, advertising and promotions, and of course, morale.

4. It is the twin component of product quality, which, when combined, make up what is called product value or
value proposition.

5. It aims to make products or service available to its target market consistent with their purchasing pattern.
There are times that the “place” is given as much importance to consumers as the product functional utility.

6. It refers to the best relationship between a supplier and his channel members. Goodwill enables marketers to
have good display space in the stores and increases their inventory levels.

7. It is an activity involving the sale of products or services directly to final consumers.

8. It involves appointing a centralized call center operator who is tasked to take or suggest orders as well as send
these orders to the branch nearest the customer. It also involves organizing or appointing a delivery crew to ensure the
food ordered will be received by the customer promptly and within the time expected.

9. The flexibility to modify distribution may be needed. Other changes in the consumer-purchasing pattern such
as when the product matures, when new competition arises, and when innovative distribution emerges, must also be
considered.

10. It is a term used to describe unauthorized importation and distribution of products bearing genuine brands
across markets.

11. It is done to change the past perceptions of the target consumer.

12. It is a face-to-face communication between seller and buyer to make a sale. Simply put, it is selling personally.
The seller gives a personal presentation or demo to the potential buyer.

13. It is an activity applied for a predetermined, limited period of time, with the aim of increasing consumer
demand and stimulating sales.

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14. It is the activity of persons or organizations that sell to those who buy for resale (like retailers) or business use
(like industrial, institutional, and commercial users).

15. It shows the process where both the customers and the suppliers change their behavior while interacting in the
market.

16. It describes the product positioning strategy and how the product will be distinguished from competitive
products.

17. It defines the kinds of products a firm will be selling, or won’t be selling. This, in turn, defines the business in
the future.

18. It causes permanent and irreversible injury to the legitimate brand name not only in terms of lost revenues, but
also in terms of the image of being associated with substandard fake products.

19. It is conforming to the customer’s specifications, measured through customer satisfaction.

20. It is combining product and price, two of the 4Ps of marketing. It offers how your product or service can
benefit the target market (brand relevance) as well as define its uniqueness (brand differentiation).

Answers:

1. External needs
2. Idea Generation
3. Idea Screening
4. Price
5. Distribution
6. Goodwill
7. Retailing
8. Home Delivery
9. Channel Modification
10. Gray marketing
11. Repositioning
12. Personal Selling
13. Sales Promotion
14. Wholesaling
15. Product Life Cycle
16. Communication Plan
17. Product Criteria
18. Look-alike Products
19. Quality
20. Value Proposition