September 29, 2020

Name: Charmine B. Albao Subject: B.M. 201 (Business Marketing)

Course, Year & Section: BSHM 2-B Instructor: Dr. Jonathan M. Bisnar

Module 1 Lesson 1

Initiating the Marketing Process

IV. Learning Assessment
Answer the following questions:

1) What are the four marketing mix elements that make up the organization’s
marketing program? Cite examples for each factor.

Answer: The four marketing mix elements that make up the organizations marketing
program are 4p's meaning product, price, promotion, and place.

The first P stands for Product. A product is the heart of the marketing mix. All
marketing activities begin with the product. Example, a KFC chicken product will include
the look of the food, the shiny red buckets with the smiling face of Colonel Sanders, the
wording on the combo pack like “Friendship Bucket,” “Triple Treat.” Second P, pricing
strategies have been used by Jio Reliance company in India to get the deepest
penetration. It almost washed away all the mobile service providers out, Price is the
monetary value that has to be paid by a customer to acquire or own the product of a
company. The third P is the Promotion it aims to serve two objectives. One, it informs the
potential customers about your product and secondly, it persuades them to buy your
product. For example, the Coke leveraged the World cup 2010 and K’naan’s theme song so
much that, Coca Cola and football have all become synonymous. The Place or Distribution is
the fourth P, it deals with the transfer of ownership of the product from the
manufacturer to the customer. Examples: Apple iPhones are found easily in renowned e-
commerce stores like Amazon and not in Zepo and less known stores.

2) What is the difference between a business firm and a nonprofit organization? Give
at least two examples of a specific organization that display such type of structure.

answer:

A business firm is a privately owned organization such as Sony or Samsung that serves
its customers to earn a profit so that it can service. Profit is the money left after a
business firm’s total expenses are subtracted from its total revenues and is the reward
for the risk it undertakes in marketing its offerings. In contrast, a nonprofit organization
is a nongovernmental organization that serves its customers but does not have profit as an
organizational goal. Instead, its goals may be operational efficiency or client satisfaction.
Regardless, it also must receive sufficient funds above its expenses to continue
operations. Nonprofit organizations are organized for a public or mutual benefit other
than generating profit for owners or investors (Salamon 1999). They can take a variety of
forms from informal neighborhood associations, soup kitchens, local churches or
traditional charities serving the poor to labor unions, self- help groups or museums,
hospitals and large universities.
3) Explain the four market-product expansion strategies in diversification analysis.
Refer to Figure 1.

answer:

In a market penetration strategy, the firm uses its products in the existing market. In
other words, a firm is aiming to increase its market share with a market penetration
strategy. The market penetration strategy can be executed in a number of ways:
Decreasing prices to attract new customers, increasing promotion and distribution efforts
and acquiring a competitor in the same marketplace

In a product development strategy, the firm develops a new product to cater to the
existing market. The move typically involves extensive research and development and
expansion of the company’s product range. The product development strategy is employed
when firms have a strong understanding of their current market and are able to provide
innovative solutions to meet the needs of the existing market. For example, automotive
companies are creating electric cars to meet the changing needs of their existing market.
Current market consumers in the automobile market are becoming more environmentally
conscious.

In a market development strategy, the firm enters a new market with its existing
product(s). In this context, expanding into new markets may mean expanding into new
geographic regions, customer segments, etc. The market development strategy is most
successful if (1) the firm owns proprietary technology that it can leverage into new
markets, (2) potential consumers in the new market are profitable (i.e., they possess
disposable income), and (3) consumer behavior in the new markets does not deviate too far
from that of consumers in the existing markets.

In a diversification strategy, the firm enters a new market with a new product.
Although such a strategy is the riskiest, as both market and product development are
required, the risk can be mitigated somewhat through related diversification. Also, the
diversification strategy may offer the greatest potential for increased revenues, as it
opens up an entirely new revenue stream for the company – accesses consumer spending
dollars in a market that the company did not previously have any access to.
V. Enrichment Activities/Outputs:

COVID 19 pandemic has affected many business industries all over the world
including the hotel and tourism industries. As future entrepreneur, examine the
“Needs and Wants” of your customers to answer the issues brought about by this
pandemic. Write an essay (at least 100 words) on how you are going to cater your
guests in a hospitality industry using the following concepts: (a) marketing mix, (b)
global competition, (c) customer value, and (d) customer relationships.

answer:

As future entrepreneur, I will examine the needs and wants of my customers to answer
the issues brought about by this pandemic. I will cater my guests or customer in a
hospitality industry, first by finding a desirable target customers, including those likely to
deliver a high customer lifetime value and also capture a new business. Second, by
providing a satisfying experience in order to measure and improve customer satisfaction.
To track how customer's needs and wants will evolve and also to develop customer
confidence, trust and goodwill. Third, to sustain a committed relationship that will convert
contacts into loyal repeat customers rather than one-time customer.

To show care because caring is an excellent way to let someone know they are
important. To communicate them regularly, because whenever you see a comment on your
blog post, be sure to reply politely. Visitors love it when the site owners reply to their
comment. To build and nurture and online community. With the wide accessibility of the
internet today, it's easier for the products to reach their market online. By building an
online community where customers and prospects are connected to. I can simply promote
my product and let them know why they need to buy it. It is one of the best platform to
connect with an audience is through social media. To organize an events because if you
want a more personal way of engaging an audience, hosting events can be effective way. To
stay consistent no matter what. In maintaining customer relationship is consistency and be
consistent in the marketing methods to use and regularly update your site.