6. Briefly describe the 4 major steps in designing a customer-driven marketing strategy.

 Market segmentation – is the process of dividing the total market (all of the
people to whom the organization can sell its products or services) into
identifiable, measurable, and discrete groups that share some common
characteristics or needs and may have similar attitudes or reactions to product
or service communication messages.
 Market Targeting - Once an organization has identified a number of potential
market segments, it may begin the targeting process. This includes defining
measurements of segment attractiveness and selecting which segments to
target. This process involves re-evaluating the segments and profiles against the
core skills and resources (what the organization actually offers in terms of
service or experience) to determine which segments are the most appealing to
target.
 Market Differentiation - there are a few strategy example product
differentiation, Service differentiation, channel differentiation, people
differentiation and image differentiation. The difference to promote can be
important, distinctive, Superior, communicable, pre-emptive, affordable and
profitable.
 Product Positioning - The process consists of making any fine modifications to
the service offering based on research completed during the marketing
planning process, followed by the building of a "image" of the service that
satisfies the target market's values. This job can be based on the target group's
core capabilities or special value requirements. The marketing mix is adjusted
to suit each target segment.

7. Segment the MARKET for the following products in Tacloban City using the different
segmentation variables:

A. Food
The market can be segmented using demographic segmentation using the following
elements: age, household income, marital status, family size, and occupation. The
demographic approach is one of the simplest and most commonly used types of
market segmentation because the products and services we buy, how we use those
products, and how much we are willing to spend on them is most often based on
demographic.

B. Education
The market for education can be segmented using psychological aspects of consumer
behaviour by dividing markets according to: personality traits, values, and interests.
This can be used when considering what course to pursue.

C. RTW goods
Behavioral segmentation can be used for the market of this variable using the following:
decision-making patterns such as purchase, consumption, lifestyle, and usage.
Segmenting markets based on purchase behaviours enables marketers to develop a
more targeted approach, because you can focus on what you know they are looking
for, and are therefore more likely to buy.

8. What is a brand? What are the advantages of having a brand for your products?
What competitive advantage will brand equity give to a product?

What is a brand?
It is a product, service or concept that is publicly distinguished from other
products, services or concepts so that it can be easily communicated and usually
 marketed. A brand is more than simply a logo or a product; it refers to a company's
whole perception and reputation in the minds of its customers. A brand is a
complicated combination of associations and emotions that individuals have with a
specific entity.

What are the advantages of having a brand for your products?

There are many advantages of having a brand, a strong brand enables clients to
quickly identify and recognize your products or services. This recognition promotes
trust and loyalty, as customers prefer companies with which they are familiar and
have favorable connections. Once a customer recognizes and purchases a product
or service, effective branding will keep them coming back for more. A good
company with outstanding products and strong branding strikes all the right chords
with customers. This will improve client loyalty in the long run. Apple is a great
example of consumer loyalty, with one of the world's most successful branding
stories. It built a loyal following by establishing an emotional connection with its
customers. Brand loyalty is one of the primary reasons behind Apple's huge market
success. Every customer has their trust issues whenever it comes to trying a new
product or service, However, a strong brand can help you set yourself apart as a
well-established business with strong values that customers can resonate with.
Innovative marketing coupled with exceptional products and services, phenomenal
customer service, and interesting visuals will surely help even a small company
establish itself as a serious professional business.

What competitive advantage will brand equity give to a product?

When a company has strong brand equity, buyers are ready to pay a premium for
its products, even if they could get the same thing from a competitor for less.
Customers, in effect, pay a premium to do business with a company they trust and
admire. Because the company with brand equity does not incur more costs than its
competitors in producing and bringing the product to market, the price difference is
allocated to their margin. The company's brand equity allows it to earn a higher
profit on each transaction.

9. What is a product? Discuss the 3 levels of product. Illustrate through an example.

What is service? Give at least 3 examples of the following market offerings:
Product, Service, Experience, Place, Persons, Ideas, Organizations

What is a product? Discuss the 3 levels of product.

A product is a tangible or intangible item that is offered to the market to satisfy a

want or need. Products can be physical goods, services, experiences, or a
combination of these elements. The concept of a product is a central component of
the marketing mix, which also includes price, place (distribution), and promotion.

The core product is the first level. This is the basic need or wants that the customer
is trying to satisfy. For example, a customer might want a phone that allows them to
make calls and send texts. The core product would be the function of making and
receiving calls and texts.

The second level of the product is the actual physical product or service. In our
example, this would be the phone itself. The phone would have certain features
that appeal to the customer, such as a camera, music player, etc.
 The product’s third level is known as the augmented product. This includes
everything else that surrounds the physical product or service, such as warranties,
customer service, packaging, etc.

What is a service?

a service refers to an intangible offering that provides a specific benefit, solution,

or value to customers. Unlike actual objects, services are intangible and cannot be
held, touched, or possessed. Instead, services are actions, performances, or
processes carried out or given by the service provider to suit the wants or wishes of
the client.

Give at least 3 examples of the following market offerings: Product, Service, Experience,
Place, Persons, Ideas, Organizations

Product – Clothing apparel, Automobiles, Shoes (imo maam Appliances, Smart phones,
Laptop)
Services – Consulting services, Healthcare services, Legal Services ( imo maam
Educational Tutoring, Hair salon Services, Massage services)
Experience – Theme park, Concert, Zip lining ( Fine dining, Virtual reality gaming,
Culinary tour)
Place – Amazon, Walmart, Shopping malls ( Birch box, Google play store, Spotify)
Person -
Ideas
Organization

10. Name & describe the 5 stages of the product life cycle. Identify a product class,
product form or brand that is in each stage. Use local products to illustrate.