ENTREPRENEURIAL

MARKETING Product
Focusing on PRODUCT and Advertising  Features
 Quality
Entrepreneurial Marketing  Branding
Entrepreneurial marketing is proactive  Packaging
identification and exploitation of opportunities  Services
for acquiring and retaining profitable customers
 warranties
through innovative approaches to risk
management, resource leveraging, and value
Price
creation.
 Price strategy
 Pricing
Types of Marketing Mix
 Allowances
 Discounts
 Payment terms

Product is the item offered for sale. A

product can be a service or an item. It can be
physically or in virtual or cyber form. Every
product is made at a cost and each is sold at a
price. The price that can be charged depends on
the market, the quality, the marketing and the
segment that is targeted
There are four types of products and
each is classified based on consumer habits,
1. Product price, and product characteristics: convenience
2. Price goods, shopping goods, and unsought goods.
3. Place
4. Promotion Convenience Products
5. People These are the most frequently bought
6. Physical environment products which do not require a lot of buying
7. Process effort, and are often bought immediately without
much comparison to other brands. These are
purchased often and fall in routine, thus
appealing to a large market. For instance,
sugar, salt, hair brush, or laundry detergents
etcetera fall in the category of convenience
products and are low priced and readily
available when needed.

Shopping Products
While shopping for these type of
products, consumers scrutinize the product
price, attributes, and quality more carefully in
comparison with other brands. These are less
frequently bought and companies selectively
distribute these to fewer outlets. In their pursuit
to compare alternatives, consumers use a
considerable amount of time as compared to
convenience products while gathering
Promotion information.
 Sales promotion
 Advertising Specialty Products
 Public relations These are the types of products which
 Direct marketing the consumer is willing to put an effort in while
buying as a result of their brand recall or
Place unique characteristics. Specialty products may
 Channels not cater to the masses but attract a certain
 Market coverage segment of the market, for example; hi-end tech
 Assortment products, professional camera equipment, a
special type of designer wear which you are not
 Location
ready to accept the substitute for.
 Inventory
 Transport
Unsought Product
These are the kind of products that
consumers either do not know about or usually
do not consider purchasing until a certain need
arises. Examples include funeral services,
house alarms, fire extinguishers, life insurance,
and even encyclopedias. Due to the nature of
these products and services, marketers need to
do much more advertising and personal selling
to be known.

adˑverˑtisˑing
/ˈadvərˌtīziNG/
the activity or profession of producing
advertisements for commercial products or
services.
To call the public's attention to your business,
usually for the purpose of selling products or
services, through the use of various forms of
media, such as print or broadcast notices.

Types of Advertising
Advertising may be classified as follows:
1. Retail advertising – those made by various
retail stores such as supermarkets and
beauty shops to attract customers.
2. Trade advertising – those made by
manufacturers to motivate wholesalers and
retailers to carry their products.
3. Industrial advertising – those made by
manufacturers to motivate other
manufacturers to use their products or
services.
4. Institutional advertising – those designed to
create a favorable image for a firm.

Importance of Advertising
Advertising is used to inform consumers
about new products, services, ideas on the
market. In this case, it implies the introduction
of goods on the market, as well as the search for
mass consumers.
Advertising is the best way to
communicate to the customers. Advertising
helps informs the customers about the brands
available in the market and the variety of
products useful to them.

The ten common types of advertising are:

1. display ads
2. social media ads
3. newspapers and magazines
4. outdoor advertising
5. radio and podcasts
6. direct mail
7. video ads
8. product placement
9. event marketing
10. email marketing.