OUR LADY OF TRIUMPH INSTITUTE OF TECHNOLOGY

Tugas St. Balangasan Pagadian City Zamboanga Del Sur Philippines

Document Title:
ISO 9001:2015
COURSE MODULE IN
ENTREPRENEURSHIP

Lesson 1 The Marketing Mix (7P’s) in Relation to the Business

Opportunity

Marketing Mix is a set of controllable and connected variables that a company

gather to satisfy a customer better than its competitor. It is also known as the
“Ps” in marketing. Originally, there were only 4Ps but the model has been
continually modified until it became 7P’s. The original 4 P’s stands for product,
place, price and promotion. Eventually, three elements have been added, namely:
people, packaging and positioning to comprise the 7 P’s.

The 7 P’s of Marketing Mix

1. PRODUCT
Marketing strategy typically starts with the product. Marketers can’t plan a
distribution system or set a price if they don’t know exactly what the product will
be offered to the market.
Product refers to any goods or services that are produced to meet the
consumers’ wants, tastes and preferences. An example of goods includes tires, MP3
players, clothing and etc. Goods can be categorized into business goods or consumer
goods. A buyer of consumer goods may not have thorough knowledge of the goods he
buys and uses. An example of services includes hair salons and accounting firms.
Services can be divided into consumer services, such as hair styling or professional
services, such as engineering and accounting.

2. PLACE
Place represents the location where the buyer and seller exchange goods or
services. It is also called as the distribution channel. It can include any physical
store as well as virtual stores or online shops on the Internet.

STAGES OF DISTRIBUTION CHANNEL

Channel 1 contains two stages between producer and consumer - a wholesaler and a
retailer. A wholesaler typically buys and stores large quantities of several
producers' goods and then breaks into bulk deliveries to supply retailers with
smaller quantities. For small retailers with limited order quantities, the use of
wholesalers makes economic sense.

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 OUR LADY OF TRIUMPH INSTITUTE OF TECHNOLOGY
Tugas St. Balangasan Pagadian City Zamboanga Del Sur Philippines
Document Title:
ISO 9001:2015
COURSE MODULE IN
ENTREPRENEURSHIP
Channel 2 contains one intermediary. In consumer markets, this is typically a
retailer. A retailer is a company that buys products from a manufacturer or
wholesaler and sells them to end users or customers. In a sense, a retailer is an
intermediary or middleman that customers use to get products from the manufacturers.

Channel 3 is called a "direct-marketing" channel, since it has no intermediary

levels. In this case the manufacturer sells directly to customers.

3. PRICE
The price is a serious component of the marketing mix. What do you think is
the meaning of a Price?
In the narrowest sense, price is the value of money in exchange for a product
or service. Generally speaking, the price is the amount or value that a customer
gives up to enjoy the benefits of having or using a product or service. One example
of a pricing strategy is the penetration pricing. It is when the price charged for
products and services is set artificially low in order to gain market share. Once
this is attained, the price can be higher than before. For example, if you are going
to open a Beauty Salon, you need to set your prices lower than those of your
competitors so that you can penetrate the market. If you already have a good number
of market share then you can slowly increase your price.

4. PROMOTION
Promotion refers to the complete set of activities, which communicate the
product, brand or service to the user. The idea is to attract people to buy your
product over others. Advertising, Personal Selling, Sales Promotion, Direct
Marketing, and Social Media are examples of promotion.

5. PEOPLE
Your team, a staff that makes it happen for you, your audience, and your
advertisers are the people in marketing. This consists of each person who is
involved in the product or service whether directly or indirectly.
People are the ultimate marketing strategy. They sell and push the product.
People are one of the most important elements of the marketing mix today. This is
because of the remarkable rise of the services industry. Products are being sold
through retail channels today. If the retail channels are not handled with the right
people, the product will not be sold. Services must be first class nowadays. The
people rendering the service must be competent and skilled enough so that that the
clients will patronize your service.
Therefore, the right people are essential in marketing mix in the current
marketing scenario.

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 OUR LADY OF TRIUMPH INSTITUTE OF TECHNOLOGY
Tugas St. Balangasan Pagadian City Zamboanga Del Sur Philippines
Document Title:
ISO 9001:2015
COURSE MODULE IN
ENTREPRENEURSHIP
6. PACKAGING
Packaging is a silent hero in the marketing world. Packaging refers to the
outside appearance of a product and how it is presented to the customers. The best
packaging should be attractive enough and cost efficient for the customers.
Packaging is highly functional. It is for protection, containment, information,
utility of use and promotion.

7. POSITIONING
When a company presents a product or service in a way that is different from
the competitors, they are said to be “positioning” it. Positioning refers to a
process used by marketers to create an image in the minds of a target market.
Solid positioning will allow a single product to attract different customers
for not the same reasons. For example, two people are interested in buying a phone;
one wants a phone that is cheaper in price and fashionable while the other buyer is
looking for a phone that is durable and has longer battery life and yet they buy the
same exact phone.

Activity No. 1. Paste the P’s

Look for newspapers or magazines. Find and identify pictures related to the P’s in
Marketing Mix. Cut out the pictures, sort and paste them on the box, then write a
short description on the line next to the picture.

Picture 1

Picture 2

Picture 3

Picture 4

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 OUR LADY OF TRIUMPH INSTITUTE OF TECHNOLOGY
Tugas St. Balangasan Pagadian City Zamboanga Del Sur Philippines
Document Title:
ISO 9001:2015
COURSE MODULE IN
ENTREPRENEURSHIP

Lesson 2 Develop a Brand Name

Brand Name is a name, symbol, or other feature that distinguishes a seller's

goods or services in the marketplace. Your brand is one of your greatest assets
because your brand is your customers' over-all experience of your business. Brand
strategy is a long-term design for the development of a popular brand in order to
achieve the goals and objectives. A well-defined brand strategy shakes all parts of
a business and is directly linked to customer needs, wants, emotions, and
competitive surroundings.

Experts believe that a good brand can result in better loyalty for its customers, a
better corporate image and a more relevant identity.

As more customers continue to differentiate between emotional and experienced

companies, a brand may be the first step forward in your competition instead of
price points and product features. The question is, can you build a brand which
truly talks to your audience?

Branding is a powerful and sustainable high-level marketing strategy used to

create or influence a brand. Branding as a strategy to distinguish products and
companies and to build economic value to both customers and to brand owners, are
described by Pickton and Broderick in 2001.

Commonly Used Branding Strategy

1) Purpose
"Every brand makes a promise. But in a market in which customer confidence is little
and budgetary observance is great, it’s not just making a promise that separates
one brand from another, but having a significant purpose," (Allen Adamson).
How can you define your business' purpose? According to Business Strategy
Insider, purpose can be viewed in two ways:
a. Functional. This way focuses on the assessments of success in terms of
fast and profitable reasons. For example the purpose of the business is to make
money.
b. Intentional. This way focuses on fulfillment as it relates to the
capability to generate money and do well in the world.

2) Consistency
The significant of consistency is to avoid things that don’t relate to or improve
your brand. Consistency aids to brand recognition, which fuels customer loyalty.

3) Emotion
There should be an emotional voice, whispering "Buy me". This means you allow the
customers have chance to feel that they are part of your brand.
You should find ways to connect more deeply and emotionally with your customers.
Make them feel part of the family and use emotion to build relationships and promote
brand loyalty.

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 OUR LADY OF TRIUMPH INSTITUTE OF TECHNOLOGY
Tugas St. Balangasan Pagadian City Zamboanga Del Sur Philippines
Document Title:
ISO 9001:2015
COURSE MODULE IN
ENTREPRENEURSHIP
4) Flexibility
Marketers should remain flexible to in this rapidly changing world. Consistency
targets at setting the standard for your brand, flexibility allows you to adjust and
differentiate your approach from your competition.
According to Kevin Budelmann, "Effective identity programs require sufficient
consistency to be identifiable, but sufficient variation to keep things fresh and
human" so if your old tactics don't work anymore, don't be afraid to change. It
doesn’t mean it worked in the past it may still work now.

5) Employee Involvement
It is equally important for your employees to be well versed in how they communicate
with customers and represent the brand of your product.

6) Loyalty
Loyalty is an important part of brand strategy. At the end of the day, the emphasis
on a positive relationship between you and your existing customers sets the tone for
what potential customers can expect from doing business with you

7) Competitive Awareness
Do not be frightened of competition. Take it as a challenge to improve your branding
strategy and craft a better value in your brand.

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 OUR LADY OF TRIUMPH INSTITUTE OF TECHNOLOGY
Tugas St. Balangasan Pagadian City Zamboanga Del Sur Philippines
Document Title:
ISO 9001:2015
COURSE MODULE IN
ENTREPRENEURSHIP
Activity No. 2. The Power of Color!
For each one, write down the FIRST company or product that comes in to your head
when you see the color.

What’s the FIRST BRAND you think of when you see this colors?

Red

Blue

Black

Yellow

Orange

Green

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