14. Marketing mix simply refers to a mode ,
means or tool used by the entrepreneur to
position the product in the target market
segment to efficiently and effectively
deliver it to the consumers and to convince
them about the benefits that they will
derive from buying the products. The
marketing Mix is also known as the “P’s in
marketing.
15. The marketing mix basically address
the following questions?
1. How can the target consumers be
influenced to buy the product or
service?
2. What marketing strategy must be
adopted to convinced the consumers
that the product or service being
offered satisfies their needs
16. Product refers to the
tangible good or intangible
service offered by the
business to the target
consumers.
17. Entrepreneurs do not create products
without any existing need or want for
them in the market. Otherwise the
entrepreneurs themselves have to
create the need or want. The products
must satisfy the needs of the
consumers better than the other
competing products.
18. A product that cannot meet the needs
of the consumers will not stay long in
the market.
When we develop a product , we must
consider the quality, branding and
packaging and design of the product.
19. The two basic entrepreneurial tenets
relative to product are as follows:
1. The product is only produced once
there is an existing need or want.
2. The product must satisfy the need or
want better than the competing
products.
20. Place in the marketing mix simply
refers to the place where the target
consumers are. The entrepreneur
must established his/her business
or product in the most strategic
place or location.
21. The term strategic place, however is
relative. Most entrepreneurs equate
strategic place with a location or site
where there are plenty of people
during a particular time. This can be
misleading since the presence of
many people does not exactly assure
the presence of target consumers.
22. The basic entrepreneurial concept
relative to place in marketing mix is
very simple and straightforward, that
is put your business where your
consumers are willing to buy the
product. The nature of the business
and the type of product significantly
determine the most appropriate place
for the business.
23. Price (Pricing Strategy) is the
amount of money that your
customers have to pay in
exchange for your product or
service. Determining the right
price for your product can be a
bit tricky.
24. In the entrepreneurial mindset, it is how you
price your product or services that your price
remains competitive but allows you to make a
good profit. A common strategy for beginning
small businesses is creating a bargain pricing
impression by pricing their product lower than
their competitors. Although this may boost
initial sales, low price usually equates to low
quality and this may not be what customers to
see in your product.
25. Your pricing strategy should reflect your
product’s positioning in the market and
the resulting price should cover the cost
per item and the profit margin. The
amount should not project your business
as timid or greedy.
Low pricing hinders your business’
growth while high pricing kicks you out
of the competition.
26. The last P in the marketing mix, is the
Promotion. It refers to the mode of
conveying the presence and attributes of
the product to the target consumers.
Through promotions the business
communicates to the target consumers
the pertinent information about the
products including its benefits, price,
position in the market.
27. It creates an awareness of the
products in the minds of consumers
and elicits their desire to buy it.
Promotions utilizes the most
appropriate media to reach
consumers. These includes,
Advertising, Publicity, Personal
selling, Sales promotion, etc.
28. These 4 Ps of Marketing are very helpful
when it comes to starting a business. You
need to have the necessary knowledge
and skills in order to be successful in a
certain venture. By learning about the 4
Ps of Marketing, you can avoid typical
marketing pitfalls and have a successful
business.
29. Group Activity (5 min)
Divide the class in five group. Each
group will create their own product
and prepare their marketing strategy.
Use the four Ps of marketing.
• Toothpaste - Diswashing Liquid
• Shampoo - Lotion
• Detergent soap
30. Direction: Answer the following questions:
1. This can be a physical item, service or
virtual offering.
2. The four P’s of Marketing is also
called________.
3. It is the amount consumer pays the product.
4. It is the placing the proper product in the
right place at the proper price and at the right
time.
5. One element of Marketing Mix that pertains
to the quality, branding and packaging.
