The 7 P's of Marketing in Entrepreneurship

1. THE MARKETING MIX
THE 7Ps OF
MARKETING

2. GUESS THE WORD

3. 3
_ _ _ _ _ _ _
any phisical good, service o
idea created by the
entrepreneur.
P O L U
K M R D
C A T E

4. 4
P R O D U C T
any phisical good, service o
idea created by the
entrepreneur.
P O L U
K M R D
C A T E

5. 5
_ _ _ _ _
refers to a location or medium
of transactions.
P G L U
W M N D
C A T E

6. 6
P L A C E
refers to a location or medium
of transactions.
P G L U
W M N D
C A T E

7. 7
_ _ _ _ _
peso value that the
entrepreneur assigns to a
certain product.
P R H B
O I W D
C A T E

8. 8
P R I C E
peso value that the
entrepreneur assigns to a
certain product.
P R H B
O I W D
C A T E

9. THE 7Ps of MARKETING

10. The marketing mix is a
widely accepted
startegic marketing tool
that combines the
original 4Ps (PRODUCT,
PLACE, PRICE, PROMOTION)
with the additional 3Ps-
-- PEOPLE, PACKAGING and
PROCESS, in formulating
marketing tactics for
1
0

11. - the 7Ps are controllable by the
entreprenuer and therefore must
be well thought of to be
successful.
- 4Ps were used in marketing
products or physical good only.
- 3Ps are also applicable for
marketing products

12. Entrepreneurs must use the 7Ps
model to do the following:
▸ 1. Conduct a SWOT or
competitive analysis.
▸ 2. Ultimately come up with
marketing strategies and
tactics.

13. A challenge to a budding entrepreneur is to ask the following key
questions at the onset:
1. PRODUCT- What product or service is
the most appropriate for the
opportunity and why will customers buy
or avail them?
2. PLACE- What location is best suited
for the buisness where there are more
potential customers?
3. PRICE- What is the most appropriate
price and what pricicng strategies
will be used for the target customers?

14. A challenge to a budding entrepreneur is to ask the following key
questions at the onset:
4. PROMOTION- What is the most
effective advertisement or combination
of advertisements?
5. PEOPLE- What type of people need to
be hired? What are the basic skills
need for the job?
6. PACKAGING- What is the best
packaging for the product that is
attractive enough for the customers
and cost-effecient at the same time?

15. PRODUCT

16. A product is any
physical good, service
or idea that is
created by an
entrepreneur or
innovator in serving
needs of the consumers
and addressing their
PRODUCT

17. THE THREE-LEVEL CONCEPT of PRODUCTS OR
SERVICES SUMMARIZES THE REASONS THAT
A CONSUMER DECIDES TO BUY A PRODUCT
OR AVAIL A SERVICE.
LEVEL 1: CORE BENEFITS OF THE PRODUCT OR
SERVICE
LEVEL 2: PHYSICAL CHARACTERISTICS OF THE
PRODUCT OR SERVICE
LEVEL 3: AUGMENTED BENEFITS OF A PRODUCT OR
SERVICE

19. The place refers to a
location or the medium
of transaction. A
strategic location
depends on the nature
of the business and
the primary target
market.
PLACE

20. PHYSICAL
LOCATION
CYBER LOCATION
1. area's
population
2. the traffic
3. people's
common path
4. buying
behavior
5. their
preferences for
the location
1. use web
analytics data
to understand
the web site
performance
(number of web
visitors,
duration of
their stay on
the web site,
or frequently
visited

21. • Place also covers the product distribution
and the whole business logistics
• One of the major objectives of the entreprenuer
for the place is to provide customers with
pleasant experience in buying the product.
• The entreprenuer must devise a set of criteria in choosing the
right location aligned with certain objectives such as
sustainability to the target market, condition of neighborhood,
potential of the area for future developments, laws and
regulations, etc.

22. PRICE

23. Price is the peso value
that the entrepreneur
assigns to a certain
product or service after
considering the costs,
competition, objectives,
positioning and target
market. It is the onluy
P that genereates
revenue for the
PRICE

24. 1. BUNDLING- This refers to two or more
products or services in one reduced
price.
2. PENETRATION PRICES- this refers to
setting low prices to increase market
shares, but the entreprenuer will
eventually increase the price once the
desired market share is achieved.
3. SKIMMING- this is the opposite of
penetration, where prices are initially
high and then they are lowered to offer
the product or service to wider market.
4. COMPETITIVE PRICING- this refers to
HERE ARE THE MOST COMMON
PRICING STRATEGIES.

25. 5. PRODUCT LINE PRICING- this refers to pricing
different products and services within a
parallel product array using varrying prices
points.
6. PSYCHOLOGICAL PRICING- this considers the
psychology nad positioning of price in the
market.
7. PREMIUM PRICING- this refers to setting a
very high price to reflect elitism and
superiority.
8. OPTIONAL PRICING- this refers to adding an
extra product or service on top of original
to generate more revenue.
9. COST-BASED PRICING- the basis of markup is
the cost of sales.
HERE ARE THE MOST COMMON
PRICING STRATEGIES.

26. • The profit of an entrepreneur can be
determined onlu if there is a proper
computation of the costs associated with
the product or service. There are two
classifications of cost:
1. VARIABE COSTS OR CONTROLLABLE COST
2. FIXED COSSTS OR UNCONTROLLABLE COST

27. THE ENTREPRENUER MUST FOLLOW THESE GENERAL
PRICING GUIDELINES TO MAKE THE BUSINESS
SUSTAINABLE AND THRIVING:
1. Do not price the product or service
below its cost.
2. Monitor the competitors' prices and
ensure that your prices are at par with
them unless the product or service is
really way superior to the competitors'.
3. Align the prices with the other 6Ps.
4. Implement price strategies that are
releveant to your market segment. For
example, tingi pricing is more appropriate
in grassroots of locality or barangay.

28. PROMOTION

29. Promotion involves
presenting the
products or services
to the public and how
these can address the
public's needs, wants,
problems and
desires.The main goal
of promotion is to get
PROMOTION

30. • A strong integrated marketing
communication plan should be devised to
deiver the compelling messages effectively.
• Key marketing messages for promotion can be
the following:
1. Value proposition or unique selling
proposition of products
2. Product or service image
3. Business Image
4. Business values and philosophy

31. 1. ADVERTISING
PROMOTIONAL TOOLS:
• This is a type of communication that
influences the behavior of the customer
to choose the product or service of the
entrepreneur over competitors.
• The objectives of advertising are:
• Informing, educating and
familarizing public with the
product
• Building trustworthy image
• Increasing sales
• An entrepreneur can advertise through:
television, radio, internet, mobile
phones, print, out-of-home.

32. 2. SELLING
PROMOTIONAL TOOLS:
• This is the act of trading of a prduct of
service for a price or fee.
• The entrepreneur must identify the target
customers who will likely buy the
product.
• Once identified, he or she must do
further research on target customers.
• The entrepreneur must also know how to
close a sale by leaving a convincing
conclusion that will trigger the customer
purchase.
• After such, he or she must monitor the
customers' satisfaction, called AFTER

33. 3. SALES PROMOTIONS
PROMOTIONAL TOOLS:
• These are short term gimmicks wherein practical
incentives and appealing activities are
incorporated to entice the customers to buy.
• These are also called “below-the-line” promotions.
• Here are common examples of sales promotions in the
philippines.
• Sales discounts
• raffles
• contests and games
• promo items
• trade fairs or exhibits
• sample distributions / free tastes
• premiums
• point-of-purchase promitions
• advertising specialties
• rewards

34. 4. PUBLIC RELATIONS
PROMOTIONAL TOOLS:
• These are image-building initiatives of
the entrepreneur to make the name of the
business reputable to stakeholders, such
as the target customers, government
agencies, business partners, media and
the public.
• Unlike advertisement, this do not
directly promote.
• Examples of public relations strategies
are:
• Press conference
• Launching events
• Strong media relations
• Social responsibility events

35. PEOPLE

36. How people or employees
make a difference in the
lives of consumers. It's
not about the quality of
the product anymore but
how employees serve
customers. Employees
have become a major
influence in the
customer's buying
PEOPLE

37. Most of the legwork at
the beginning is done
by the entrepreneur
and his family. They
only hire people when
the business starts to
expand.
PEOPLE

38. The entrepreneur must
list the criteria of the
following job offers, as
well as the requirements
such as academic
background, job
experience, skills or
expertise, attitude and
other documents such as
PEOPLE

39. PACKAGING

40. Packaging is how the
product or service is
presented to the
custimers. It is the
overall identification
(look and feel) of the
product and services.
This will determine the
uniqueness of your
product from
PACKAGING

41. • This is the first element that the
customers see because they don't know
what's inside yet.
• Packaging also preserves shelf life of the product or
services.
• It's main goal is to entice customers to buy the product.
This must be pleasing to the eyes of the buyers.
• In selling services, the term servicescape was used to refer
to overall ambiance of place where service is performed.

42. PROCESS

43. It is defined as a step
by step procedure or
activity work flow that
the entrepreneur and
employees follow to
effectively and
efficiently the
customers.
Its components include
PROCESS

44. The internal proces
includes the back-office
operations (preprocessing,
processing and
postprocessing) wherein
emploees or machines
process customers' request
without necessarily being
seen.
The external process
includes the actual
PACKAGING

45. THANK YOU!