7 parts of marketing mix regarding entrepreneurship

1. The 7 Ps of Marketing Mix
The marketing mix is a strategic framework that consists of seven
elements: price, product, promotion, place, people, packaging, and
positioning. It plays a vital role in achieving marketing objectives for
businesses.
Ma by Mabelle Gonowon

2. Recognize the importance of marketing mix in the development of
marketing strategy
• Describe the Marketing Mix (7Ps) in relation to the business
opportunity vis-àvis:
1. Product;
2. Place;
3. Price;
4. Promotion;
5. People;
6. Packaging;
7 Positioning.
• Develop a brand name
Learning Competencies:

3. 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.

4. Product
Defining the Product
Understanding the target market and their needs is
essential in developing a product that stands out in
the market.
Compelling Product Offering
Creating a unique, innovative, and valuable product
that effectively addresses customer pain points and
offers a competitive advantage.

5. Price
1 The Role of Pricing
Pricing is a crucial
component of the marketing
mix as it directly influences
demand, profitability, and
brand positioning.
2 Determining the Right Strategy
Selecting the appropriate
pricing strategy is essential
in aligning with market
conditions, competition,
customer perception, and
business goals.

6. Pricing Methods
3 Basic pricing methods:
Cost-based pricing- most businesses set their prices on the basis of how much went into
the cost of producing the product. All cost are added and divided by the number of units
produced (the markup as well)
•Cost-plus pricing-the simplest of all the pricing methods. All cost are added up and then
divided by the number of units produced. A certain percentage, commonly known as the
markup, which represents the desired return on the sale, is added to arrive at the selling
price
• Selling Price (P) = Cost per unit + Expected % of return
Break-even pricing-minimum price is determined at the level where total sales equal total
cost
The formula for BEP is – (Total fixed cost/Production unit volume) + Variable Cost
per unit

7. Promotion
1
Exploring Promotional Strategies
Choosing the right mix of
advertising, public relations,
sales promotion, and personal
selling to create awareness
and stimulate demand.
2
Effective Advertising
Creating persuasive
advertisements that resonate
with the target audience and
convey the unique selling
proposition of the product or
service.
3
Social Media and Digital Marketing
Utilizing online platforms and
digital marketing strategies to
reach a wider audience,
engage customers, and drive
conversions.

8. PROMOTION
Promotion is how a business markets its services. Promotion strategy
includes developing branding, slogans and logos that convey the
intangible benefits the service provides.
Types of promotion
Discounted products- Customers of all types love to buy discounted or
bargain products. A business usually considers this type of strategy to
generate sales especially during lean months or to let go of some
inventories.
• Make sure that your offer can really lure your customers.
• There is an effect in your profitability

9. Free Delivery and acknowledge return- this tactics
attracts customer which holds the idea that products
purchased are guaranteed to be of good quality and as
an assurance return is welcomed.
Flash sales-a flash sale is basically an offer that only lasts
for a limited time and it’s a great way to create a sense of
urgency for the customer to buy. Many retailers are now
adopting this strategy as a way to sell more products and
get rid of surplus stock.

10. Buy more, save more – This move entices the customer to purchase
more even those whose budget is limited only. A value for your
money seems hard to resist. The promotion attracts a repeat
purchase concept.
Product giveaways or branded gifts- Filipinos love to have samples
first before they actually buy the product. Giveaways must be
properly planned as this may backfire to the business, especially if the
giveaways are of poor quality. Customers might create the impression
attached to your product or service.

11. Place
The Significance of Place
Selecting the right
distribution channels
and locations to
ensure the product or
service is easily
accessible to target
customers.
Effective Channel
Management
Managing relationships
with intermediaries, such
as wholesalers and
retailers, to ensure
efficient distribution and
maximize market
coverage.
E-Commerce and
Online Presence
Establishing a strong
online presence and
utilizing e-commerce
platforms to cater to
the growing trend of
online shopping.

12. People
1 The Role of People
Investing in employee
training and
development to deliver
exceptional customer
service and build
strong relationships
with customers.
2 Customer Relationship
Management
Implementing strategies to
understand and meet customer
needs, exceed expectations, and
foster customer loyalty.

13. Packaging
The Impact of Packaging
Packaging plays a crucial role in attracting
customers, differentiating the product, and
communicating brand values.
Creating Appealing Designs
Designing visually appealing and functional
packaging that aligns with the target market's
preferences and reflects the brand image.

14. Positioning
1 Understanding Positioning
Positioning is the perception of a brand or product in the minds of consumers
relative to competitors' offerings. It shapes how the target market perceives
the product.
2 Differentiating Through Positioning
Developing a unique value proposition and effectively communicating the
product's positioning to customers to create a competitive advantage.
3 Repositioning Strategies
Adapting the product's positioning over time to meet changing customer
needs, market trends, or to regain market share.

16. Example of POSITIONAL MAP

19. ACTIVITY/EXPECTED OUTPUT