Entrepreneurship

Quarter 1 – Module 5
7 P’s of Marketing and Branding
Lesson 1
The Marketing Mix (7P’s) in relation to the business opportunity CS_EP11/12ENTREP-0h-j-10
Lesson 2
Develop a Brand Name CS_EP11/12ENTREP-0h-j-11
After reading this module, you should be able to:
1. describe the Concept of Marketing Mix;
- The marketing mix refers to the set of actions, or tactics, that a company uses to
promote its brand or product in the market. The 4Ps make up a typical marketing
mix - Price, Product, Promotion and Place. Pricing can also be used a demarcation,
to differentiate and enhance the image of a product.
2. identify the seven P’s in the Marketing Mix;

- The 7 P's of marketing include product, price, promotion, place, people, packaging,
and positioning. Moreover, these seven elements comprise the marketing mix.
3. identify the commonly used brand strategy ;

- Commonly used branding strategy: purpose, consistency, emotion, flexibility,

employee involvement, loyalty, and competitive awareness
4. developed a Brand Name.
- Snapback NADP.co

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.
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.

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 urable and has longer battery life and yet they buy the same exact phone. Lesson

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.

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

NAME: Neldin Aurcel D. Ayug SCORE:_______________

STRAND: GAS-12 DATE:_________________

WORKSHEET ON ENTREPRENEURSHIP
MODULE 5, QUARTER 1

Identification
Direction: Write the word or phrase that is being described or completes the thought of each
statement.
Marketing Mix 1. It is a set of controllable and interrelated variables composed of product, place,
price and promotions that a company assembles to satisfy a target group better than its competitor.

Price 2. The amount of money that a customer pays for to enjoy it.

Product 3. An item that is built or produced to satisfy the needs of a certain group of people.

Pricing Objectives 4. It determines your firm’s profit and survival.

Product 5. It can be intangible or tangible as it can be in the form of services or goods.

Packaging 6. The way your product or service appears from the outside.

7Ps model 7. A marketing model that modifies the 4Ps model.

People 8. Responsible for every element of your sales, marketing strategies, and activities.

Brand Awareness 9. It refers to how a business creates awareness in the market.

Differentiated Products 10. It claim a new space in the mind of the customer different from the spaces
occupied by existing products.

People 11. The ultimate marketing strategy.

Place 12. Where your product or service is actually sold.

Positioning 13. The place occupied by products in the heart and minds of the consumers.
 Branding 14. A name, symbol, or other feature that distinguishes a seller's goods or
services in the marketplace.

Branding 15. A powerful and sustainable high-level marketing strategy used to create or
influence a brand.

Prepared By:

AURORA T. SOLLEZA
Subject Teacher