Marc Paul R.

Baradi

GRADE 12 STEM - AQUAMARINE

ENTREPRENEURSHIP WEEK 5

Activity 2 ( ESSAY TYPE)

In your own words, answer briefly and correctly the following questions.

1. What is marketing mix and why is it so important in strategy formulation and

implementation?

- The marketing mix is a significant tool for creating the right marketing strategy
and its implementation through effective tactics. The assessment of the roles of
your product, promotion, price, and place plays a vital part in your overall
marketing approach.

2. What does the marketing mix do in the marketing strategy?

- The marketing mix and marketing strategy goes hand in hand with positioning,
targeting, and segmentation decisions based on products while positioning can be
defined on the basis of price. These decisions also have an impact on the decision a
businessman make regarding the promotion and price.

3. How can the marketing mix build competitive advantage?

- Marketing strategy carried out by consolidation between elements of marketing

mix to form the best alignment between the company’s internal capabilities with
external environment. Marketing mix elements as internal capabilities are
important factor resources to influence to the competitive advantage.

4. How does the marketing mix help a business?

- Marketing mix will help you make sure your business is marketing the right
product, to the right people, at the right price and time
5. Why do we need to recognize the importance of marketing mix in the
development of marketing strategies?

- Helps understand what your product or service can offer to your customers, Helps
plan a successful product offering, Helps with planning, developing and executing
effective marketing strategies, and Helps businesses make use of their strengths
and avoid unnecessary costs

Activity 4

Choose your own product and make an advertisement to promote using the

marketing mix.