LET THE MARKET

KNOW YOU BETTER

CHAPTER 4
 WHAT IS MARKETING?

MARKETING IS ABOUT CREATING AND

ACCUMULATING CUSTOMERS.

Marketing plans are designed to capture market share and defeat competitors. The marketing function and
the marketing mix serve the overall business strategy.
SEVEN P’S
1. POSITIONING
2. PRODUCT
3. PACKAGING
4. PLACE
5. PEOPLE
6. PROMOTION
7. PRICE
 1. POSITIONING
• THE WAY THE CUSTOMERS PERCEIVE THE
ENTERPRISE AND ITS PRODUCTS OR
SERVICES IN THEIR MINDS.
 POSITIONING, IN THE CONTEXT OF A
MARKETING BATTLE PLAN, HAS THREE
OVERLAPPING OBJECTIVES.
• IT HAS AN ENTERPRISE PERSPECTIVE.
• IT HAS A COMPETITIVE PERSPECTIVE.
• TAKES THE CUSTOMERS' PERSPECTIVE.
 LATITUDE
• IT LAYS OUT WHAT'S IMPORTANT TO
THE DIFFERENT CUSTOMER
SEGMENTS FROM THEIR DIFFERING
POINTS OF VIEW.
 LONGITUDE
• REPRESENTS THE PRODUCT
FEATURES AND ATTRIBUTES OF
COMPETITORS IN THE
MARKETPLACE.
“ *IN DETERMINING ITS POSITIONING, THE
ENTERPRISE SHOULD BE MINDFUL OF THE
MAIN VALUE PROPOSITION (MVP) TO ITS
CUSTOMERS RELATIVE TO ITS COMPETITORS.
”
MAIN VALUE PROPOSITION- IT IS THE UNIQUE SELLING
PROPOSITION OF THE ENTERPRISE
3 PURPOSES OF BRANDING:

1. TO 2. TO AVOID A 3. TO FILL A SPACE IN

DIFFERENTIATE COMMODITY THE CONSUMER’S
MIND THAT WOULD
THE PRODUCT IMAGE FOR THE
PREVENT OTHER
FROM OTHER PRODUCT. PRODUCTS FROM
PRODUCTS. OCCUPYING THE
SAME SPACE.
 2. PRODUCT
• A PRODUCT IS THE TANGIBLE GOOD OR THE
INTANGIBLE SERVICE THAT THE ENTERPRISE
OFFERS TO ITS CUSTOMERS IN ORDER TO
SATISFY THEIR NEEDS AND TO PRODUCE
THEIR EXPECTED RESULTS.
 4 GENERAL TYPES OF
PRODUCTS THAT
ARE MARKETED
BY ENTERPRISES:

1. BREAKTHROUGH PRODUCTS
2. DIFFERENTIATED PRODUCTS
3. COPYCAT PRODUCTS
4. NICHE PRODUCTS
 3. PACKAGING
• THIS REFERS TO THE ENCLOSURE
PRESENTATION AND DESIGN WE PUT INTO A
PRODUCT TO MAKE IT ATTRACTIVE AND
APPEALING.
 5 PACKAGING PURPOSES:

1. IDENTIFIES THE 2. DIFFERENTIATES 3. LENGTHENS THE

PRODUCT, DESCRIBES ITS
FEATURES AND BENEFITS,
THE PRODUCT FROM LIFESPAN,
AND COMPLIES WITH ITS COMPETITORS PHYSICALLY
GOVERNMENT RULES ON AND EVEN FROM ITS PROTECTS, AND
SPECIFYING ITS CONTENTS,
WEIGHT, CHEMICAL
OTHER BRAND EXTENDS THE
COMPOSITION, AND OFFERINGS . USEFULNESS OF THE
POTENCY. IT PROVIDES PRODUCT.
EASY BRAND
IDENTIFICATION FOR THE
 5 PACKAGING PURPOSES:

4. PACKAGING HAS BECOME AN 5. THE AFOREMENTIONED

ENVIRONMENTAL ISSUE BY PURPOSES OF PACKAGING
ITSELF. RECYCLABILITY AND
HAVE INCREASED THE COST
BIODEGRADABILITY ARE NOW A
MAJOR CONCERN OF PACKAGERS
OF PACKAGING AND,
AND CONSUMERS ALIKE. THEREFORE. THE PRICE OF
THE PRODUCT.
 4. PLACE
• IT IS THE LOCATION OR SPACE WHERE
YOU WANT TO PUT UP YOUR BUSINESS.
 INITIAL LOCATION
SCREENING
• IT IS FINDING A GOOD LOCATION AND
PREVENTS THE ENTREPRENEUR TO BUILD
AND INVEST ITS BUSINESS TO
UNCERTAINTIES.
 THE FINAL CHOICE OF LOCATION MUST BE
BASED ON THE FOLLOWING:
1. IMAGE AND LOCATION CONDITIONS -THIS REFERS TO THE PHYSICAL LOOK OF A LOCATION,
SANITARY CONDITIONS, CRIME AND SAFETY LEVELS, ETC.
2. EXACT LIT TO TARGET CUSTOMERS - IS THE LOCATION TRAFFIC GENERALLY COMPOSED OF 
YOUR TARGET CUSTOMERS?
3. CLUSTERING OF COMPETITOR ESTABLISHMENTS - THIS OFTENTIMES RESULTS IN DRAWING
A BIGGER MARKET TO THE LOCATION.
4. FUTURE AREA DEVELOPMENT- A CERTAIN LOCATION MIGHT NOT HAVE THE MOST
CUSTOMERS OR THE BEST ECONOMICS IN THE SHORT TERM. BUT IT MIGHT BECOME A CENTRAL
BUSINESS HUB WITHIN THE NEXT FIVE YEARS.
5. FISCAL AND REGULATORY REQUIREMENTS - AN ENTREPRENEUR WOULD WANT TO SET UP
SHOP IN A TOWN OR CITY WITH LOW TAX RATES, GOOD GOVERNANCE, EXCELLENT ,
INFRASTRUCTURES AND GREAT PUBLIC SERVICES
COMPARATIVE LOCATION ANALYSIS

• A POTENTIAL LOCATION IS THROUGH COMPARING

IT WITH OTHER LOCATIONS WITH MORE OR LESS
THE SAME FEATURES AND TENANT MIX OR
CLUSTERS OF COMPETITORS.
 GEOGRAPHY AND ATMOSPHERE
DETERMINANTS

1. CONCENTRATION VERSUS DESTINATION

2. ACCESS VERSUS ABUNDANCE
3. CLUSTERED VERSUS DISPERSED
4. DEVELOPED VERSUS UNDERDEVELOPED
5. PHYSICAL VERSUS VIRTUAL
6. UPSCALE VERSUS DOWNSCALE
FOR THE ATMOSPHERE DETERMINANT,
THERE ARE FIVE DECISION TENSIONS:

1. FORMAL VERSUS INFORMAL  

2. EXCLUSIVE VERSUS PUBLIC
3. CONSERVATIVE VERSUS ADVENTUROUS 
4. AESTHETICS VERSUS FUNCTIONALITY
5. MINIMALIST VERSUS MAXIMALIST
 5. PEOPLE
• ARE THE ULTIMATE MARKETING STRATEGY,
TARGET CUSTOMERS AND LABOR FORCE
THAT PLAYS A CRUCIAL ROLE IN THE
SUCCESS OF THE ENTERPRISE.
• AVAILABILITY MEANS THAT THE ENTERPRISE HAS THE
GOODS OR SERVICES ON HAND.

• ACCESSIBLE MEANS THAT THE CUSTOMERS CAN EASILY GET

THE PRODUCT FROM THEIR USUAL BUYING PLACES OR THE
PRODUCTS CAN BE CONVENIENTLY DELIVERED TO THEM.

• ADEQUATE MEANS THE PRODUCT MEETS THE QUALITY AND

DELIVERY SPECIFICATIONS OF THE CUSTOMER.
• ACCEPTABLE MEANS THAT THE CUSTOMER IS
CONVINCED BY THE SELLING POINTS OF THE
PRODUCT, FINDS VERY LITTLE OR NO
OBJECTIONABLE FEATURES IN THE PRODUCT, AND
ACCEPTS THE CONDITIONALITY, WARRANTIES,
AND AMENITIES GIVEN BY THE SELLER.

• AFFORDABLE MEANS THE PRICE AND PAYMENT

TERMS ARE RIGHT.
 6. PROMOTION
• IS THE EXPLICIT COMMUNICATION STRATEGY
ADOPTED BY AN ENTERPRISE TO ELICIT THE
PATRONAGE, LOYALTY, AND SUPPORT NOT
ONLY FROM ITS CUSTOMERS BUT ALSO FROM
ITS OTHER SIGNIFICANT STAKEHOLDERS.
 7. PRICE
• IT IS THE QUANTITATIVE AMOUNT OR
EQUIVALENT SUM OF MONEY WE SET TO
A PRODUCT OR SERVICE.