THE MARKETING MIX

Marketing Mix

● Simply refers to a mode, means, or tool used by the entrepreneur

to position the product in the target market segment to efficiently
and effectively deliver it to the consumers and to convince them
about the benefits that they will derive from buying the product.
The marketing mix basically addresses the ff.
questions:

1. How can the target consumers be influenced to buy the product

or service?
2. What marketing strategy must be adopted to convince teh
consumers that the product or service being offered satisfies their
needs?
 PRODUCT

Refers to the tangible good or intangible service offered by the

business to the target consumers.

PLACE

Refers to the place where the target consumers are.

 PRICE
Variables that highly influence the setting of prices of goods or
services.
1. Availability of the competing products
2. Cost of making the product
3. Type of product
4. Presence of substitute products
5. Stages of the product in the market
6. Demographic profile of the target consumers
 PROMOTION
Refers to the mode of conveying the presence and attributes of the
product to the target consumers.

Most appropriate media to reach the consumers:

1. Advertising
2. Publicity
3. Personal selling
4. Sales promotion
5. Direct marketing
 PEOPLE
Refers to individual employees or workers who are directly involved in
the production, marketing, and sale of the product or service.

PACKAGING / PHYSICAL EVIDENCE

Refers to the process of putting the product in a package or container.
 POSITIONING / PROCESS
Refers to the place occupied by the product in the minds of the
consumers.
 INTEGRATED MARKETING MIX

This is the mixture of different Ps to position the product in the

market.
 THE CONCEPT OF
NEEDS, WANTS AND
BRANDING
 Needs VS. wants

NEEDS - refers to the things that a person must have in order to

survive.

WANTS - refers to the things that a person must have in order to be

happy.
 BRANDING

Refers to the name, design, color, symbol, quality, features, or a

combination of these elements that make the product separate and
distinct from similar products of the competitors.
 BRAND NAME

Approach in creating a brand name:

1. Review carefully the attributes, benefits, and values of the product
2. Evaluate the consumers in the target market
3. Analyze the proposed marketing strategies
4. List the possible brand names by considering the first three steps
5. Limit the brand name to one or two words
6. Check the Internet if the chosen name already exists
 BRANDING STRATEGY

● Starts with the formulation of a brand name for the first single
product that the business intends to make.
● Deemed appropriate to position the product in the minds of the
consumers, the entrepreneur must ensure the proper
management of the brand or brand name.
UMBRELLA APPROACH vs. HOUSE
BRAND APPROACH
 UMBRELLA APPROACH

● All products of the business carry the same brand name.

HOUSE BRAND APPROACH

● Every product of the same business has a separate brand name

that distinguishes it from the rest of the company’s products.
 BRANDING EXTENSION STRATEGY
● Entrepreneurial ventures with high positive brand equity are
capitalizing or leveraging on such concept.
● Brand Equity - the level or degree of the consumer’s perceptions
or reactions to a brand.

Two approaches in branding extension strategies:

1. Line extension approaches
2. Product extension approaches
CONSULTATION TIME