MARKETIN

G MIX(7Ps)

QUARTER 1-MODULE 4
GROUP 3
 MARKETING MIX

There are different ways to succeed in

entrepreneurship; it may be in the form of
formulas and models; Marketing Mix (7Ps) is
one of them. You should use 7Ps formula to
continually evaluate and re-evaluate your
business activities.
 Product Positioning

Seven (7) Ps of
Place marketing mix Packaging

Price People
Promotion
 MARKETING MIX

The marketing mix is a significant instrument in

planning and executing the right marketing
scheme through operative strategies (Hill, 2016).
The assessment of these 7Ps is very important in
the business’ overall marketing approach.
Today, we will
learn about the
first P in our
Marketing
Mix, which is the
Product.
 PRODUCT

A product, according to Martin (2014), is

something that gives satisfaction to
consumer; be it a need or want. It also
refers to the goods and services offered by
business enterprise to its target
customers.
 PRODUCT

This can be a physical item, a service or a virtual

offering. It is manufactured at a cost and is
subsequently made available to the consumer at a
price. Some examples of tangible products are
toothpaste, bread, and motorcycle parts. Some
examples of intangible products are massage,
manicure/ pedicure, and bookkeeping service.
 Classification of Products:
1. Tangible
Physical item that a business enterprise offers. Two types are
durables and non-durables.

• Durables have long interval between purchase such as

appliances and furniture.
• Non-durables have stronger repeat purchases, such
as food, soaps, and other consumables.
 Classification of Products:

2. Intangible
Services are intangible things
provided by entrepreneurs to
satisfy the customer such as
medical services and
transportation.
A successful product has to fulfill a specific need
in the market and it must be able to do its
function as guaranteed. Whether a need or
want, a product must provide clear statement to
users and potential customers regarding its
benefits and features.
The economic definition of the word need is something
needed to survive (www.study.com). This includes things
like food, water, and shelter; things people cannot live
without.

A want, on the other hand, is one step up in the

order from needs and is simply something that
people desire to have, that they may or may not be
able to obtain. This includes new pair of shoes, a
high-end cellphone or gadget; things people can
live without but still choose to purchase.
Today, we will learn
about the second P in
our Marketing Mix
which is the Place.
Does it play an
important role in
marketing?
Place refers to distribution or the methods you use for
your products or services to be easily accessible to the
target customers. Also called placement or
distribution, this is the process and methods used to
bring the product or service to the consumer
(Luenendonk, 2020). Your product or service dictates how
it should be distributed (www.marketingmix.co.uk). An
entrepreneur must establish his/ her business in the most
strategic place.
The place where the businesses situate and their
accessibility are vital influences in marketing.
Accessibility relates not just to physical
approachability but to other means of
communication and contact (Chand, 2019). Thus,
the types of distribution channels used (e.g. travel
agents, middle person) and their coverage are
linked to the crucial issue of accessibility
Would you like to run your own
business? If you own a retail shop,
for example, the distribution chain
ends with you and you supply to
your customers directly. As a
manufacturer, you can decide
whether to sell your products
directly to consumers or to sell
them to intermediaries or
middlemen to distribute them.
Two types of distribution channels (Mendiola (2017):

1. Direct distribution- the

type of distribution where
there is direct sale between
the manufacturer and the
consumer.
Two types of distribution channels (Mendiola (2017):

2. Indirect distribution- the

type of distribution wherein
manufacturer utilizes a
wholesaler or retailer to sell
his/her products.
Today, we will learn about the
third P in our Marketing Mix
which is the Price. Aside from
being the amount of money we
pay for a product or item, what
does price indicate in the
perspective of the entrepreneur
and how does it affect the
marketing strategy?
As specified previously, Price is the
monetary value a customer pays in
exchange for a merchandise or service.
Determining the right price for your product
can be a bit tricky because of some factors
that we have to consider
(www.marketingmix.co.uk).
A common strategy for beginning small businesses
is pricing their product lower than their
competitors. Your pricing strategy should reflect
your product’s positioning in the market. The
amount should not project your business as too
cheap or too expensive. Low pricing delays your
business’ growth while high pricing kicks you out of
the competition (Acutt, 2020)
Entrepreneurs have the freedom to select
what strategy they will use in pricing. It can
be based on the cost analysis of the
expenses,competition in the market, and
customer demand. Pricing Strategies (Acutt,
2020):
• Cost Plus. Cost Plus is taking the production expenses
(including labor,materials and other resources) and adding up a
certain profit percentageand then the sum will be the product’s
price.

• Value-Based. Instead of using the production cost as basis, an

entrepreneur can consider the customer’s perception of the
product’s value. The perception of the purchaser is dependent
on the product’s quality, the brand standing, and benefits, aside
from the cost factors.
• Competitive. You can conduct a survey of the
pricing applied by your competitors on a similar
product that you are trying to sell and then
decide whether to price your product cheaper,
the same, or higher. You should also monitor
their prices and be able to respond to variations.
Have you watched
commercials on television
or heard advertisements
over the radio? Today, we
will learn about the fourth
P in our Marketing Mix
which is the Promotion.
The strategies you use to endorse your product or
service in the market is called promotion. Through it,
you let potential customers know what you are selling
(www.marketingmix.co.uk).

In order for you to persuade patrons to purchase your

product, you need to explain what it is, how to use it,
and why they should buy it. You should always make
your consumers feel that you can satisfy their needs
and wants.
Common Marketing Communication Methods in Promoting (Lumen Learning,
2020):

1. Advertising is a series of related,

well-timed, carefully placed
television ads coupled with print
advertising in selected magazines
and newspapers. An effective
advertising contains a clear message
that is directed to a certain audience
and isdone through suitable
channels.
2. Direct marketing refers to direct-
to-consumer mail piecessent to target
segments in selected geographic areas,
reinforcing the messages from the ads.

3. Personal selling uses in-person

interaction to sell products and
services. This is done by the company’s
sales personnel who are personally
interacting with the customers.
4. Sales promotions are marketing
communication tools for stimulating
revenue or providing incentives or extra
value to distributors, sales staff, or
customers over a short time period. Sales
promotion activities include special
offers, displays,
demonstrations, and other nonrecurring
selling efforts that
are not part of the ordinary routine.
5. Digital marketing is an umbrella
term for using digital tools to
promote and market products,
services, organizations and brands.
People are now more dependent on
digital communications. There are
several essential tools in the digital
marketing tool kit: email, mobile
marketing, websites,and social
media marketing.
6. Public relations is the process
of maintaining a favorable image
and building beneficial
relationships between an
organization and the public
communities, groups, and
people it serves. PR is often
referred to as “free advertising”.
Today, we will learn
about the fifth P in
our Marketing Mix
which is the People.
Do you know who
these people are?
One of the essential elements of the marketing mix is the
people. Everyone who is involved in the product or service
whether directly or indirectly is referred to as people
(www.marketingmix. co.uk). According to Chand (2019),
people are the human actors who play a part in
production of goods and service delivery and thus
influence the buyer’s perceptions: namely, the firm’s
personnel, the customer, and other customers in the
environment.
People are the most important element of any product,
service or experience. Remember, customers buy from
salespeople who they like, so the attitude, skills and
appearance of all staff should be taken into consideration
when hiring employees. People have an important role in
product/ service delivery, they are relied upon to deliver
and maintain transactional marketing and people play an
important part to have a better relationship with the
customers.
Only sales representatives get in touch with the customers,
not everyone. But all of them have their own roles to play in
the production, marketing, distribution, and delivery of the
products and services to the customers. Without them, all
these other Ps in the Marketing Mix will not complete a
successful marketing formula.

What you need to understand is that people are the backbone

of the company (Acutt, 2020) —and that is why you have to
make sure that you only have the rightones at hand.
The word right in this context implies that the qualifications and skills of
the person to occupy the position must match the specifications and
requirements of the job. For example, a business venture needs a
marketer to promote the product in Central Luzon; therefore, the
business owner must hire a graduate of Marketing or Business Course
and not a graduate of a medical-related course. The technical proficiency
must also be given due consideration.

Finding the right person may also entail cost to the business because the
higher the standards are, the higher the salary level will be.
Today, we will learn about the sixth P in our
Marketing Mix, which is the Packaging.

Your packaging is the gold star of your

marketing mix – it can dictate how
well your strategy is working (Bouma,
2018). The first thing that customers
see is the product packaging, it has
the ability to catch or divert their
attention in a snap.
Packaging is also referred to as “silent
salesman” by the marketing people because
they believe that it helps in accumulating
bigger sales and returns (Burks, 2020). They
are very beneficial to small enterprises
because they only have few people to
promote their product and/or service
Packaging maintains the freshness and quality of your
product while using vibrant designs to tell your brand’s
story. It also has the information required by the
government like nutritional facts and warnings that
keeps the consumers safe. It also proves further that
you have commitment to transparency and only
provide products that are beneficial to consumers’
lives. The packaging must also be user_x0002_friendly.
It must be easy to open, handle, and store.
Elements of Packaging (MetrixLab, 2020):
• Category or product type. The customer should know if a product is food,non-food,
chemical or etc. It is not good to confuse them with yourpackaging.

• Brand. This will help you make your product be known to many. The name of the
product is what the customer usually remembers.

• Variant. The packaging should display the possible options for theparticular
product.

• Functional benefit(s). The packaging should show what the product does
• Reason(s)-to-believe. The packaging should also present why the
consumer should find the claimed functional benefit credible.

• Emotional end-promise or benefit. The packaging should also exhibit

how the functional benefit fulfills a higher need.

• Call-to-action. The reason why consumers should buy the product

must also be present in the packaging.

• Size, weight, content details, etc. The information such as stated

must be shown for the consumers to know.
Today, we will learn about the
seventh P in our Marketing Mix
which is the Positioning. When
buying a certain product, do you
prefer branded products? And
why do you favor them?
Positioning is a market concept that outlines
what a business should do to market its
product or service to its customers. In
positioning, the marketing department creates
an image for the product based in its intended
audience. For example, a manufacturer of a
bag may position his/her brand as
budget_x0002_friendly brand or the other way
around; a restaurant owner may position
his/her business as a provider of cheap or
expensive food.
The more intense a positioning strategy is, typically, the more
effective the marketing strategy is for a company. The position
of a particular product or service elevates the efforts in
marketing and helps people to become buyers and even turn
them to be loyal customers in the future.
There are several positioning strategies according to Corporate
Finance Institute (CFI, 2020). A few examples are positioning
by product benefits, price, quality, and competition. A
perceptual map is used to know how people perceive a certain
brand. The map allows you to identify how competitors are
positioned to identify the opportunities in the marketplace.
Positioning is simply the definition of a certain
product in the mind of the customers. The
entreprenuer must always describe the product
based from the perspective of the customers. You
must put yourself in their place in assessing the
cost, quality, and variety of the products you offer.
 THE END
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