7 P's of Marketing Mix
7 P's of Marketing Mix
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New lesson>>>
Do these before we start
Think of words or terms
related to the topic that
starts with letter “P” and
find the words in the
grid horizontally,
vertically, or diagonally.
Write the Words or
Terms on the space
provided and write
something about the
word using your own
words.
Learning Objectives:
At the end of the lesson, the learners are expected to:
1. describe the Concept of Marketing Mix;
2. identify the seven P’s in the Marketing Mix;
3. identify the commonly used brand strategy ;
4. developed a Brand Name.
7 P’s of
Marketing
A Marketing Mix is a set of controllable and connected
variables that a company gathers 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.
Marketing Mix strategy is selecting and applying the
best potential means to achieve the organization’s vision
and gain a competitive edge.
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.
The 7 P’s of Marketing Mix
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.
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 make 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.
The 7 P’s of Marketing Mix
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 penetration pricing.
It is when the price charged for products and services is set
artificially low in order to gain market share. For example, if
you are going to open a www.shsph.blogspot.com 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 market share then you can slowly increase
your price.
The 7 P’s of Marketing Mix
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.
The 7 P’s of Marketing Mix
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.
The 7 P’s of Marketing Mix
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.
The 7 P’s of Marketing Mix
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.
The 7 P’s of Marketing Mix
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.
Purpose can be viewed in two ways:
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 significance of consistency is to avoid things
that don’t relate to or improve your brand.
Consistency aids in 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 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.
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
Do not be frightened of competition. Take it as
a challenge to improve your branding strategy and
craft a better value in your brand.
What I have
learned?
MINI
TASK
MINI TASK
Task 1. Invent a new product and give it a name.
Sketch it.
Task 2. Once you have chosen the name for
your product write a short explanation. In your
explanations, you should describe your product
and explain how and why you chose its name.
Your Sketch:
Your Product
Here are some useful phrases that may help you with
your tasks and explanations: