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Entrepreneurship: 7 P'S of Marketing and Bran Ding

The document discusses the 7 P's of marketing mix which are the key factors in a company's marketing strategy. It describes each P (Product, Place, Price, Promotion, People, Packaging, Positioning) in detail and provides examples. It also discusses developing a brand name and common branding strategies like having a clear purpose, consistency, emotional connection, flexibility, employee involvement, loyalty, and competitive awareness. The 7 P's framework and effective branding are important tools for entrepreneurs to understand when developing their business opportunity and marketing strategy.

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Elisha Castor Dimaguila
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109 views27 pages

Entrepreneurship: 7 P'S of Marketing and Bran Ding

The document discusses the 7 P's of marketing mix which are the key factors in a company's marketing strategy. It describes each P (Product, Place, Price, Promotion, People, Packaging, Positioning) in detail and provides examples. It also discusses developing a brand name and common branding strategies like having a clear purpose, consistency, emotional connection, flexibility, employee involvement, loyalty, and competitive awareness. The 7 P's framework and effective branding are important tools for entrepreneurs to understand when developing their business opportunity and marketing strategy.

Uploaded by

Elisha Castor Dimaguila
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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E NT R E P R E N EU R S H I P

K ETING AN D B RA ND ING
7 P’S OF MAR
LESSON 1: THE MARKETING MIX (7P’S) IN RELATION TO
THE BUSINESS OPPORTUNITY

•MARKETING MIX IS A SET OF CONTROLLABLE AND


CONNECTED VARIABLES THAT A COMPANY GATHER TO
SATISFY A CUSTOMER BETTER THAN ITS COMPETITOR. IT
IS ALSO KNOWN AS THE “PS” IN MARKETING.
THE 7 P’S OF MARKETING MIX
PRODUCT
REFERS TO ANY GOODS OR SERVICES THAT ARE
PRODUCED TO MEET THE CONSUMERS’ WANTS, TASTES
AND PREFERENCES.
EXAMPLE:

MP3 PLAYERS CLOTHING

TIRES
•GOODS CAN BE CATEGORIZED INTO BUSINESS GOODS OR CONSUMER GOODS.
•A BUYER OF CONSUMER GOODS MAY NOT HAVE THOROUGH KNOWLEDGE OF
THE GOODS HE BUYS AND USES.
•AN EXAMPLE OF SERVICES INCLUDES HAIR SALONS AND ACCOUNTING FIRMS.
•SERVICES CAN BE DIVIDED INTO CONSUMER SERVICES, SUCH AS HAIR
STYLING OR PROFESSIONAL SERVICES, SUCH AS ENGINEERING AND
ACCOUNTING.
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.
STAGES OF DISTRIBUTION CHANNEL

11 PRODUCER
WHOLE-
SALER
RETAILER CONSUMER

11 PRODUCER RETAILER CONSUMER

11 PRODUCER CONSUMER
PRICE
A SERIOUS COMPONENT OF THE MARKETING MIX.
THE VALUE OF MONEY IN EXCHANGE FOR A PRODUCT OR
SERVICE
ONE EXAMPLE OF A PRICING STRATEGY IS THE
PENETRATION PRICING
PENETRATION PRICING IS WHEN THE PRICE
CHARGED FOR PRODUCTS AND SERVICES IS SET
ARTIFICIALLY LOW IN ORDER TO GAIN MARKET SHARE.
ONCE THIS IS ATTAINED, THE PRICE CAN BE HIGHER THAN
BEFORE.
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.
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.
•PEOPLE ARE THE ULTIMATE MARKETING STRATEGY.
•THEY SELL AND PUSH THE PRODUCT.
•PRODUCTS ARE BEING SOLD THROUGH RETAIL CHANNELS TODAY.
IF THE RETAIL CHANNELS ARE NOT HANDLED WITH THE RIGHT
PEOPLE, THE PRODUCT WILL NOT BE SOLD.
•THE PEOPLE RENDERING THE SERVICE MUST BE COMPETENT AND
SKILLED ENOUGH SO THAT THAT THE CLIENTS WILL PATRONIZE
YOUR SERVICE.
PACKAGING
A SILENT HERO IN THE MARKETING WORLD.
REFERS TO THE OUTSIDE APPEARANCE OF A PRODUCT AND
HOW IT IS PRESENTED TO THE CUSTOMERS.
PACKAGING IS HIGHLY FUNCTIONAL. IT IS FOR PROTECTION,
CONTAINMENT, INFORMATION, UTILITY OF USE AND
PROMOTION.
POSITIONING
REFERS TO A PROCESS USED BY MARKETERS TO CREATE AN
IMAGE IN THE MINDS OF A TARGET MARKET.
SOLID POSITIONING WILL ALLOW A SINGLE PRODUCT TO
ATTRACT DIFFERENT CUSTOMERS FOR NOT THE SAME
REASONS.
EXAMPLE:
TWO PEOPLE ARE INTERESTED IN BUYING A PHONE; ONE
WANTS A PHONE THAT IS CHEAPER IN PRICE AND
FASHIONABLE WHILE THE OTHER BUYER IS LOOKING FOR A
PHONE THAT IS DURABLE AND HAS LONGER BATTERY LIFE
AND YET THEY BUY THE SAME EXACT PHONE.
LESSON 2: DEVELOP A BRAND NAME

BRAND NAME
A NAME, SYMBOL, OR OTHER FEATURE THAT
DISTINGUISHES A SELLER'S GOODS OR SERVICES IN THE
MARKETPLACE.
YOUR BRAND IS ONE OF YOUR GREATEST ASSETS BECAUSE YOUR BRAND
IS YOUR CUSTOMERS' OVER-ALL EXPERIENCE OF YOUR BUSINESS.
BRAND STRATEGY IS A LONG-TERM DESIGN FOR THE DEVELOPMENT
OF A POPULAR BRAND IN ORDER TO ACHIEVE THE GOALS AND
OBJECTIVES.
A WELL-DEFINED BRAND STRATEGY SHAKES ALL PARTS OF A
BUSINESS AND IS DIRECTLY LINKED TO CUSTOMER NEEDS, WANTS,
EMOTIONS, AND COMPETITIVE SURROUNDINGS
AS MORE CUSTOMERS CONTINUE TO DIFFERENTIATE BETWEEN EMOTIONAL
AND EXPERIENCED COMPANIES, A BRAND MAY BE THE FIRST STEP FORWARD
IN YOUR COMPETITION INSTEAD OF PRICE POINTS AND PRODUCT FEATURES.

BRANDING IS A POWERFUL AND SUSTAINABLE HIGH-LEVEL MARKETING


STRATEGY USED TO CREATE OR INFLUENCE A BRAND. BRANDING AS A
STRATEGY TO DISTINGUISH PRODUCTS AND COMPANIES AND TO BUILD
ECONOMIC VALUE TO BOTH CUSTOMERS AND TO BRAND OWNERS, ARE
DESCRIBED BY PICKTON AND BRODERICK IN 2001.
COMMONLY USED BRANDING STRATEGY
PURPOSE
"EVERY BRAND MAKES A PROMISE. BUT IN A MARKET IN
WHICH CUSTOMER CONFIDENCE IS LITTLE AND BUDGETARY
OBSERVANCE IS GREAT, IT’S NOT JUST MAKING A PROMISE
THAT SEPARATES ONE BRAND FROM ANOTHER, BUT HAVING A
SIGNIFICANT PURPOSE," (ALLEN ADAMSON).
ACCORDING TO BUSINESS STRATEGY
INSIDER, PURPOSE CAN BE VIEWED IN TWO
WAYS:
1. 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.
2. INTENTIONAL - THIS WAY FOCUSES ON FULFILLMENT AS
IT RELATES TO THE CAPABILITY TO GENERATE MONEY AND
DO WELL IN THE WORLD.
CONSISTENCY
THE SIGNIFICANT OF CONSISTENCY IS TO AVOID THINGS
THAT DON’T RELATE TO OR IMPROVE YOUR BRAND.
CONSISTENCY AIDS TO BRAND RECOGNITION, WHICH
FUELS CUSTOMER LOYALTY
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.
FLEXIBILITY
MARKETERS SHOULD REMAIN FLEXIBLE TO 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.
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
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
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.

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