`

Entrepreneurship
Name:______________________________________ Grade Level: _____

MAKING STRATEGY: LEARNING BY

DOING

Objectives
This lesson aims to:

a. Recognize the importance of marketing mix in the development of marketing

strategy;
b. Develop a brand name.

Review
FAMILY ACTIVITY WORKSHEET
Directions:
Together as a family, look for promotions together on programs you
watch on TV, websites you visit, on the radio, and in other formats.

Guide Questions:

1. Does this advertising make you want the product or service? Why or
why not?
________________________________________________________________________
________________________________________________________________________
_______________________________________________________________________.

2.Are you a member of their target audience?

________________________________________________________________________
________________________________________________________________________
_______________________________________________________________________.

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3.What are some target audiences that you would be a member of?
________________________________________________________________________
________________________________________________________________________
_______________________________________________________________________.

Introduction
The main factor to success in each organization is the marketing, because
it is the main channel between any organization and customers. The
marketing has many strategies, but all these strategies have one goal, this
goal is to promote for the organization products or services by increasing
the satisfaction of customers. The most important strategy of marketing in
our modern era is marketing mix (MM) which developed through time from
one element to multi elements. In this section you will determine the nine
(9) Ps and the fundamentals of branding.

Marketing Mix
The main factor to success in each organization is the
marketing, because it is the main channel between any organization and
customers. The marketing has many strategies, but all these strategies
have one goal, this goal is to promote for the organization products or
services by increasing the satisfaction of customers. The most important
strategy of marketing is marketing mix (MM).

In Marketing Management (1967), Philip Kotler defined the “Marketing

Mix” as the set of controllable variables a firm can use to influence buyer
response.

In One-To-One Marketing (1993), Don Peppers and Martha Rogers shifted

the focus of marketing from mass audiences to one customer at a time to
reach your most loyal buyers.

With Permission Marketing (1999), Seth Godin reimagined Peppers and

Rogers.
Instead of pushing messages to your audience, they grant you permission
to communicate with them.
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By defining Internet communications, The Cluetrain Manifesto (1999)
transformed the marketing mix.

• Markets are conversations.

• Markets consist of human beings, not demographic sectors.
• Conversations among human beings sound human.

The Main Elements of Marketing Mix

The MM has many elements, these elements can be specified

according to the main goal of the organization, the main elements (product,
price, place or distribution, and promotion), these marketing mix may
strengthen the customer satisfaction's level (Raewf & Thabit, 2015).

1. Product

Product refers to the goods and services presented by the organization. So,
in few words, the product can be known as a pack of advantages which a
marketer presents to the customer for a price. The product can also take
the shape of a service like a train travel, communication, etc. Thus, the
product is the main element of any marketing mix (Singh, 2012).

Other ways of classifying products are as follows:

a. Convenience products: These are consumer products that the

customer buys very frequently, without much deliberation. They are low
priced of low value and are widely available at many outlets. They may be
further subdivided as:

• Staple Products: Items like milk, bread, butter etc. which the family
consumes regularly. Once in the beginning the decision is programmed
and it is usually carried on without change.
• Impulse Products: Purchase of these is unplanned and impulsive.
Usually when the consumer is buying other products, he buys these
spontaneously for e.g. Magazines, toffees and chocolates. Usually these
products are located where they can be easily noticed.
• Emergency products: Purchase of these products is done in an
emergency as a result of urgent and compelling needs. Often a consumer
pays more for these. For example while traveling if someone has forgotten
his toothbrush or shaving kit; he will buy it at the available price.
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b. Shopping products: These are less frequently purchased, and the
customer carefully checks suitability, quality, price and style. He spends
much more time and effort in gathering information and making
comparisons. E.g. furniture, clothing and used cars.
c. Specialty products: These are consumer goods with unique
characteristics / brand identification for which a significant group of
buyers is willing to make a special purchase effort. For example,
Mitsubishi Lancer, Ray ban glasses.
d. Unsought product: These are products that potential buyers do not
know exist or do not yet want. For example Life Insurance, a Lawyers
services in contesting a Will.

2. Price

The second most significant element in the marketing mix is the price. It
can be known as the value charged for any product or service (Borden &
Marshall, 1959). Fixing the product's price is a difficult job. The marketers
have to know that while fixing the price, so many factors like the need of
a product, cost involved, consumer’s ability to pay, government
restrictions, prices charged by competitors for comparable products, etc.
can control this process. In fact, pricing is a very critical decision zone as
it has its impact on the need for the product and also on the profitability
of the organization (Singh, 2012).

The pricing policies mainly followed by the small firms are:

a. Competitive pricing: This method is used when the market is
highly competitive and the product is not differentiated significantly from
the competitor’s products.
b. Skimming-the-cream pricing: Under this pricing policy, higher
prices are charged during the initial stages of the introduction of a new
product. The aim is to recover the initial investment quickly. This policy
is quite effective when the demand for a product is likely to be more
inelastic with respect to price in its early stages; to segment the market
into segments that differ in price elasticity of demand and to restrict the
demand to a level, which a firm can easily meet.
c. Penetration pricing: Under this policy, prices are fixed below the
competitive level to obtain a larger share of the market. Penetration pricing
is likely to be more successful when the product has a highly elastic

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demand; the production is carried out on a large scale to achieve low cost
of production per unit; and there is strong competition in the market.

3. Place or Physical Distribution

Goods are produced to be sold to customers; they have to be made ready

to the customers at a suitable place where they can handily make deal.
So, it is important that the product is ready at markets in the city. This
includes a chain of persons and organizations like distributors,
wholesalers and retailers who shape the distributing network of the
organization (the channel of distribution). The organization must choose
whether to sell directly to the persons or through the distributors. It can
even plan to sell it directly to customers (Burnett, 2008).

4. Promotion

Promotion is one of the strongest elements in the marketing mix. Sales

promotion actions are publicity, public relations, fair and demonstrations
etc. (Culliton, 1948). It is marketing manager who decides the level of
marketing expenses on promotion. Promotional actions are mainly meant
to complement personal selling, advertising and publicity (Burnett, 2008).
Promotion helps the trader and sales force to show the product to the
customers in an effective manner and encourage them to purchase.
Promotion depends on many mixtures of its components which are used
to realize the organization's marketing objectives. Advertising is a strong
element of promotion mix (Singh, 2012).

Marketing mix of a firm selling automatic washing machines

Target market: Urban households with high income and status consciousness.
Product: Latest technology, automatic washing machines.
Price: High, but should not be beyond the low range high-income groups.
Promotion: Heavy advertising through high image magazines and television stressing the high
quality of the machines.
Place (distribution): Through high image retailers.

The Other P’s

Marketing mix (also known as the 9Ps). These are your marketing tactics.

5. People — Represent the business and includes everyone your business

touches.

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6. Physical environment — The ambiance, mood, or tone of the
environment.
7. Process — The value-added services that differentiate the product from
the competition (e.g. after-sales service, warranties) and focuses on
technologies to improve customer experience.
8.Packaging — How the product will be protected.
9. Performance – means measurable results aligned with financial &
strategic objective.

Crafting the Brand

Branding is at the foundation of everything in business.

Brand - A name, term, sign, symbol or design, or a combination of them,

intended to identify the goods or services of one seller or group of sellers
and to differentiate them from those of competitors.

A brand is any label that carries meaning and associations (Kotler, 2016).

What comes with a brand identity package:

• Brand Audit
• Brand Positioning
• Logo Design
• Brand Style Guide
• Graphic Standards
• Suggested Typography

Brand Element Choice Criteria

• Memorable-recall and recognized

• Meaningful-credible
• Likeability-aesthetically appealing
• Transferable-introduce new product
• Adaptable-updatable
• Protectable- legality

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Crafting the Brand Positioning
Positioning is the act of designing the company’s offering and image to
occupy a distinctive place in the mind of the target market.

Competitive brand positioning requires the identification of a distinct

market space and a cognitive location as perceived by consumers.
Value chain development is based primarily on product innovation and
market development.

Product design Marketing

Pricing Distribution Competitive
and product line communications
strategy strategy brand position
innovation

Product innovation includes strategic initiatives on product design and

the ability to introduce new product categories and line extensions. Market
development revolves around pricing strategy, distribution strategy, and
marketing communications. Communications are designed to create a
consumer mindset where brand awareness, associations, and attitudes
are formed. Brand names, logos, advertising, and product packaging
constitute the visual component of market development.

Major competitors in the food manufacturing industry include Nestlé,

PepsiCo, Unilever, and Kraft. The corporations strive to improve their
product offering giving particular atten- tion to the freshness of the
product, health, nutrition, and cost considerations.

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Copyright, Trademark, and Patents

Build a Brand

1. Research your target audience and your competitors.

2. Pick your focus and personality.
3. Choose your business name.
4. Write your slogan.
5. Choose the look of your brand (colors and font).
6. Design your logo.
7. Apply your branding across your business.

Make up a word, like Pepsi.

Reframe an unrelated word,likeApple for computers.
Use a suggestive word or metaphor, likeBuffer.
Describe it literally (caution: easy to imitate),like The Shoe Company.
Alter a word by removing letters, adding letters, or using Latin endings,
likeTumblr (Tumbler) or Activia.
Create an acronym from a longer name,like HBO (Home Box Office).
Combine two words: Pinterest (pin + interest) or Snapple (snappy + apple)

Write a slogan

A catchy slogan is a nice-to-have asset—something brief and descriptive

you can use as a tagline in your social media bios, website header,
business card, and anywhere else where you’ve got very few words to make
a big impact.

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Keep in mind that you can always change your slogan as you find new
angles for marketing—Pepsi has gone through over 30 slogans in the past
few decades.

A good slogan is short, catchy, and makes a strong impression. Here are
some ways to approach writing a slogan of your own:

Stake your claim. Death Wish Coffee: “The World’s Strongest Coffee”
Make it a Metaphor. Redbull: “Redbull gives you wings.”
Adopt your customers’ attitude. Nike: “Just do it.”
Leverage labels. Cards Against Humanity: “A party game for horrible
people.”
Write a rhyme. Folgers Coffee: “The best part of waking up is Folgers in
your cup.”
Describe it literally. Aritzia: “Women’s fashion boutique.”

Choosing your Colors

Colors don’t just define the look of your brand, they also convey the feeling
you want to communicate and help you make it consistent across
everything you do. You'll want to choose colors that differentiate you from
direct competitors to avoid confusing consumers.

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Color psychology isn’t an exact science, but it does help to inform the
choices you make, especially when it comes to the color you pick for your
logo.

Source: The Logo Company

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Design your logo
Abstract: Google Chrome

An abstract logo has some meaning, but really, it’s just a shape and colors
that you can’t easily tie back to anything in the real world.
The benefit of an abstract logo is that it has no innate meaning—you can
make this up yourself and bring it to life in your customers’ minds (Kumar,
2020).

Mascot: Wendy’s

Mascot logos are often represented by the face of a character. They may
humanize your business by creating a brand personality, but be aware
that they are an antiquated style now and only recommended in certain
contexts (e.g., you’re deliberately going for a retro look) (Kumar, 2020).

Emblem: Starbucks

Emblem logos are often circular and combine text with an emblem for a
bold and regal look. If the design is too complicated, however, they can
lose their impact when you shrink them down. But done right, they can
play a big influence on brand building and make for a memorable style of
logo (Kumar, 2020).

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Lettermark: IBM

Lettermark logos turn the initials of your full business name into a logo. If
you chose a business name with 3 or more words, this might be a style
you’d want to consider, especially if the initialism is catchy(Kumar, 2020).

Icon: Twitter

An icon logo is your brand represented as a visual metaphor. Unlike an

abstract logo, an icon logo suggests something about the product (Twitter’s
bird is suggestive of the frequent short “tweets” on the platform). (Kumar,
2020).

Wordmark: Facebook

Wordmark logos turn your brand name, colors, and font into a visual
identity. The problem with wordmarks is that they’re often hard to create
in a scalable square design and easily lose their legibility when shrunk.

However, you can fix this problem by simply getting an accompanying icon
logo or turning the first letter of the wordmark into a separate-but-
connected logo, like what Facebook does with its F(Kumar, 2020).

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Combination: McDonald’s

Because of the limitations that exist for each logo type, many logos are a
combination of styles (Kumar, 2020) (Kumar, 2020).

IPOPHL
The Intellectual Property Office of the Philippines shortened as IPOPHL,
is a government agency in charge of registration of intellectual property
and conflict resolution of intellectual property rights in the Philippines.
The agency is mandated to administer and implement State policies on
intellectual property (IP) to strengthen the protection of IP rights in the
country.

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 Self-Check Activity
Questions:

1. What is marketing? Distinguish between marketing and selling.

________________________________________________________________________
________________________________________________________________________
_______________________________________________________________________.
2.What is marketing mix? Explain its main components.
________________________________________________________________________
________________________________________________________________________
_______________________________________________________________________.
3. Discuss the problems faced by the small-scale entrepreneurs in
marketing their products.
________________________________________________________________________
________________________________________________________________________
_______________________________________________________________________.

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 Key Concepts

❖ Marketing may be narrowly defined as a process by which goods

and services are exchanged and the values determined in terms of
money prices.

❖ A market consists of large number of individual customers who

differ in terms of their needs, preferences and buying capacity.
OUTLINING STRATEGIES
❖ Products and services are broadly classified into consumer
products
Directions: and industrial
Mr. Kiko Dela Cruzproducts.
is a small entrepreneur involved in the
manufacture of desert coolers. Provide an outline of the marketing
❖ The
strategy for second
his firm.element is the price, which affects the volume of sales.
It is one of the most difficult tasks of the marketing manager to fix
________________________________________________________________________
the right price.
________________________________________________________________________
________________________________________________________________________
❖ Promotion refers to the various activities undertaken by the
________________________________________________________________________
enterprise to communicate and promote its products to the target
________________________________________________________________________
market.
_______________________________________________________________________.
❖ Place mix or delivery mix is the physical distribution of products at
the right time and at the right place. It refers to finding out the
best means of selling, sources of selling (wholesaler, retailers, and
agents), inventory control, storage facility, location, warehousing,
transportation, etc.

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 Enrichment Activities

LOGO DESIGN CHALLENGE

Directions: Since you now know what a logo is, what it is supposed to do,
and what it should represent, you will now be tasked to design a logo of
your own!
Materials
Sketch paper, short bond paper
Pencil/colored pencils/colored markers/Oil pastel
Crayons
Criteria
The criterion for the logo design project is as follows:
1. You are tasked to create a logo design that represents you as a person.
Your logo must represent/symbolize your personal interests and beliefs.
2. Use up to three to five colors within the design: keep it simple, not too
visually distracting.
3. Create an initial sketch of the logo.
4. Create a final computer graphic design of your logo.
Rubrics

Originality 35%
Uniqueness and authenticity of the logo

Relevance 30%
Relation to the logo design to the business entity

Aesthetic 20%
Overall design and looks of the logo

Tagline elevates the brand 15%

TOTAL 100%

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Source: https://www.khanacademy.org/partner-content/49ers-
steam/49ers-art/49ers-elements-art-design/a/logo-design-
challenge

MY MARKETING PLAN

Directions: The marketing plan is a written record of how you’re going to

use your marketing mix. Choose a product or service that you use every
week. Then create a marketing plan for it.
PRODUCT or SERVICE
1. You get to give the product a new brand name, what name do you
choose?
________________________________________________________________________
2. What does your product do?
________________________________________________________________________
PRICE
3. How much does your product cost?
________________________________________________________________________
4. Will you use any special price strategies? (example: coupons, sales
events, etc.) If so, which ones and
why?
________________________________________________________________________
PLACEMENT
5. Where will you sell your product? (examples: grocery stores, online,
etc.)
________________________________________________________________________
6. Where will you position your product to catch the eye of your target
customer? (examples: top shelf, busy street corner, etc.)
________________________________________________________________________
PROMOTION
7. How will you get the word out?
________________________________________________________________________

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8. Who is your target customer?
________________________________________________________________________
Source: The Marketing Mix by Bizkids

Evaluation

Directions: Fill in the blanks with the correct term(s)

1. The object or end to be achieved is the __________.
2. The __________ is responsible for promoting a favor Public relations
able image to the public.
3. A __________ is meeting a need with words or actions.
4. How you enclose and protect a product is __________.
5.__________ is the way you advertise your product.
6.The process of communicating the value of a product or service is
__________.
7. Where you locate your product is __________.
8. The amount of money needed to buy or sell a product is its __________.
9-10. Mr. Kiko Dela Cruz is a small entrepreneur involved in the
manufacture of desert coolers. Provide an outline of the marketing
strategy for his firm____________________________________________________
________________________________________________________________________
_______________________________________________________________________.

Answer Key to Pretest

1. B 6. A
2. A 7. A
3. D 8. B
4. C 9. C
5. C 10. D

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 Bibliography

A. Books
Kuratku, D. (2012). Entrepreneurship: An Introduction. Cengage Learning.

B. PDF Modules
CDAsia, (2020). [PDF] Republic Act No. 8293, June 6, 1997
Central Board of Secondary Education, 2002. Entrepreneurship. Secretary, CBSE,
Preet Vihar, Delhi.
Citrus Online Innovations Inc. (2020).Creating Brand Equity & Crafting the Brand.
Chapter 10 & 11Positioning
Sethi, Jyotsna (2016). Entrepreneur and Entrepreneurship. A PDF Module
Somoray, Ana Marie M. (2020). Entrepreneurship and Business Planning Lecture
Compilation.
C. Website

Cohen, H. (2020). Actionable Marketing Guide. Md Afnan Hossain – Lecturer

Southeast University, Course Code: Mkt 3123 (D,E). Retrieved from
https://heidicohen.com/four-ps-of-marketing-mix/

FullSuite Team (2016). How To Protect Business Brand. Retrieved from

https://www.full-suite.com/blog/protect-business-brand-philippines/

Kumar, B. (2020). How to Start Your Own Brand From Scratch in 7 Steps.
Retrieved from https://www.shopify.com.ph/blog/how-to-build-a-brand

D. Article
Tanya Sammut-Bonnici (2015). Brand and Branding Chapter · January 2015
DOI: 10.1002/9781118785317.weom120, University of Malta

Thabit Hassan (2018).The Evaluation of Marketing Mix Elements: A Case Study

Article · March 2018 Ninevah University, Manaf Raewf Cihan University

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