ENVIRONMENT AND MARKET IN ONE’S LOCALITY/TOWN.

Marketing Mix (7Ps)

 Product;
 Place;
 Price;
 Promotion;
 People;
 Packaging; and
 Positioning

How to Develop an Effective Marketing Mix What are the Marketing Mix Elements?

What is a Marketing Mix?

- set of actions a business takes to build and market its product or service to its customers.
-It helps to make sure that you are able to offer your customers the right product, at the right time and at the right
place for the right price.

Importance of Marketing Mix

o Helps understand what your product or service can offer to your customers
o Helps plan a successful product offering
o Helps with planning, developing and executing effective marketing strategies
o Helps businesses make use of their strengths and avoid unnecessary costs
o Helps be proactive in the face of risks
o Help determine whether your product or service is suitable for your customers
o
o helps identify and understand the requirements of customers
o Helps learn when and how to promote your product or service to your customers

Marketing Mix (7Ps)

Product is a good (such as music players, shoes etc.) or service (such as hotels, airlines, etc.) that is offered
as a solution to satisfy the needs of your customer.
 When developing the product, you need to consider its life cycle and plan for different challenges that may
arise during the stages of it. Once the product reaches its final stage (sales decline phase), it’s time to
reinvent the item to win the demand of the customers again.

Price The next element of the marketing mix is the price your customer is willing to pay for your product. This
helps determine the profit you will be able to generate.
 When setting a price for your product, consider how much you have spent on producing it, the price
ranges of your competitors, and the perceived product value.

Place This is about the distribution center of the product and the methods used in distributing it to the customer.
 Wherever this is, it should be easily accessible to the customer. For example, if you have a physical store,
it should be located in a place that can be easily discovered by the customer. If you own a website to
market your product, make sure it is easily navigable.

Promotion refers to the methods a business uses to gain the attention of the customers to their product. These
includes sales promotions, customer service, public relations, advertising etc.
 When creating your promotion strategy, consider the tactics used by your competitors, the channels that
are most effective in reaching your customers, and whether they match the perceived value of your
product.

People This refers to the people – both your customers and employees – who are directly related to the product
or service.
While you need to study your target market to understand whether they are in need of the type of product
you are offering, you need to hire the right people who are capable of giving their best to build it.

Process Systems and processes play an important role in building and delivering a quality service to your
customer.
Make sure that you process is free of bottlenecks and blockers in order to reduce the unnecessary expenses
associated with executing the service.

Physical Evidence refers to what the customers see when consuming your product or service. This could include
your branding, packaging, the physical environment where you are selling your product etc.
Make sure that all physical aspects associated with your product or service adhere to its values.

How to Develop a Marketing Mix?

Define Your Goal and Set a Budget
 Developing an effective marketing mix starts with setting the right goals. Establish what you want to
achieve with your marketing plan; is it to grow sales? Acquire more customers? Build brand awareness?
 Once you have set realistic and measurable goals, determine how much you are willing to
spend on achieving your objectives.

Study Your Target Customer

 In order to build a product or service that your customers would want to buy, you need to know who
they are.
 Find different segments in your target audience and create separate customer profiles for each. Refer to
these when you are developing your strategies.
Identify Your Unique Selling Proposition
 Clarify what your unique selling proposition is through customer surveys, interviews, focus groups
etc.
 Here you will identify the benefits your product or service will bring to your customer, and how you are
better than anyone else in solving their problems.

Understand Your Competition

 Carry out a competitor analysis to understand the different strategies and tactics used by your
competitors. This knowledge will be especially helpful when you are creating your pricing strategy.
 Learn how to conduct an effective competitor

Identify the Unique Features of Your Product

 List down the unique qualities and the value of your product. You can build on these when you are
marketing it to your customers.

Create a Pricing Strategy

 Using the competitor research, you have done, build a pricing strategy. Make sure that you have
not overpriced or underpriced your product

What is business vicinity map?

Vicinity Map
A 'vicinity map' is a map that illustrates the 'vicinity' of whatever-it-is you are interested in - your town,
your neighborhood.
It shows things which are in 'the vicinity' (the near area) of your central or main map feature

Vicinity map means a drawing located on a plat which sets forth by dimensions or other means the
relationship of the proposed subdivision or use to other
nearby developments or landmarks and community facilities and services within the general area in order to
better locate and orient the area in question.

CONCEPTS, UNDERLYING PRINCIPLES, AND PROCESSES OF DEVELOPING A BUSINESS PLAN

POTENTIAL MARKET
• The potential market includes the demographic groups that are not currently your customers but
could become customers in the future.
• They might become your customers because you expand your available products or services, or because
you begin marketing your current products and services in a new way and to new groups of buyers.

HOW POTENTIAL MARKETS WORK

Potential markets allow an entrepreneur to:
Ensure the future of your business by identifying new customers.
Think proactively about ways for your business to grow and change.
Show the potential of your business to investors or collaborators.
Increase your revenue.
Create a plan B that will weather changes in the economy or market.

TYPES OF POTENTIAL MARKETS

Potential markets take one of three forms:
New products you market to your current customers.
New products you market to new customers.
Current products you market to new customers.

POSSIBLE QUESTIONS THAT AN ENTREPRENEUR TO REFLECT ON:

What other products do my customers need now?
What related products will they need in the future?
Who else could make use of the products I am selling now?
What demographic information does that new group have in common with my current customers?
What demographic information does that new group have in common with each other?

HOW TO GET NEW POTENTIAL MARKETS

Though there may be some overlap between your current customers and your potentiate
market, you should still treat your potential market as you would your target audience
by creating a customer profile. Use this profile to identify:

HOW TO GET NEW POTENTIAL MARKETS

• The demographic information that people in this group have in common.
• The best forms of media to reach them.
• How they prefer to shop and make purchases.
• The concerns, struggles, or problems you can help them overcome.
• What values matter to them, both in everyday life and when shopping.
• The language that resonates with them.

BUSINESS PLAN (FORMAT)

 WHAT IS BUSINESS PLAN FOR?
A business plan serves many masters.
It serves the entrepreneur who must set a navigational course.
It serves investors and cautious financiers.
It serves the managers and staff of the organization so that they will know the strategies and programs of the enterprise.

TAKE NOTE:
The business plan must have a specific audience in mind and what important questions do this audience want to answer.

PARTS PROPER:
I. Introduction
- indicates the proper orientation of the prospective product to be offer to target markets (target
customers). You can also convey how you come up with the idea of the product and the business at the
same time.
II. Business Special Attributes
- the uniqueness of the creation of the business, the history of the product idea and the possible
packaging of the product.
III. The Target Customers and the Main Value Proposition to the Customer
- it must be in proper personal profile, in terms of age, gender and demographics; it may also include the
possible population of the customers and its capacity and interest to buy.
The Main Value Proposition is the unique selling proposition of the enterprise.
IV. The Product Strategy
- what is your plan in Selling that particular product for the business to be recognized in the industry.
V. Sufficient Budgeting
- the listings of the expenditure used for both the product and the business.
VI. Pricing
- what is proposed price for the product? What are the possible considerations for your pricing?
VII. The Possible Returns
- the estimated profit to be earn for the first month of operation.
VIII. Legitimate Location
- the appropriate location for the business to sell.
IX. Conclusion
- what are your findings? Is it feasible and profitable

 7 core areas COMPLETE PRODUCT EXPERIENCE

1. MARKETING
- How potential customers learn about your product and decide if it might be a fit
2. SALES
- How prospects get the information they need to make a purchasing decision
3. TECHNOLOGY
- The core set of features that customers pay for
4. SUPPORTING SYSTEM
- The internal systems that make it possible to deliver the product
5. THIRD PARTY INTEGRATIONS
- The ecosystem, of products the customer uses
6. SUPPORT
- How customers receive product training and assistance
7. POLICIES
- The rules that govern how your company does business

BRANDING
When people use brand name as a verb, that is remarkable, (meg Whitman)

 WHY IS BRANDING SO IMPORTANT?

Helps you stand out from the competition. It doesn’t matter what kind of company you have, what industry you’re in, or
what type of customer you’re after—if you’re in business, you’ve got some serious competition. Branding helps you
establish the ways in which you’re different, special, and unique. And it shows your customers why they should work with
you instead of your competitors.

Builds brand recognition. If you want to build a successful brand, you need to be recognizable. The right branding
(including designing an impactful logo, website, and other brand assets) helps you carve out a distinct style, and it
increases your brand recognition in the market.
Creates a consistent brand experience for your customers. In order for your business to succeed, you need to provide a
consistent experience for your customers however they interact with your brand—whether that’s through your website, at
an in-person event or by following your social media accounts. Branding allows you to control how people perceive and
experience your brand— and you can ensure that perception and experience stays consistent across all your brand
touchstones.

Sparks a connection with your audience and turns that audience into loyal customers. The most successful businesses
are the ones that foster an emotional connection with their audience. That emotional connection is what transforms a
prospect into a customer and a customer into a brand enthusiast. And how do you create and build that connection

WHAT ARE THE ELEMENTS OF BRANDING?

 Website. Designing your website is also a key branding step. Your website is your brand’s digital real estate
when you’re your customers visit, it should be visually engaging, easy to use, and most important of all a
reflection of who you are as a brand. Similar to your logo, refer to your brand guide to choose your web design
elements
 Additional assets. There’s no one-size-fits-all approach to branding. Depending on your business and industry,
you might need additional assets like business cards, product packaging or event flyers. Assess your business
and your unique needs, and the develop additional branding assets accordingly

 7 REASONS WHY AN ENTREORENUER STARTS HIS OWN BUSINESS

1. WANT TO BUILD A CERTAIN LIFESTYLE
-Entrepreneurs create their own business so that they do not have to deal with someone else’s. In fact they need
to create their own personal structures in life. They want to have their own identity and image.

2. NEED FOR PERSONAL FREEDOM

-It is a need, an overwhelming need to create his own structure, that makes Pablo Picasso to say that when he
works, he relaxes. When he works, he is free.
-Free from all the structures that he did not build, free within himself.
-There are no “have to’s”.

3. QUICK PROFIT
- It solely get into their pocket if the business succeed in terms of earning money without any hesitations, because
they are the so-called “boss”. They can keep on monitoring the in and out of money, to keep the business in the
right track.

4. MONEY TO INVEST, NO IDEA WHERE TO

As for some entrepreneur, they have the resources like money, but they are puzzled to where they can get the
possible returns of their possible investment, so they try something beyond what they expected, so there is a
tendency to fail because, of unsure decisions.

5. DESIRE TO TURN HOBBY INTO BUSINESS

The advantage of turning your hobby into your business is that the much-required enthusiasm and dedication
follow the love of what you are doing.

6. GREAT IDEA
Most businesses , in fact, do not start out with a great idea; they start by changing something, that already exists.
They start with a customer, not liking what he buys. In effect, business often start with a complaint about an
existing business.

7. DESIRE TO BUILD SUSTAINABLE INSTITUTION

Ambitious goals often require great creativity. The desire to build a sustainable business institution, either by
seizing a significant share of an existing market, or by creating a large new market, is one such ambition that calls
for a revolutionary idea or a heck of a personality. Sometimes both.

“ The saddest summary of life contains three descriptions: could have, might have and should have.” – Louis Boone,
American educator and writer.

GUIDE QUESTION

1.What are the things, that you could have done?

2.What are the things, that you might have done?

3.What are the things, that you should have done?