ENTREPRENEURSHIP

MODULE

Module No._7_: Week 7 : 1ST Quarter

MARKETING MIX

Learning Competencies
Recognize the importance of marketing mix in the development of marketing strategy.

Code: TLE_ICTAN11/12EM-Ia-1
Objectives:
1. Understand the meaning of marketing strategy;
2. Understand a brief introduction of the marketing mix;
3. Recognize the importance of marketing mix in the development of marketing strategy.

Let’s Recall (Review)

Think of any industry operating in your place. For example, an eatery industry if that is the
most common. What are the different types of eateries? Do these different types of eateries have
different types of customers? How large is each one of these customer segments (relative to one
another)? What do you think is the most attractive market segment for you to tap just in case you get
into this business?

Let’s Understand

Marketing Strategies – An Overview

Marketing strategy is a broad plan for achieving marketing objectives. A marketing strategy
that is well - articulated will enable one to focus on marketing activities to achieve the organizational
goal.

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Definitions of Marketing Strategy

By Philip Kotler, “Marketing Strategy is the marketing logic by which the business unit
expects to achieve its marketing objectives.”

By Dibb and Simkin, “Marketing Strategy indicates the specific markets towards which
activities are to be targeted and the types of competitive advantage to be exploited.”

By Piercy, “Choosing market targets and a strong market position base on differentiating
capabilities to create a robust and sustainable value proposition to customers and networks of critical
relationships.”

Thus, from the above definitions one can assert that a marketing strategy is a process that can
allow an organization to concentrate its limited resources on the greatest opportunities to increase
sales and achieve a sustainable competitive advantage. A marketing strategy should be centered
around the key concept where the customer satisfaction is the main goal. Fulfillment of wants of the
prospects is one the important goals of marketing activities. A prospective buyer is known as a
prospect.

The Role of the Marketing Mix

There is an old axiom that defines marketing as the process of "getting the right product in
front of the right people at the right time and for the right price." The marketing mix refers to the
collection of tools and strategies a business will use to do just that: get its products to customers
who are ready and able to buy them.

Marketing mix constitutes of the 4 P’s. In case of products – product, price, place and
promotion. In case of services it constitutes 3 more P’s – people, process and positioning.
Furthermore, in recent years, packaging is also considered as an important P and is said to be the 5th P
of the marketing mix.

Product Marketing Mix

Product Price Place Promotion

Services
Marketing
Mix
People Packaging Positioning

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The following points explain the importance of marketing mix.

1) It helps in a clean mix creation

Your marketing mix should have all the P’s compatible with each other. The price should be
compatible with the placement of the product. The product should be compatible with the promotions.
In general, all the P’s are intrinsically linked to each other.

As a result, when you are making a marketing mix, it becomes a chain of strong bonds. And
these bonds then guide you forward in making the chain longer. Whenever you are considering adding
a new feature or changing existing things, you have to look at the overall picture, which helps in
creating a clean marketing mix for the product.

2) Marketing mix helps in new product development

While designing an existing product, there are any number of ideas which can come up for a
related product that can be designed by the company. The pricing, place and promotions might be
different for such a product. Nonetheless, it can be classified as a new product and hence while
designing the marketing mix, the company can come up with good ideas for NPD as well.

3) Marketing mix helps increase the product portfolio

Whenever you want to increase the product depth or product line and length, you have to
make minor changes to the product. In essence, you are making minor changes in the marketing mix
itself. You are making changes to the product features, to its pricing and possible to its promotions.
As a result, by altering the marketing mix and certain features within it, you can end up with an
enlarged product portfolio.

4) It is a guide to improve a business

Place was an important P in the service marketing mix. If a restaurant or an interior design
business realizes its importance then, they can act on it and improve the place of their business.

The importance of marketing mix is evident in more than a single P. People and packaging
are important to the organization too and optimizing both can improve the overall working of the
organization. Hence, marketing mix is an excellent guide if someone wants to improve their business
and is doing gap analysis.

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5) It helps in differentiation

When you analyze the marketing mix of Competitors, there are many different ways that you
can differentiate yourself from the competitor. The competitor might have poor promotions and by
analyzing them, you can create better promotions of your own product.

The competitor might have poor placement of products or he might have the wrong process or
the wrong people in place. All this can be improved upon giving you a better marketing mix and
therefore a competitive advantage in the market.

6) Finally, it helps you in being dynamic

A company which is well prepared is also prepared when disaster strikes. During recession or
during a poor business environment, a company should be ready to respond. At such times, the
company needs to be dynamic in nature. Such a company needs to understand its product, packaging,
people, promotions, and all other P’s better.

Thus, there are many ways that marketing mix may be important to an organization. The best
part is, analyzing and understanding the marketing mix is not a lengthy procedure and the Return on
Investment (ROI) on the time spent is much higher.

Let’s Apply

MULTIPLE CHOICE: Choose the letter of the correct answer and write it on the answer sheet
provided. (NO ERASURE)

1. What do you call the virus that attacked the whole world last December 2019 which
started from WUHAN, China?
A. SARS B. ASF C. COVID-19
2. Due to pandemic caused by the Corona Virus 2019, the IATF declared ECQ to all regions
in the Philippines which caused problem in the transportation of goods? Regions in the
sentence where goods are being transported refer to?
A. Place B. Promotion C. People
3. Business establishments like parlors, barber shop, amusement centers even department
stores inside a mall are temporarily closed but groceries, market, drugstores and other food

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 related stores are the only operating during the ECQ just to give opportunity for the people to
buy their essential needs. What does essential needs mean?
A. Product B. Price C. Positioning
4. The Department of Trade and Industry or DTI strictly monitored the prices of commodities
specially at the grocery stores just to ensure that there is no price increase because many
Filipinos are being jobless during the ECQ. What did the DTI check?
A. Product B. Price C. Packaging
5. Because of the pandemic and the health protocols provided by the IATF, like the proper
and frequent hand washing, using hand sanitizer or alcohol and even the things we keep on
touching must be disinfected to avoid the contamination of the virus, all of these cause us
panic and that is why we rely so much on the said products influenced by the TV commercials
or E-commercials. Commercials are an example of what Ps?
A. Place B. Promotion C. People

Let’s Analyze

Let us connect the lesson to recognize the importance of marketing mix in the development of
marketing strategy to our present situation.

Direction: Complete the table below.

The first column contains the importance of marketing mix while in the second column, this is where
you will write your answer based on the guide questions.

Guide Questions:

1. Have you watched the new TV Advertisement of Jollibee in connection with COVID-19? What
are the changes done by the business?
2. Because of the pandemic, the government requires the people to always wear a face mask
especially when they are outside of their houses or they are in a crowd. And because of this, there is a
rapid increase in demand for face mask which leads to development or creation of new face mask.
Draw at least 3 kinds of face mask.
3. In GCQ, restaurants are now open for take-out only. Therefore, it is a big challenge on the part of
the store owner to hire additional delivery personnel for online or phone orders. Many people prefer
to order online for safety reasons. Now, list down at least 3 food delivery express.

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4. During the GCQ, have you entered a fast food store or any restaurant nearby your place? What did
you observe about the place, people, and the packaging?
5. What do you do to protect yourself from COVID-19?
6. Are you ready for the New Normal? How about the blended learning? What are the preparations
that you ae doing to be able to cope with the changes that are happening caused by the pandemic?

Importance of marketing mix

1. It helps in a clean mix creation 1.

2. Marketing mix helps in New product

development 2.

3. Marketing mix helps increase the product

portfolio 3.

4. It is a guide to improve a business 4.

5. It helps in differentiation 5.

6. It helps you in being dynamic

6.

Let’s Try (Evaluation)

Activity #1: Check Your Understanding

Answer the following briefly:
1. Why marketing strategy should be centered around the key concept where customer satisfaction is
the main goal?
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2. Enumerate the 7 Ps of marketing mix.
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__________________________________________________________________________________
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3. Enumerate the importance of marketing mix
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Activity #2: The students will select a product and they will talk about the marketing mix of that
specific product:
 Product: Main features or characteristics.
 Price: The prices in which you can get such products locally and online.
 Place: Local, National or Online stores where you can buy the product.
 Promotion: Where the product is advertised.

Activity #3: Matching Type - Finding Brand

Match the slogan with its corresponding brand. Draw a line to connect them.
Nike • • Impossible is Nothing
Apple • • Have it your way
BMW • • “Imagination at Work”
McDonald’s • • The happiest place on earth
General Electric • • “Designed for Driving Pleasure”
The U.S. Marine Corps• • “Just Do It”
Walmart • • Save Money. Live Better
Adidas • • Connecting people
Sony • • Finger lickin’ good
Disneyland • • “I’m Lovin’ It”
KFC • • Make Believe
Burger King • • “Think Different”
Nokia • • “The Few. The Proud. The Marines.”