7Ps in Entrep. Marketing Strategies

Group Brown
Review
1. What is Value Proposition?

2. In crafting a Value Preposition the value
preposition should be:
a)Concise
b)Specific
c)Engaging to your customer
3. Use FAB to get to the core of what makes a
product sell help you craft your selling USP and
Value Preposition.
Marketing
Mix (7Ps)
Learning Outcomes
 Describe the Marketing Mix

(7Ps) in relation to the
business opportunity vis-à-
vis
 Develop a brand name
TLE_ICTAN11/12EM-Ia-1
WHAT IS MARKETING
• Marketing is communicating the value

of a product, service or brand to
customers, for the purpose of
promoting or selling that product,
service, or brand.
What is Marketing Mix?
• Marketing Mix is tool which used by
marketers and refers to the sets of
actions and tactics to promote a product
or brand in the market.
Marketing Strategies
• Is the foundation of a marketing
plan.
• It should be drawn from market
research and focus on the product
mix in order to achieve maximum
profits and sustain the business.
• The following questions will help in
formulating the marketing strategies;
1. Who is producing similar products?
2. Where are the competitors located?
3. What is the quality and price of
their products?
4. What can I do to make a new
product that is better than those of
the competitors?
5. Why would customers or consumers
want to change to a new product
6. What offers or incentives do
competitors give to retailers?
7. What are competitors likely do
if a new product is introduced?
PEOPLE
PRICE
7 Ps Business
POSITIONING Opportunity PROMOTION
PACKAGING PLACE
Product: The product is the primary – though not the
only – component of the 7 Ps of the marketing mix.
Marketing consultants will consider carefully which
features of the product are most likely to appeal to its
target market, as well as taking into account factors such
as the life span of the product, and its potential for
diversification and development.
Ask critical questions like:
1. Is the current product or service, or mix of
products and services, appropriate and
suitable for the market and for the customers
of today?
2. Are these the right products or services for
customers today?
3. Is the product or service superior in some
significant ways to anything else available? If
so, what is it? If not, could it be developed to
an area of superiority
4. Should this product/service be offered at all in
the current marketplace.
Price: The price that is set for a product not only
determines the amount of profit the business will be able
to make from it (and therefore how many units will need
to be sold), but also affects the value of the product as
perceived by the consumer. Many consumers will use the
product’s price as a means of judging its quality, and
most will compare the price with that of similar products
before deciding which to purchase.
Pricing
Is the peso value that the

entrepreneur assigns to a certain
product or service covering its cost,
competition, objectives, positioning
and target market.
Different
types of
Pricing
Pricing
1. Bundling
Refers to two or more products or
services in one reduced price.
Example:
Pricing
2. Penetration pricing
Refers to setting low price to get a
market share
Example:
Pricing
3. Skimming Pricing
Highly initial price (innovative product)
Price reduced overtime ( when marketers
enters the market with same type of product)
Example:
Pricing
4. Competitive pricing
Refers to bench marking prices with the
competitors.
When there are lots of rivals.
When the good/services are very similar
between you and tour rivals
Example:
Pricing
5. Product line pricing
Refers to pricing different products or services
within a parallel product array using varying
price points.
Same brand different price
Example:
Pricing
6. Psychological pricing
Consider the psychology and positioning of
price market.
Example:
Pricing
7. Premium Pricing
Refers to setting a very high price to reflect
elitism superiority .
Example of signature clothes, bags, perfume
Example:
Pricing
8. Cost-base pricing
The basis of mark up is the cost sales
Example:
Iphone – P1,500.00 (Cost)
Mark up – 80% = (P1,200.00)
Cost + Mark up = Final Price

P1,500.00+P1,200.00= P2,700.00
Promotion:
This is an
umbrella term,
covering all the
media by which a
business informs
customers about
its product –
including
advertising, public
relations and sales
promotion.
Promotions
The main goal of

promotion is to
gain attention.
Key Marketing Message
1. Value Proposition or Unique

Selling Proposition.
2. Product or service image.
3. Business image
4. Business value and
philosophy.
Promotional Tools
1.ADVERTISING
Objectives :
a. Informing, Familiarizing, educating
b.Build a trustworthy image
c. Increasing Sales
2. SELLING
Is the act of tedding a product or service for a price or
fee.
3. SALES PROMOTION
4.PUBLIC RELATION ( PARTNERSHIP)
Promotional Tools
3. SALES PROMOTION
Examples include contests, coupons, freebies, loss
leaders, point of purchase displays, premiums, prizes,
product samples, and rebates. Sales promotions can
be directed at either the customer, sales staff, or
distribution channel members (such as retailers)
4.PUBLIC RELATION ( PARTNERSHIP)
Marketing PR has developed due to increased
saturation of markets and the difficulties this creates
in reaching customers.
Place: Products are not only sold in shops – they may
also be sold door-to-door, online, or in trade fairs or
markets.
Packaging: This refers not just to
the way in which a product is
wrapped, but also to its overall
presentation, and the way in which
its physical arrangement is
designed to attract the customer.
Other distribution-related
packaging considerations include:
1. Labelling
For example, labels of food products sold in retail outlets
must contain information about their ingredients and
nutritional value.
2. Opening
3. Size
bulky or heavy packaging may add too much to transportation
costs.
4. Durability
Must endure rough handling between production point to
ultimate consumer.
Positioning: One of the most important of the 7 Ps of marketing
mix, positioning refers to a product’s status in relation to the
wider market, particularly how it lines up against competitors.
People: Develop a habit of
thinking in terms of the people
inside and outside of the business
who are responsible for every
element of the sales, marketing
strategies and activities.
Example:
CONCLUSION
• Traditionally, the marketing mix was developed for the
fast moving consumer goods sector, and there were 4
Ps: Product, Price, Promotion, and Place (or
distribution).
• As service sectors have become more aware of
marketing, this marketing mix has been developed to
also include: People, Process and Physical Evidence.
Even if you think you only sell a product, so the original
4 Ps will suffice, it can be useful to think how much of a
service element there is to your business. Indeed, the
goods-service continuum demonstrates that very few
products are purely goods and very few purely service.
s
Brand is not only . .
 A logo
 An identity
 A product
Brand Name – a collectively held idea of
a company by its customers, in reaction
to the messages the company sends bis
interaction, advertising, product design
and public relations.
 Choose the wrong name and customers
have no idea what your business stands
for or what It does.
 Choose the right name and customers
immediately identify with your value
proposition
The purpose of a brand:
 A brand defines the relationship our

customers have with us
 A brand is a promise we make to our

customers - and to ourselves
 A brand is shaped by each experience

customers have with us
How to develop a Brand?
 Decide what is going to be the brand

 Do the research
 Position the product or service
 Write the brand definition
 Develop the name, logo and tagline
 Launch the brand
 Manage, leverage and protect the brand
 Realign the brand and keep it current
Activity:
1. Write your marketing mix (7Ps)

base on your product or
service.
2. Develop your brand name

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Group Brown

1. What is Value Proposition?

 Describe the Marketing Mix

• Marketing is communicating the value

Is the peso value that the

Cost + Mark up = Final Price

The main goal of

1. Value Proposition or Unique

 A brand defines the relationship our

 A brand is a promise we make to our

 A brand is shaped by each experience

 Decide what is going to be the brand

1. Write your marketing mix (7Ps)

2. Develop your brand name

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