Entrepreneurship PPT Module 1 (Autosaved)

ENTREPRENEURSHIP
K ETIN G AND B RA ND ING

7P’S OF MAR
WHAT IS ENTREPRENEURSHIP?
“The process of setting up a business.”
“Entrepreneurship is defined as the act of

starting and running your own business.”
OBJECTIVES:
At the end of the lesson, the students can:
Describe the Concept of Marketing Mix;

Identify the seven P’s in the Marketing Mix;
Appreciate the importance of Marketing Mix and
Branding; and
Develop a Brand Name.
THE 7P’S OF MARKETING MIX
1. PRODUCT
The first P in the Marketing Mix is the Product.
Marketing strategy typically starts with the product.
Marketers can’t plan a distribution system or set a price if
they don’t know exactly what the product will be offered
to the market. Product refers to any goods or services that
is produced to meet the consumers’ wants, tastes and
preferences.
2. PLACE
Place is the second P in the Marketing Mix. 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.
3. PRICE
The third P in the Marketing Mix is price. The price is a
serious component of the marketing mix. What do you
think is the meaning of Price? In the narrowest sense,
price is the value of money in exchange for a product or
service. Generally speaking, the price is the amount or
value that a customer gives up to enjoy the benefits of
having or using a product or service.
4. PROMOTION
Promotion is the fourth P in the Marketing Mix.
Promotion refers to the complete set of activities, which
communicate the product, brand or service to the user.
The idea is to create an awareness, attract and induce
the consumers to buy the product, in preference over
others.
PROMOTIONAL MIX
1.ADVERTISING
2.PUBLIC RELATIONS OR PR
3.PERSONAL SELLING
4. SALES PROMOTION
5.DIRECT MARKETING
5. PEOPLE
The fifth P in the Marketing mix is People. Your team,
the staff that makes it happen for you, your audience,
and your advertisers are the people in marketing. This
consist of each person who is involved in the product or
service whether directly or indirectly.
6. PACKAGING
Packaging is the sixth P in the Marketing Mix.
Packaging is a silent hero in the marketing world.
Packaging refers to the outside appearance of a product
and how it is presented to the customers. The best
packaging should be attractive enough and cost
efficient for the customers.
7. POSITIONING
Finally, the seventh P in the Marketing Mix is
Positioning. When a company presents a product or
service in a way that is different from the
competitors, they are said to be “positioning” it.
Positioning refers to a process used by marketers to
create an image in the minds of a target market.
DEVELOPING A BRAND NAME
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, is described by Pickton and Broderick in
2001.
COMMONLY USED BRANDING STRATEGIES
1) 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).
HOW CAN YOU DEFINE YOUR BUSINESS PURPOSE? ACCORDING TO BUSINESS
STRATEGY INSIDER, PURPOSE CAN BE VIEWED IN TWO WAYS:
a. 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.
b. Intentional. This way focuses on fulfillment as it
relates to the capability to generate money and do
well in the world.
2) Consistency
The significance of consistency is to avoid
things that don’t relate to or improve your
brand. Consistency aids to brand
recognition, which fuels customer loyalty.
3) Emotion
There should be an emotional voice, whispering "Buy
me". This means you allow the customers to have the
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.
4) Flexibility
Marketers should remain flexible too 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.
According to Kevin Budelmann, “Effective identity programs require
sufficient consistency to be identifiable, but sufficient variation to
keep things fresh and human," so if your old tactics don't work
anymore, don't be afraid to change. It doesn’t mean it worked in the
past it may still work now.
5) 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.
6) 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.
7) 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.

Entrepreneurship PPT Module 1 (Autosaved)

Uploaded by

Copyright:

Available Formats

Entrepreneurship PPT Module 1 (Autosaved)

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Entrepreneurship PPT Module 1 (Autosaved)

Uploaded by

Copyright:

Available Formats

ENTREPRENEURSHIP

K ETIN G AND B RA ND ING

“Entrepreneurship is defined as the act of

At the end of the lesson, the students can:

Describe the Concept of Marketing Mix;

You might also like