The Marketing Mix: 7Ps of Marketing

1. Conduct a situation analysis
2. Set objectives
3. Conduct SWOT
4. Ultimately come up with marketing strategies and tactics

Entrepreneurs must use the 7Ps model to do

Product

What ____ is most appropriate for the opportunity and why will customers buy or avail them?

Place

What ____ is best suited for the business where there are more potential customers?

Price

What is the most appropriate _____, and what pricing strategies will be used for the target customers?

Promotion

What is the most advertisement or combination of advertisements, and which advertising tools should be used to drive awareness and increase sales?

People

Type of them, their basic skills, and leadership style

Packaging

Physical Evidence and for product to be attractive enough to customers

Positioning

Compelling feature of the product or the business that will make a difference in the lives of the customers?

product

Any physical good, service or idea that is created by an entrepreneur or an innovator

tangible

Product is ___ and discernible items that you can physically touch

intangible

Service is the production of an essentially ____ benefit

tanginable, intangible

Two product classification

intangible product

is a product that can only be perceived indirectly such as an insurance policy

Tangible product

is a physical object that can be perceived by touch such as building, vehicle, or gadget.

place

Refers to the location or the medium of transaction

physical location

areas population, the traffic, ppls common paths, their buying behavior and their preference for the loc

cyber location

use web analytics data to understand website performance.

price

The peso value that the entrepreneur assigns to a certain product or service after considering its cost, competition, objectives, positioning and target market.

price

It is the only P in 7Ps that generates revenue for the business.

Bundling
Penetration Pricing
Skimming
Competitive Pricing
Product Line Pricing
Psychological Pricing
Premium Pricing
Optional Pricing
Cost - Based Pricing
Cost Plus Pricing

MOST COMMON PRICING STRATEGY

Bundling

two or more products in lower price

penetration pricing

setting low prices to increase market share

skimming

- opposite of penetration pricing where prices are initially high and then they are lowered to offer the product or service to a wider market

competitive pricing

- benchmarking prices with the competitors

Product line pricing

pricing different products or services within parallel product array using varying price points

psychological pricing

- considers the psychology and positioning of price in market

premium pricing

- setting a very high price to reflect elitism and superiority

optional pricing

- adding an extra product or service on top of the original to generate more revenue

Cost - Based Pricing

basis of mark-up is the cost of sales

Cost Plus Pricing

mark-up is based on certain percentage of cos

Variable Costs or Controllable Costs
Fixed Costs or Uncontrollable Costs

2 Classifications of Cost

Variable Costs or Controllable Costs

costs directly proportional to the number of products manufactured or to the number of services performed.

Fixed Costs or Uncontrollable Costs

costs not directly proportional to the manufacturing of a product or to the performance of the service

RA 7394

what is the consumer act of the philippines?

Price Tag Requirement

Article 81

Manner of placing price tag

Article 82

Regulations for price tags placement

Article 83

promotion

Involves presenting the products or services to the public and how these can address the public's needs, wants, problems, or desires.

gain attention

the main goal of promotion is to?

Integrated Marketing Communication Plan

IMCP

advertising

Type of communication that influences the behaviour of a customer to choose the product

selling

Act of trading a product or service for a piece or a free

sales promotion

Short term promotional gimmicks wherein practical incentives and appealing activities are incorporated

below the line promotion

sales promotion is also called

public relation

image building initiatives of the entrepreneur to make the name of the business reputable to stakeholders

public relation

Do not directly promote the product or services

people

- Referring to your target market

packaging

How the product or service is presented to customers

brand's identity and unique selling proposition

packaging establishes

MINIMUM LABELING REQUIREMENTS FOR CONSUMER PRODUCTS

article 77

PHILIPPINE PRODUCT STANDARD MARK

article 78

AUTHORITY OF THE CONCERNED DEPARTMENT TO PROVIDE ADDITIONAL LABELING AND PACKAGING

article 79

SPECIAL PACKAGING OF CONSUMER PRODUCTS FOR THE PROTECTION OF CHILDREN

Article 80

ADDITIONAL LABELING REQUIREMENTS FOR FOOD

Article 84

MISLABELED FOOD

Article 85

Positioning

An effort to influence consumer perception of a brand or product relative to the perception of competing brands or products.

Attention
Interest
Desire
Action

AIDA

THE AIDA MODEL

An approach used by advertisers to describe the phases of consumer engagement with an advertisement

attention

create attention or awareness of your brand

interest

create interest in the buyer for further information about your product/service

desire

stir up desire to buy a product or service

action

move the prospect into an interaction with your enterprise

business name

your name is the key that unlocks your brand image in your consumer's mind.

logo

is the brand mark or symbol that serves as the face of your brand

tagline

is the remarkable phrase that provides consumers with a quick indication of your product, brand, and market position