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ENTREPRENEURSHIP
Quarter 1 – Module 4
ENTREPRENEURSHIP

Recognize the importance of marketing mix

in the development of marketing strategy

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 WHAT I NEED TO KNOW

Module 4
: Describe the Marketing Mix (7Ps) in relation to the
business opportunity.

specifica
This module enables you to explore the world of marketing
lly o plan moren marketing mix. It is the first move taken when starting to
aboutfor the be
a product or service. The tasks in this module will let you discover
taught components of marketing mix and the 7Ps. Here, you will
how you can use them to develop a successful marketing strategy.

Learning Competency
Describe the Marketing Mix (7Ps) in relation to the business opportunity
CS_EP11/12ENTREP-0h-j-10)

Learning Objectives:

After going through the module, you are expected to:

1. Describe the elements of the 7P‟s in marketing mix.

2. Apply critical thinking skills about marketing concepts through written
activities.
3. Demonstrate creativity and self-governing skills.

WHAT I KNOW

Task 1

Direction: Fill in the blank with the choices found in the box. Write your
answer on your notebook.

Target Market Place Maturity Distribution

Reminding Marketing Marketing mix

Marketing strategy Price Promotion

1. The two steps in developing a marketing strategy include identifying a

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 Target market, marketing strategy and developing a marketing mix.

2. A firm’s marketing mix consists of four elements including price, place ,

promotion and product.

3. The product life cycle consists of the following stages: • Introduction •

Growth • maturity, and • Decline.

4. The three main roles of a promotional strategy involve informing the

target market, persuading them and reminding the intended audience
of the company’s product/service/event.

5. Distribution is defined as determining the best methods to be used so

customers are easily able to locate, obtain, and use the
products/services/events of an organization.

6. Marketing is the activity, set of institutions, and processes for creating,

communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large.

7. The amount of money that your customers have to pay in exchange for
the product or service is price.

8. Place is where they should sell a product and how to deliver the
product to the market.

9. A marketing mix includes multiple areas of focus as part of a

comprehensive marketing plan.

10. Promotion refers to a business's overall game plan for reaching

prospective consumers and turning them into customers of the
products or services that the business provides.

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 WHAT’S IN

Task 2

Direction: In you notebook, answer the following questions:

Source: P&G in the Philippines

1. Are these brands familiar? Yes, they are familiar.

2. Are you using these brands of products? Yes I am using some of these
brands of products.
3. Are these available in the market? Yes, they are available in the market.
4. How do these products able to reach you? They reach to me when I
needed to buy them for a specific use.
5. Are these products affordable? These products are very much affordable.
6. In what situations do companies of these products offer promos? It
depends on what their target market demands in such situations
especially that these are hygienic products.

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 WHAT’S NEW

Task 3

Direction: Accomplish this task in your notebook.

Source: www.Pinterest.com

Explore!

1. In business, what does the picture suggest? The picture suggest that at
some point in our business, we may or may not succeed to reach our goal
on why we have this kind of business.
2. Is business similar to playing chess? Why? Why not? Yes it is somewhat
similar for the reason that we will encounter different kinds of people in
this industry that he/she may possibly be the reason why we fail or
succeed.
3. Do you think you could only win the game by chances? I do not think
that only by chances we could win a game. Why? It is because that if we
rely on chances something bad may or may not happen. We should also
have an effort to reach our goal in winning a game and not just relaying
on chances.
4. Is a strategic plan important in order for the products/services to
succeed in the marketplace? Why? Yes, it is because if we will just
provide or sell a product/service without having a plan, the possibilities of
it failing would be 50/50. We should carefully think and create a good
strategic plan in order for our business to succeed.
5. In your opinion, how do you create a win-win situation despite of massive
competition? For me, I would plan carefully and smoothly a perfect
strategy to reach my Goal in winning a massive competition.

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 WHAT IS IT

The 7 Ps marketing mix is a marketing tool and strategy that will help your
business to develop it‟s marketing and business success by focusing on
specific areas. Historically, the marketing mix was just 4Ps, but 3 more were
added and it is now suggested that all 7 are considered as part of your
marketing and promotional strategy, particularly if you are a service
provider. www.multiliteraciesproject.com

What is the 7 p‟s marketing mix used for?

These 7 Ps are predominantly used by businesses as a focal point and as
part of an overall marketing strategy.
They can assist with:
• Defining areas of success in the business that can be replicated and built
on
• Defining issues in the business that are holding you back from being
more profitable, productive or successful
• Setting objectives and targets – so you can move strategically towards
your goals
• Competitive analysis – your business position in the market against your
competitors
• SWOT analysis – analysis of your business strengths, weaknesses,
opportunities and threats
https://economictimes.indiatimes.com/definition/marketing-mix

The 7 Ps
The original 4Ps of the marketing mix tool are:
1. Product
2. Price
3. Place
4. Promotion
The additional 3Ps added, are:
5. People
6. Process

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7. Physical Evidence

Using the 7Ps

You can use the 7 Ps as headings for discussion, of which the findings and
conclusions can then be added to your marketing strategy, which should
feature as part of your overall business plan.
Some of the things you can focus on under each of the 7P headings, include:

PRODUCT – this could be your SERVICE if you are a service provider

• Is your product branded effectively?
• How do your customers rate the quality of your product?
• Is there recurrent negative feedback about the same thing?
• Are there improvements that could be made?
• Is your product brand strong?
• Do you offer a guarantee?
• Do you have availability or stock?
• Could you take on more customers or orders?

PRICE
• How does your product compare when it comes to the market price?
• When was the last time you reviewed your pricing?
• When was the last time you altered your price in-line with inflation, or
market supply and demand?
• Is your pricing model clear and easy to communicate?
• Do you know your profit margin on each product you offer?
• Do you provide any added-value to your offering?
• Do you offer the most appropriate payment methods for the customer?
• Do you offer credit facilities?

PROMOTION
• What marketing communications do you have?
• Do they need updating?
• Do they give the right messages?
• How could you refine your sales process?
• What PR activity are you doing?
• Do you have a marketing budget? Should it stay the same, or change
this year?
• Do you network to promote your business?

PLACE
• Is your product available in the place where your customers shop?
• Is your product visible to your target market?  Are you visible on
social media?

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PEOPLE
• Do you have the right people to sell your product / service?
• Do you have the right amount of marketing support?
• Are the right people in your team, in the right roles?
• Do you need more, or less resources?
• Could you outsource some of your work to reduce commitment on
costs?
• Do you have the right culture within the team?
• Do you have a good recruitment, training and appraisal system for
staff?

PROCESS
• Is your sales process efficient?
• Are your processes customer focused?
• Do you have a good process for dealing with technology issues?
• Have you established systems for as many things as possible within
your marketing and sales process?

PHYSICAL EVIDENCE
• Is your product packaging reflective of the quality of the product? This
could apply to the way a service is delivered, including any physical
documentation
• What is the online experience if the product is delivered digitally?

These are just ideas and you will for sure come across other questions and
thoughts that are relevant to your business.

Why not get your team together (or you partner / best friend if you are a sole
trader) and have some fun by trying to really cover all the individual
elements of your business. Be constructively critical and also realistic with
what you can achieve within certain timeframes.

Why the marketing mix is still used from the 80s until now
The marketing mix concept may seem dated as it was developed in the
1980s and we now live and work in a rapidly changing commercial
environment.
However, it remains effective as the logic behind each of the 7 Ps remains
constant yet they are flexible enough to be able to be adapted to suit the new
style of communications, for example social media.
Source: https://marketingsquare.co.uk/7-ps-marketing-mix-how-to-
usethem-in-your-small-business/?cli_action=1598258955.361

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 WHAT’S MORE

Task 4

Direction: Fill in the given space according to what are asked. Accomplish
this on your notebook.

Source: www.Jessicalynette.com

PRODUCT PRICE

What is your product? How do you price your product

Why do people need your give at least two factors to
product? consider?

Draw your product and label

it HERE!

PLACE PROMOTION

Where are you going to sell

your product? In what way you are
going to promote your
product?

Source: Activity worksheet adopted from

https://economictimes.indiatimes.com/definition/marketing-mix

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 WHAT HAVE
I LEARNED

Task 5

Direction: In your notebook, complete the following statements.

1. I have learned that

_____________________________________________________________________

2. I have realized that

_____________________________________________________________________

3. I will apply what I have learned

____________________________________________________________________

WHAT I CAN DO

Task 6
In this exercise you are required to select the most appropriate marketing
strategy (from a list of four presented) and then develop a suitable marketing
mix to implement the strategy. This activity is focused on the strategy and
marketing mix for a proposed new chain of Italian and pizza restaurants.

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 The four possible strategies currently being considered by the firm ‟s
investors are listed below.

Possible Strategy A

• Offer a unique range of high quality pizzas

• Use unusual ingredients (with choices such as oysters, kangaroo,
avocado)
• Create innovative and unique pizza tastes
• Set new standards for pizza restaurants

Possible Strategy B

• Create a fun and exciting dining experience

• The restaurant should look and feel like a café in Italy
• Employ fun, outgoing and energetic staff
• Probably have a large outdoor dining area as well

Possible Strategy C

• Offer a very convenient service

• Aim to become the “McDonald‟s” of pizza by offering very fast service
(pizzas ready in 5 minutes and home-delivered inside 20 minutes)
• Mainly take-away and delivery options

Possible Strategy D

• Become the discounters of pizza

• Focus on operating a very lean and efficient business and compete
mainly on price and always undercut the competition  Have a
„value‟ based positioning focus

Source:

https://www.business.qld.gov.au/running-business/marketingsales/market
ing-promotion/marketing-basics/seven-ps-marketing

QUESTIONS

1. Which of the four strategic options suggested would be the most

effective in competing in this market?
2. For the strategy that you selected in Q1, develop an appropriate
marketing mix (for example, what products should they offer, at what

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 quality, with what ingredient choices, and so on). You should either
use the 4Ps or the 7Ps, whichever one you believe is more suitable.
(Ensure that your marketing mix will effectively deliver
proposed strategy).
3. Do you think this new pizza chain, will come out successful? Why?

ASSESSMENT

Direction: For items 1-5, write true if the statement is correct and write false
if the statement is wrong. Answers will be written on your
activity notebook.

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 1. Broadband provision/ internet provision is an example of a service
industry.
True False

2. Car insurance and IT consultancy are products.

True False

3. Services do not contribute to a country’s economy as they do not

result in any net increase in wealth.
True False

4. Increase in leisure time is one of the reasons behind the growth of

service industries.
True False

5. Products can be categorized as either goods or services. Very few have

significant elements of both.
True False

For items 6-15, choose the letter of the best answer. Write your answer on
your activity notebook.

6. What are the typical characteristics of services?

a. Services confer benefits; are tangible; are time- and place-dependent;
are consistent; cannot be owned; and providers and consumers form
part of the service.
b. Services confer no benefits; are intangible; are time- and place
dependent; are inconsistent; cannot be owned.
c. Services are intangible; are time- and place-dependent; are
inconsistent; cannot be branded; and providers and consumers form
part of the service.
d. Services confer ownership; are intangible; can be consumed at any
time or place; are inconsistent; and providers form part of the service.
e. Services confer benefits; are intangible; are time- and place
dependent; are inconsistent; cannot be owned; and providers and
consumers form part of the service.

7. There are 7Ps in the services marketing mix. What are the additional
3Ps?

a. people, physical evidence and process

b. peripheral products, packaging and people
c. people, physical evidence and presentation
d. physical evidence, presentation and process
e. process, pricing and packaging

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8. A business wishes to meet the needs and wants of customers better
by delivering a higher quality service. Which element of the marketing mix
will the business focus on to achieve this?

a. Product
b. Price
c. Place
d. Promotion
e. Positioning

9. What is a „service encounter‟?

a. a bad service experience
b. the actual handing over of payment for the service
c. an argument between customer and service provider
d. the time during which a customer receives a service
e. the customer‟s reaction to the service

10. It refers to the processes involved in delivering your products and

services to the customer. It is also about being 'easy to do business with.
a. Process
b. Management
c. Marketing
d. Movement
e. Positioning

11. A concert ticket is primarily an example of which element of the

marketing mix?

a. process
b. physical evidence
c. packaging
d. price
e. place

12. Some fast food chains have detailed instructions about how staff should
prepare the food. There are timers to tell them when the chips are
cooked and even painted footprints on the floor to show where they
should stand. Which element of the marketing mix are they trying to
control? a. process
b. physical evidence
c. packaging

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 d. price
e. place

13. What does the overall marketing mix of a firm determine?

a. Marketing strategy
b. Marketing objective
c. Profit from marketing
d. Marketing interest
e. Marketing firm
14. Why is it generally harder for service industry managers to cope with
peaks and troughs in demand for their products?

a. Services are inconsistent and strong competitions.

b. There are no salespeople to help with forecasting.
c. Payment is usually made after the service has been provided.
d. Most service customers are not brand loyal.
e. Service products cannot usually be stored.

15. People who work with information rather than in manufacturing or in

more traditional service industries called?

a. knowledge workers
b. technologists
c. info techs
d. IT users
e. project managers

GLOSSARY

Product- Refers to what you are selling,

including all of the features, advantages and
benefits that your customers can enjoy from buying your goods or services.
Place- Is the place where your product or service is actually sold.

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Promotion- These are the promotional activities you use to make your
customers aware of your products and services, including advertising, sales
tactics, promotions and direct marketing.
Price- This refers to your pricing strategy for your products and services
and how it will affect your customers.

Packaging- The wrapping material around a consumer item that serves to

contain, identify, describe, protect, display, promote and otherwise make the
product marketable and keep it clean.
https://www.entrepreneur.com/encyclopedia/packaging

People- Refer to the staff and salespeople who work for your business,
including yourself.

Process- refers to the processes involved in delivering your products and

services to the customer. It is also about being 'easy to do business with'.

Physical evidence-refers to everything your customers see when interacting

with your business.

Marketing mix- Refers to the set of actions, or tactics, that a company uses
to promote its brand or product in the market.

Marketing strategy- Is a long-term, forward-looking approach and an

overall game plan of any organization or any business with the fundamental
goal of achieving a sustainable competitive advantage by understanding the
needs and want of customers.
https://www.investopedia.com/terms/m/marketing.asp

Marketing- Refers to activities a company undertakes to promote the

buying or selling of a product or service. Marketing includes advertising,
selling, and delivering products to consumers or other businesses.

Source:Glossary:https://www.business.qld.gov.au/runningbusiness/
marketing-sales/marketing-promotion/marketing-basics/sevenps-
marketing

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