Entrepreneurship: 7Ps of Marketing & Branding PDF

Entrepreneurship Quarter 1 – Module 5 7 P’S OF MARKETING AND BRANDING Presented by: GROUP 5 COVERAGE LESSONS LESSON I: THE MARKETING MIX (7P’S) IN RELATION TO THE BUSINESS OPPORTUNITY LESSON II: DEVELOP A BRAND NAME LESSON I: THE MARKETING MIX (7P’S) IN RELATION TO THE BUSINE...

Entrepreneurship Quarter 1 – Module 5 7 P’S OF MARKETING AND BRANDING Presented by: GROUP 5 COVERAGE LESSONS LESSON I: THE MARKETING MIX (7P’S) IN RELATION TO THE BUSINESS OPPORTUNITY LESSON II: DEVELOP A BRAND NAME LESSON I: THE MARKETING MIX (7P’S) IN RELATION TO THE BUSINESS OPPORTUNITY Marketing Mix Marketing Mix is a set of controllable and connected variables that a company gather to satisfy a customer better than its competitor. It is also known as the “Ps” in marketing. The 7 P’s of Marketing Mix PRODUCT The 7 P’s of Marketing Mix Product refers to anygoods or services that are produced to meet the consumers’ wants, tastes and preferences. The 7 P’s of Marketing Mix Examples: MP3 players, clothing, food, and etc. services includes hair salons and accounting firms The 7 P’s of Marketing Mix place The 7 P’s of 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 asvirtual stores or online shops on the Internet.  STAGES OF DISTRIBUTION CHANNEL 1.) 2.) 3.) STAGES OF DISTRIBUTION CHANNEL Channel 1 contains two stages between producer and consumer - a wholesaler and a retailer. A wholesaler typically buys and stores large quantities of several producers' goods and then breaks into bulk deliveries to supply retailers with smaller quantities. For small retailers with limited order quantities, the use ofwholesalers makes economic sense. STAGES OF DISTRIBUTION CHANNEL Channel 2 contains one intermediary. In consumer markets, this is typically a retailer. A retailer is a company that buys products from a manufacturer or wholesaler and sells them to end users or customers. In a sense, a retailer is an intermediary or middleman that customers use to get products from the manufacturers. STAGES OF DISTRIBUTION CHANNEL Channel 3 is called a "direct-marketing" channel, since it has no intermediary levels. In this case the manufacturer sells directly to customers. The 7 P’s of Marketing Mix price The 7 P’s of Marketing Mix 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. The 7 P’s of Marketing Mix Examples: If you are going toopen a Beauty Salon, you need to setyour prices lower than those of your competitors so that you can penetrate the market. If you already have a good number of market share then you can slowly increase your price. The 7 P’s of Marketing Mix promotion The 7 P’s of Marketing Mix Promotion refers to the complete set of activities, which communicate the product, brand or service to the user. The idea is to attract people to buy your product over others. Advertising, Personal Selling, Sales Promotion, Direct Marketing, and Social Media are examples of promotion. The 7 P’s of Marketing Mix PEOPLE The 7 P’s of Marketing Mix People are the ultimate marketing strategy. They sell and push the product. People are one ofthe most important elements of the marketing mix today. The 7 P’s of Marketing Mix PACKaging The 7 P’s of Marketing Mix Packaging is a silent hero in the marketing world. Packaging refers to the outside appearance of a product and howit is presented to the customers. The best packaging should be attractive enough and cost efficient for the customers. Packaging is highly functional. It is for protection, containment, information, utility of use and promotion. The 7 P’s of Marketing Mix positioning The 7 P’s of M arketing M ix Positioning refers to a process used by marketers to create an image in the minds of a target market. The 7 P’s of Marketing Mix Solid positioning will allow a single product to attract different customers for not the same reasons. For example, two people are interested in buying a phone; one wants a phone that is cheaper in price and fashionable while the other buyer is looking for a phone that is durable and has longer battery life and yet they buy the same exact phone.  RECAP Unsa gali tong 7P’s 🤔 sa Marketing Mix, daee? PRODUCT PLACE PRICE PROMOTION PEOPLE PACKAGING POSITIONING TAN-AWON NATOG NAKASABOT BA! PAGKUHA UG 1/4 NGA PAPEL KUNG WALAY IMO, PANGAYO KANG JASSIL LESSON II: DEVELOP A BRAND NAME  BRAND NAME Brand Name is a name, symbol, or other feature that distinguishes a seller's goods or services in the marketplace. Your brand is one of your greatest assets because your brand isyour customers' over-all experience of your business. Brand strategy is a long-term design for the development of a popular brand in order to achieve the goals and objectives. A well- defined brand strategy shakes all parts of a business and isdirectly linked to customer needs, wants, emotions, and competitive surroundings. BRAND NAME BRAND NAME WH AT NA M E O F BU SIN ES S CAN YO U TH INK A BO UT ?  BRANDING Branding is a powerful and sustainable high-level marketing strategy used to create or influence a brand. Branding is a strategy to distinguish products and companies and to build economic value to both customers and to brand owners, are described by Pickton and Broderick in 2001.  Com m only Us ed Branding S tra te g y Commonly Used Branding Strategy 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). Commonly Used Branding Strategy 1) Purpose How can you define your business' purpose? According to Business Strategy Insider, purpose can be viewed in two ways:  Commonly Used Branding Strategy 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.  Commonly Used Branding Strategy 2) Consistency The significant of consistency is to avoid things that don’t relate to or improve your brand. Consistency aids to brand recognition, which fuels customer loyalty.  Commonly Used Branding Strategy 3) Emotion There should bean emotional voice, whispering "Buy me". This means you allow the customers have 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.  Commonly Used Branding Strategy 4) Flexibility Marketers should remain flexible to 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.  Commonly Used Branding Strategy According to Kevin Budelmann, "Effective identity programs require sufficient consistency to be identifiable, but sufficient variation to keepthings freshand human" so if your old tactics don't work anymore, don't be afraid to change. It doesn’t mean itworked in the past it may still work now.  Commonly Used Branding Strategy 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.  Commonly Used Branding Strategy 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.  Commonly Used Branding Strategy 7) Competitive Awareness Do not be frightened of competition. Take itas a challenge to improve your branding strategy and craft a better value in your brand.  RECAP Unsa gali tong 7 commomly used branding strategies, daee? 🤔  SUMMARY Marketing mix constitutes of the 7P’s in case of products – product, price, place and promotion. In case of services it constitutes of 3 more P’s – people, packaging and positioning. All P's should be compatible in marketing mix. The price is compatible with the product's placement. The product must be consistent with the promotion. In general, all P’s are connected intrinsically.  SUMMARY As a result, when you make a marketing mix, it becomes a chain ofstrong bonds. Then these connections will lead you to lengthen the chain. Whenever you plan to add or change existing features, you need to see the general image which helps create a fresh product in marketing mix.  SUMMARY Branding is absolutely critical to a business because of the overall impact it makes on your company. Branding can change how people percept your brand, it can drive new business and increase brand awareness. PAALAM!!!!