Entrepreneurship Week 7 PDF

12 [DOCUMENT TITLE] [Document subtitle] APPLIED SUBJECT ENTREPRENEURSHIP Department of Education Republic of the Philippines  This module is designed...

12 [DOCUMENT TITLE] [Document subtitle] APPLIED SUBJECT ENTREPRENEURSHIP Department of Education Republic of the Philippines  This module is designed and written with you in mind. It is based on the Most Essential Learning Competencies (MELCs). It is here to help you master this applied subject on Entrepreneurship. It contains information about the marketing mix or 7Ps. It includes activities that will help you in writing your marketing strategies. This should be accomplished within a week. All activities that require online submission should be coordinated with your teacher. Save the date for your online class and be updated with teachers’ announcements in the google classroom or FB messenger. Content Standard: The learner demonstrates understanding of environment and market in one’s locality/town. Performance Standard: The learner independently creates a business vicinity map reflective of potential markets in one’s locality/town. Objectives 1. Describe the Marketing Mix (7Ps) in relation to the business opportunity vis-à- vis: Product; Place; Price; Promotion; People; Physical evidence and Process. 2. Explain and discuss each of the marketing mix. 3. Recognize the importance of marketing mix in the development of marketing strategy. Direction: Write the word/s that will identify the description in each item below. Write your answer on the space provided. Product Place Price Marketing Mix Promotions Process Physical Environment People Jerome McCarthy Boom & Bitner SHS -ENTREPRENEURSHIP 1 QUARTER 1 – WEEK 7 _________________1. It is the way a business combines the main marketing elements to sell products that meet the needs and wants of the customers. _________________2. It is referred to as the distribution channel. _________________3. It is an item that is built or produced to satisfy the needs of people. _________________4. It is basically the amount that a customer pays for to enjoy it. _________________5. It can boost brand recognition and sales. _________________6. They represent the business. _________________7. It could be your entire sales funnel, a pay system, distribution system and other systematic procedures and steps to ensure a working business that is running effectively. _________________8. It is the ambience, mood, or physical presentation of the store. _________________9. This marketing mix includes quality, variety, features, design, brand name, packaging and after sale services. _________________10. The initial marketing mix called 4Ps was developed by ____. Write your own idea on the following terms that you have learned in the previous lesson. Use your notebook for your answer. 1. business plan _______________________________________________________________ 2. target market ______________________________________________________________ 3. competitors ________________________________________________________________ 4. pricing ____________________________________________________________________ 5. SWOT Analysis ______________________________________________________________ According to business dictionary, a good marketing strategy should be drawn from the market research and focus on the right product mix to achieve maximum profit and sustain the business. The marketing strategy is the foundation of a marketing plan. In this lesson 7Ps or marketing mix will be helpful in continually evaluating and re-evaluating the business activities. These includes the following: product, price, promotion, place, people, process, and physical evidence. Combining these seven will result with an excellent marketing strategy. SHS -ENTREPRENEURSHIP 2 QUARTER 1 – WEEK 7  Lesson The Marketing Mix (7Ps) 1 By: Bernadine R. Oray What Is a Marketing Mix? A marketing mix includes multiple areas of focus as part of a comprehensive marketing plan. The term often refers to a common classification that began as the four Ps: product, price, placement, and promotion. (Will Kenton, 2019) Target market is the key. Because of high competition, marketing mix is a must to any business. This picture is taken from www.business-online-learning.com. Understanding Marketing Mix E. Jerome McCarthy, a marketing professor and author, first introduced the four Ps classification for developing an effective marketing strategy. The different elements below work well with one another. Consumer – centered marketing mixes focus on customers in their approaches. 1. Product It represents an item or service designed to satisfy the needs and wants of the customer. It can be tangible or intangible. Identifying its difference from those of its competitors will effectively market it. Product differentiation includes form, features, customization, conformance, performance, durability, reliability, repairability and style. On the other hand, Service differentiation includes ordering ease, delivery, installation, customer service, maintenance, and repair. SHS -ENTREPRENEURSHIP 3 QUARTER 1 – WEEK 7  2. Price It reflects what consumers are willing to pay for product or service. As stated in Investopedia, Marketing professionals need to consider costs related to research and development, manufacturing, marketing, and distribution—otherwise known as cost-based pricing. Pricing based primarily on consumers' perceived quality or value is known as value-based pricing. 3. Placement This refers to determining the areas of distribution or the distribution channel. Basic consumer products, such as paper goods, often are readily available in many stores. Premium consumer products, however, typically are available only in select stores. Another consideration is whether to place a product in a physical store, online, or both. 4. Promotion It is also called a promotional mix. Activities might include advertising, sales promotion, personal selling, and public relations. One of the important considerations on this element is the budget factor. Marketing professionals carefully construct a message that often incorporates details from the other three Ps when trying to reach their target audience. Determination of the best mediums to communicate the message and decisions about the frequency of the communication also are important. Three additional Ps tied to this type of marketing mix might include people, process, and physical evidence. Booms and Bitner included these to accommodate trends towards a service or knowledge- based economy: 5. People refer to all people who directly or indirectly influence the perceived value of the product or service, including knowledge workers, employees, management, and consumers 6. Process represents the method or flow of providing service to the clients and often incorporates monitoring service performance for customer satisfaction. 7. Physical evidence is the direct sensory experience of a product or service that allows a customer to measure whether he or she has received value. Examples might include the way a customer is treated by a staff member, or the length of time a customer has to wait, or a cover letter from an insurance company, or the environment in which a product or service is delivered. Activity 4.1. Think of an existing product or service that you would like to purchase or acquire. List down its product or service differentiators (these are all the reasons for choosing the product or acquiring the service) by accomplishing the template below. SHS -ENTREPRENEURSHIP 4 QUARTER 1 – WEEK 7  Product/ Service Differentiators (List down the reasons for buying or choosing the product/service) Paste the picture here (the product/service you want to purchase or acquire) Activity 4.2. Watch the video on this youtube link https://www.youtube.com/watch?v=xTw7JUxWsYM&t=337s then accomplish the worksheet below. Pricing Strategies Discussed Short Description Example 1. 2. 3. 4. 5. 6. 7. Activity 4.3. Think of your proposed business then identify its marketing mix by completing the diagram below. You may use a separate answer sheet or encode your answer in a document file. SHS -ENTREPRENEURSHIP 5 QUARTER 1 – WEEK 7 Activity 4.4. Accomplish the worksheet on Promotion Mix below. Write down the marketing activities that you will use for your proposed business, its allocated budget and how you will implement it. Then answer the questions that follow. You may use a separate answer sheet or encode your answer in a document file. SHS -ENTREPRENEURSHIP 6 QUARTER 1 – WEEK 7 Activity 4.5. Create a promotional activity (flyers, advertisement, banner etc.) for your proposed business. You may use apps such as canva, adobe photoshop, flipgrid, kinemaster or other video apps available to you. Use the rubric below for your reference. A marketing mix often refers to E. Jerome McCarthy's four Ps: product, price, placement, and promotion. The different elements of a marketing mix work in conjunction with one another. Consumer-centric marketing mixes incorporate a focus on customers into their approaches. The extended marketing mix includes people, process, and physical evidence by Booms and Bitner. Direction: Identify which marketing mix (Product, Price, Place, Promotion, People, Physical Evidence, Process) was used in the following scenarios. Write your answer on the space provided. ________1. Management is deciding whether to offer the entire new line of athletic equipment. ________2. McDonalds conducts extensive research to determine the most cost-effective way to transport their products. ________3. Communication used to inform, persuade, and remind customers about a product. ________4. A mall’s monthly change of store design. _______ 5. A company is deciding whether to intensively, exclusively and selectively distribute their products. SHS -ENTREPRENEURSHIP 7 QUARTER 1 – WEEK 7 Direction: Write the word/s that will identify the description in each item below. Use the space provided for your answer. Product Place Price Marketing Mix Promotions Process Physical Environment People Jerome McCarthy Boom & Bitner _________________1. It is the way of combining the marketing elements to sell products that meet the needs and wants of the customers. _________________2. It is referred to as the distribution channel. _________________3. It is an item that is built or produced to satisfy the needs of people. _________________4. It is basically the amount that a customer pays for to enjoy it. _________________5. It can boost brand recognition and sales. _________________6. They represent the business. _________________7. It could be your entire sales funnel, a pay system, distribution system and other systematic procedures and steps to ensure a working business that is running effectively. _________________8. It is the ambience, mood, or physical presentation of the store. _________________9. This includes variety, quality, design, features, brand name, packaging and after sale services. _________________10. He developed the initial marketing mix called 4Ps. SHS -ENTREPRENEURSHIP 8 QUARTER 1 – WEEK 7