Professional Documents
Culture Documents
Entrepreneurship 11 1st QTR Handouts Lesson 6 Sy 2021 2022
Entrepreneurship 11 1st QTR Handouts Lesson 6 Sy 2021 2022
Lesson Description:
In this lesson you will understand in detail and apply the 7Ps of marketing or the
marketing mix in instigating awareness and driving sales of the business venture.
You will also be introduced to the concept of Brand and Brand Management and how it
helps in marketing the product.
Lesson Objectives:
D) Promotion
E) People
F) Packaging
G) Process
Once the key marketing is established, the entrepreneur must choose the right
promotional tools to deliver these messages to the target market.
There are so many ways to advertise, but the challenge for the
entrepreneur is to choose which is the most cost-effective and targeted
channel to relay the key marketing message to the target market.
The entrepreneur can choose to advertise through the following:
Television – regular channels, cable channels
Radio – AM and FM radio
Internet- emails, web sites, blogs, social media, search
engines, podcasts
Mobile phones – text messages, mobile applications, mobile
internet
Print – newspapers, magazines, flyers, signages, posters
Out-of-home – billboards, buses, bus stops, trains, train
stations, taxis, street advertisements
5. Packaging - Packaging is
This will determine the uniqueness of the product from competitors
Packaging preserves the shelf life of the product or service
Packaging is very important in selling physical products or goods, as
it establishes the brand’s identity as well as its unique selling
proposition.
In selling services, the term servicescape was used to refer to the
overall ambiance of the place where the service Is performed.
For example, is a spa business, the servicescape should be cozy,
service staff should be friendly, the massage bed should be
comfortable and clean, and relaxing music and the aromatic smell of
nature should be there.
The external process includes the actual servicing where customers are
part of the process.
BIG IDEA
The original 4Ps (product, place, price and promotion) of the marketing mix already evolved
to 7Ps, which now include people, packaging and process to cover service businesses as well.
When used effectively, the 7Ps of marketing will achieve the two most important objectives of
an entrepreneur: customer delight and profitability
A brand is a symbol of promise or assurance from the entrepreneur that what it claims to
the customers will happen.
A good brand not just entices customers to try the product but makes them loyal to it.
BRANDING – is the process of integrating the strategies formed from the marketing mix to give
an identity to the product or service.
The goals of branding include the following:
1. Establishing to target customers that the business is reliable and trustworthy and that
the product or service is the superior solution to their current problem
2. Differentiating with competitors
3. Driving customer loyalty and retention
With strong branding, customers will feel that they are safer in using the products or
availing the service, and that the risks are minimal or low. If two products will be
offered, the customer will likely choose the one from a reputable brand.
As an important element of a brand, the brand name is a major differentiator of the
entrepreneur against the competitors. To be different and catchy, a brand name must
possess the following characteristics:
Unique
Extendable
Easy to remember
Can describe the benefits of the product or service
Can describe a product category
Can describe concrete qualities
Positive and inspiring
GENERALIZATION:
In this lesson, you have understood the importance of marketing as a critical success
factor in starting and running a business venture.
A strategic marketing plan aids an entrepreneur to select the appropriate target market ,
understand customers deeper and communicate with them in a channel and language that they
will easily understand.
You were also introduced the marketing mix or 7Ps so you will be able to strategically
position your product or service using these primary elements of marketing.
The fundamentals of brand management were also introduced to you so that you will be
acquainted on how to create, manage and sustain a brand. A brand symbolizes the integrity and
credibility of a business.
References:
1) Batisan, Ronaldo S., Entrepreneurship DIWA Senior High School Series, Diwa
Textbooks
2) Edralin, Dr.Divina M., Entrepreneurship K-12 Revised Edition, Vibal Publishing House
3) Go, Josiah amd Go, Chiqui E. , Entrepreneurship- Starting an Enterprise, having an
Innovation Mindset, Josiah and Carolina Go Foundation, Inc. , July 2018