Module 5 in

Entrepreneurship/Entrepreneurial Mind

Bachelor of Technical-Vocational Teacher Education IA

Bachelor of Industrial Technology I A & B

Title Marketing: Mindset, Market, and Message

Overvie
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This chapter will deal on the second gate of the 4-gate model, the Marketing, which involves mindset,
market and message, to seize the golden opportunity chosen.
Development in the economic activities of people led to adaptation of new ways of satisfying human
needs and wants. Consumption becomes the primary concern of economies and as a result, production
became first priority. Satisfying wants, however, turned to be more complex than it was thought to be.
Making goods, however, is one thing; making sure that they are bought is another. To facilitate the
implementation of the latter, a new tool was invented which came to be known as marketing.

Course Outcomes

At the end of this chapter, the students are expected to be able to:

1. Identify the importance of marketing, market and message in

entrepreneurship;
2. Identify the role of marketing mix ;`and
3. Determine the buyers’ characteristics and their buying decision process.

Initial Activity

1. Identify four particular product or/ business firms operating nationwide.

1. _______________ 2. _______________ 3. ______________ 4. _________________

Analysis

1. With your answer in initial activity, how this product being marketed, promoted or
advertised?

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Let’s Discuss!

What is Marketing?

Marketing- may be defined as exchange activities conducted by individuals or

organizations for the purpose of satisfying human wants with the view of
accomplishing individual or organizational objectives.

Opportunity Seizing
Entrepreneurs need to have an innovation mindset so that they can stand out in the marketplace.
They need to identify their target market and formulate a compelling message, supported by a marketing
mix that matches the desired customer bonding strategy that will resonate with the target market.

Identify the Target Market

The more focused the target market definition, the better for the marketing communication group to
know who to send messages to and for the sales force to know who to approach. But keep in mind that
focus is not the same as having too narrow a target market that limits demands and growth.

Creating a Compelling Message

Positioning is communicating the overall positive impression of a brand, relative to competition.
There are three points to remember in product or service positioning-it must be relevant, it must be unique,
and it must be communicated.

Marketing Mix

Marketing Mix, more popularly known as the 4’Ps of marketing is a set of

controllable and inter-related variables composed of product, place, price
and promotions that the company assembles to satisfy a target group.
For the service industry, there are three additional Ps namely: physical
environment, people and process.
Role of each marketing mix element

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Product/Service- are the vehicles by which the company attempts to accomplish its objectives.
A product is anything offered for sale by a firm to buyers to satisfy their wants and needs.

Price- To make product affordable to target consumers.

Price is the money, good, or service exchanged
for the ownership or use of a good or service.
Place- To make product available consistent with
consumers’ purchasing pattern.
Promotion- To build and improve consumer demand.
Promotion has four components called the
Promotion Mix: advertising, sales promotions, public
relations and selling.
Advertising- To effectively inform, persuade and remind the target consumers.
Sales Promotions- To convince customers to buy immediately.
Public Relations- To offer a positive image of the company and the brand, as well as promote an
advocacy.
Selling- To get the customers to buy.
Physical Environment- To create the tangible expression of the brand engaging the sense through the
layout and images of the service scape.
People- To show a living representation of the brand promise.
Process- To experience how the brand deliver value.

Product Life Cycle

Introductory- the product is introduced

to the public.
Growth- the product start climbing
rapidly as distribution increases and
the consumers are persuaded to try the
product.
Maturity- When the growth in sales
slows down, the maturity stage begins
to take over.
Decline-The decline stage begins with
a permanent drop in sales.

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 Buyers Characteristics

Buyer’s What is it? Elements Examples

Characteristics

Cultural How a learned world Culture, sub-culture, Buying airline business

view can influence social class class ticket or concert VIP
buyer behavior ticket shows social and
economic wealth, power
and even prestige.
Social How people around Reference groups, Junior Chamber
us can influence roles, status, family International Manila (JCI)
buyer behavior is the premier association
for leadership development
among young
professionals. They are a
network of businessmen
and entrepreneurs.
Personal How personal Red wine has been
circumstances can experiencing demand, as
Customer Age, life cycle stage,
influence buyer Decision Process people perceive it to be
occupation, economic
behavior good for the heart while
situation, lifestyle,
giving the drinker more
personality,
sophisticated image.
self concept,
Psychological How self-concept can Motivation,
influence buyer perception, learning,
behavior belief, attitudes

1. Problem recognition- Why do I need to make this

purchase?
2. Information search- Where do I get my
information relevant to my need?
3. Evaluation of alternatives- What are available
attributes and how do I prioritize these attributes,
including brand image?
4. Purchase decision- What will I buy, from whom, when, and how much?
5. Post-purchase decision. How do I feel after using the product or service?

The Four Mind Framework

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 The 4 Minds What is it? Examples Decision-making
Ideal Point Customer know exactly Dream Home Customers compare every
what they want. things to the ideal
Market Customers figure out Digital Camera Customers look at a new key
comparison what is available in the attitudes
market place.

Local Comparison Customers decide based Menu in a Customers compare based

on options available at restaurant on limited choices
the moment.
Image point Customers decide based Known brands Customers are brand
on general impression. conscious

Generalization

Marketing is too important to be ignored. Products that take

considerable effort and time to produce may not be brought. This is
what happens to products that are not wanted, or in the wrong place,
or nobody knows they exist, and some other reasons. Marketing seeks
to eliminate that possibility.
In the attempt to achieve its marketing objectives, the firm has
to reckon with certain factors, namely: marketing mix variables and
marketing environment variables such as social forces, economic
forces, technological forces, competitive forces and regulatory forces.

Evaluation

1. Discuss the importance of marketing, market and promotion of any firms’ products and services? 10
points

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2. Make an illustration of the Product Life Cycle. 10 points
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References:
1 .Go, Josiah Go, et al,(2019) Entrepreneurship, Starting an Enterprise. Having an Innovation Mindset.
2. Ancierto, Marife A.DBA, LPT, FRI, CPME (2019) Entrepreneurship, Principles and Practices.
3. Medina, Roberto G. Principles of Marketing, 2008.
4. Internet sources
Good luck and God bless....
Deadline of submission: May 28, 2021
Prepared by:

RUCHEL A. NAVARRO
Instructor

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