MODULE 4:

RECOGNIZINGIMPORTANC
E OF MARKETING MIX IN
THE DEVELOPMENT OF
MARKETING STRATEGY
4 P’S OF MARKETING MIX
1. PRODUCT- Product is a
tangible or intangible item that is
built or produced to satisfy the
needs of a certain group of
people. It is in the form of a
service or goods.
2. PRICE- Price of the product is the amount that the
customer pays for them to satisfy. It is the important
component of a marketing plan to determine if the
business will gain profit and survive.
There are three major pricing strategies, and these are:
• Market penetration pricing – It is a pricing strategy
where the price of a product is initially sent low to rapidly
reach a wide fraction of the market and initiate word of
mouth.
• Market skimming pricing – It is a pricing strategy in
which a marketer sets a relatively high initial price for a
product or service at first, then lowers the price over
time.
• Neutral pricing -Generally a default strategy to minimize
the role of pricing in the marketing mix, not utilizing price
to gain or restrict market share.
3. PLACE - Place is the position and distribution
channel of the product to make it accessible to
the potential buyers.
Distribution Strategies:
• Intensive distribution – It mainly means a
distribution on a large-scale and displaying the
product in as many ways and places as possible
so that the customer sells in high volume due to
large scale distribution.
• Exclusive distribution – It is an agreement
between supplier and retailer that grants the
exclusive rights within a specific geographic
area to carry the supplier’s product.
• Selective distribution – It is a retail
strategy that involves making a product
or group of products available only in
certain markets.
• Franchising – An agreement where one
party (the franchiser) grants another
party (the Franchisee) the right to use its
trademark or trade-name as well as
certain business system and processes,
to produce and market a good or service
according to certain specifications.
4.PROMOTION- it is the important component in marketing as it
can boost brand recogition and sales.
Sales Organization – is a part of the total business organization of
a firm. This unit of the firm is concerned with distribution of goods
or services.
Public relation – It is the practice of deliberately managing the
release and spread of information between an individual or an
organization and the public to generate awareness and positive
responses to products and services of the business.
Advertising – It is the activity or profession of producing
advertisement for commercial products or services. It is a
marketing tactic involving paying for space to promote a product,
service, or a cause. The goal of advertising is to reach out people
most likely to be willing to pay for a company’s product or services
and entice them to buy.
Sales promotion – It is the process of persuading a potential buyer
to buy the product designed to be used as a short-term tactic to
boost sales.
The 7P’s model is a marketing model that modifies
the 4P’s model. It is generally used in the service
industries.
5.PEOPLE- people makes the business run. They
are the employees who do the work, produce the
product, and the ones who deliver the product or
services
6. PROCESS- Process refers to the flow of activities
or mechanism that take place when there is an
interaction between customers and the businesses.
7. PHYSICAL EVIDENCE- . It pertains on how a
business and its products are perceived in the
marketplace. It is the physical evidence of a
business’ presence and establishment.
DEVELOPING A BRAND NAME
Brand is a name, term, design, symbol, or any other features
that identifies one seller’s good or service as distinction from
those of other sellers.
Your brand-development process should always follow these
steps:
1. Decide what you’re going to brand.
2.Do your research
3. Position your product and service.
4. Write your brand definition
5. Develop your name, logo and tagline.
6. Launch your brand
7. Manage leverage and protect your brand.
8. Realign your brand to keep it current.