Product

Why should businesses

revisit their products
from time to time?

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1. Can you remember any impactful
marketing concept by any business or
brand?
2. Have you ever purchased a product
through any form of advertisement?
3. Do you prefer shopping online, or would
you go to a store instead?

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 The Marketing Mix
A marketing mix is a
special tool used in the
implementation of any
business, which is made
up of seven distinct but
interconnected
variables.
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 The Traditional 4Ps and New 7Ps

The original components of the marketing mix

were four different yet interrelated variables.
Such a framework was used for marketing
decision-making of any form of business. The
essential pillars of the traditional 4Ps are
product, price, place, and promotion.

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 The Traditional 4Ps and New 7Ps

In addressing the continuing concerns in the

marketing industry, three other variables were
added towards the creation of the current 7Ps:
people, packaging, and positioning.

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The Extended 7Ps

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 Product

A product refers to any item that is produced

to satisfy the needs and demands of a certain
group of people. It has a life cycle that revolves
around its growth, maturity, and after-sales
performance.

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 Essential Questions
● What do the consumers want from the
product?
● In what way will the consumers use the
product?
● What additional features should the product
have to address the needs of the consumers?

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 Essential Questions

● What should be the name or brand of the

product?
● How does the product differ from the
products of the other competitors?

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 Unique Selling Proposition

A lot of products these days have no clear

competitive advantage in the market.

With this kind of situation, differentiation is a

vital aspect that must be established by any
business.

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When creating a unique selling
proposition, a business must primarily
focus on the main factor that sets it
apart from other competitors.

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 Product Classifications
Tangibles
Tangible products are those items that have
actual physical presence.
The benefits of these products can be
evaluated based on visual comparisons.

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 Product Classifications

Intangibles
Intangible products are those items that have
no physical presence and can only be felt
indirectly.

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Examples: Tangible and Intangible Products
Tangibles Intangibles

cash copyright

buildings trademark

equipment and machinery patent

computers and gadgets logo

furniture franchises

vehicles insurance
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 Stages in the Development of a Product

Strategy Development
Businesses often decide on effective strategies
prior to the creation of a new product.

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 Stages in the Development of a Product

Generation of Ideas
The ideas or concepts in developing a new
product may come from various sources and
not only from the upper management itself.

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 Stages in the Development of a Product

Screening and Evaluation

All ideas generated must go through proper
evaluation wherein their feasibility is being
determined. There are also ideas that do not
resonate well with the core objectives of the
business.
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 Stages in the Development of a Product

Business Analysis
During this phase, the ideas thrown in become
subject to a more rigorous analysis. Other
factors, such as profit projections, risks
involved, and consumer feedback, are likewise
taken into consideration.
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 Stages in the Development of a Product

Product Development
It is during this stage that the product is
introduced to the market. The production
department will be tasked to produce and
deliver the product to various intermediaries,
and the marketing department will be tasked
to take care of the branding of the product.
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 Stages in the Development of a Product

Market Testing
Businesses adopt different approaches to
testing the new product. In most situations,
test marketing involves the introduction of the
new product to a small market. If such
launching were successful, then it would be
introduced to larger market size.
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 Stages in the Development of a Product

Commercialization
If the outcome of the previous test marketing
were successful, the business would introduce
the product to a larger market, either locally or
internationally.

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Can you think of other major sources
of business ideas or concepts?

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 Activity

Think of a product that start-up businesses

offer.

List down the different businesses or companies

that currently provide such products.

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 Activity

State and describe the designs, specifications,

and additional features that you can incorporate
into a new product to surpass the present
competition.

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 Questions

Part A. Answer the following questions briefly and

coherently:
1. What is the concept of marketing mix?
2. How would you define a “unique selling
proposition”?

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 Questions

3. What is the relevance of marketing mix in

entrepreneurship?
4. What is the importance of market testing in
product development?
5. What can you infer from the concept of “product”
in entrepreneurship?
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 Questions
Part B.
Read the situation below and answer the
subsequent questions.

An entrepreneur tried to develop a product

that is already existing in the market. He
introduced the product to a small market size,
and the consumer response was not good.
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 Questions
1. What do you think is the reason behind the
failure of his product launch?
2. Should the entrepreneur continue to introduce
his newly-developed product to a larger
market size? Why or why not?
3. Do you agree with the entrepreneur’s plan of
introducing his product to the market? Why or
why not?
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 Questions

4. How should an existing product be re-introduced to the

market?
5. What could have been done in order to prevent such
circumstances from happening?

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A marketing mix is a special tool used in the
implementation of any business, which is made up
of seven distinct but interconnected variables.

A product refers to any item that is produced to

satisfy the needs and demands of a certain
group of people.

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