“ ENTREPRENEURSHIP”

GROUP 4 REPORTING
Module 5: Marketing Mix in the
Development of Marketing
Strategy
After going through this
module, you are expected to:
1. Define marketing mix.
2. State the 4P’s of Marketing
Mix.
3. Memorize the Marketing
Mix in the development of
Marketing strategy.
MARKETING MIX in the development of Marketing Strategy:
-In developing a marketing strategy is vital for any business. Without
one, your efforts to attract customers are likely to be haphazard and
inefficient.
Marketing mix is a set of actions a business takes to build
and market its product or service to its customers. It helps
to make sure that you are able to offer your customers the
right product, at the right time and at the right place for the
right price.
 Marketing plays an important role in selling. It helps sales teams
find and qualify leads and maintains contact with prospects
throughout the sales cycle. Although sales and marketing reside in
different departments in most organizations, integration between the
two can help to improve overall performance in terms of revenue
and profit.
Marketing may refer to the process of value exchange that is
facilitated by the 4P’s. The term marketing mix is a foundation
model for businesses, historically centered around the product,
price, place and promotion.
Marketing is the activity, set of institutions, and
processes for creating, communicating, delivering, and
exchanging offerings that have value for customers,
clients, partners, and society at large.
The marketing mix has been defined as the “set of
marketing tools that the firm uses to pursue its marketing
objectives in the target market”. Thus, the marketing mix
refers to four broad levels of marketing decision.
4P’S OF MARKETING
MIX
1.PRODUCT
• is a goods or services that is offered as a
solution to satisfy the needs of your customer.
• 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. (What to sell)
2..PRICE
• is the amount that the customer pays for them to satisfy. (How
much the product charges the customer or client.)
• is the price your customer is willing to pay for your product.
This helps determine the profit you will be able to generate.

When setting a price for your product, consider how much you
have spent on producing it, the price ranges of your competitors,
and the perceived product value.
3. PLACE
• is the position and distribution channel of the
product to make it accessible to the potential buyers.
• This is about the distribution center of the product
and the methods used in distributing it to the
customer.
An entrepreneur must examine and study the
location of its buyer to easily deliver the product that
4.PROMOTION
• refers to the methods a business uses to gain the attention of the
customers to their product. These includes sales promotions, customer
service, public relations, advertising etc.
• is a very important component of marketing as it can boost brand
recognition and sales. It comprises the various elements like sales
organization, public relations, advertising, and sales promotion.
When creating your promotion strategy, consider the tactics used by
your competitors, the channels that are most effective in reaching your
customers, and whether they match the perceived value of your
THE “IMPORTANCE OF MARKETING MIX” IN THE
DEVELOPMENT OF STRATEGIES:
1. Helps understand what your product or service can offer
to your customers.
2. Helps plan a successful product offering.
3. Helps with planning, developing, and executing
effective marketing strategies.
4. Helps businesses make use of their strengths, downplay
weaknesses, and avoid unnecessary cost.
5. Helps be proactive in the face of risks.
6. Helps determine whether your product or service is
suitable for your customers.
7. Helps identify and understand the requirements of
customers.
8. Helps learn when and how to promote your product or
service to your customers.
Identifying and arranging the elements of its
marketing mix allows a business to make
profitable marketing decisions at every level.
These decisions help a business: Develop its
strengths and limit its weaknesses. Become
more competitive and adaptable in its market.
IMPORTANCE OF MARKETING
STRATEGY:
• Marketing strategy provides an
organization an edge over its competitors.
•Strategy helps in developing goods and
services with best profit-making potential.
▪ Marketing strategy helps in discovering the areas
affected by organizational growth and thereby helps in
creating an organizational plan to cater to the customer
needs.
▪ It helps in fixing the right price for organization’s
goods and services based on information collected by
market research.
▪ Strategy ensures effective departmental co-ordination.
▪ It helps an organization to make optimum utilization of
its resources so as to provide a sales message to its target
market.
▪ A marketing strategy helps to fix the advertising budget
in advance, and it also develops a method which
determines the scope of the plan, i.e., it determines the
revenue generated by the advertising plan
In short, a marketing strategy clearly explains how an
organization reaches its predetermined objectives.
ROLE OF MARKETING MIX:
The marketing mix is a significant tool for creating the right marketing
strategy and its implementation through effective tactics. The mix helps
in determining which marketing strategy is right for your organization. It
is the first step before you even create your business or marketing plan.
They are product place, price, and promotion and all of the four play an
important and valuable role in the marketing of that brand. While the
marketing of a brand begins with its product, the other three elements too
are equally important and getting them right is essential to make your
marketing strategy win.
A DIGITAL MARKETING MIX is how a business attains its
marketing goals using digital technologies.
To ensure success, a business should take care to integrate a variety
of marketing strategies into its marketing plan. These strategies
should reveal the reality of business operations as well as the
company’s goals for that product or service line.
In addition to the 4P’s of marketing mix, consider customer service as
an important part of the marketing mix. Customer service constitutes a
significant part of the evaluation process for consumers. Buyers want to
know how well your business will help them make the most out of their
purchase.
An entirely new design of the 4P’s
framework is gaining popularity-the 7P’s.
This focuses more on services that a
company may provide. The 7P’s will be
discussed in the next lesson.
ACTIVITY TIME💃
IDENTIFICATION

1.Is a set of actions a business takes to build and market its product or service
to its customers.
2.Is a very important component of marketing as it can boost brand recognition
and sales. It comprises the various elements like sales organization, public
relations, advertising, and sales promotion.
3.Is the position and distribution channel of the product to make it accessible to
the potential buyers.
4.Is a goods or services that is offered as a solution to satisfy the needs of your
customer.
5.Is a plays an important role in selling.
FILL IN THE BLANK

6.Marketing may refer to the process of value exchange that is facilitated by the
____P’s.
7.________helps in developing goods and services with best profit-making potential.
8. Helps with _______,________, and _______ effective marketing strategies.
9.Product is a _______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. (What to sell)
10.A________________is how a business attains its marketing goals using
digital technologies.