What Is This Module About?

As we scroll down our mobile phones we see different products popping up, when we
are walking along the street we see different stores, restaurants, bars and many more. When
we pass by on the beach there are ample of beaches offering various amenities and attractive
views for tourists.

Have you ever wondered how are these products can be bought and patronized by the
consumers?

In this module you will learn the Marketing Mix which is composed of 4 Ps of
marketing namely; product, place, price and promotions, this is the set of marketing mix
which are controllable and are inter-related variables, while there are 3 additional Ps that is
physical environment, people and process.

There are two lessons in this module:

1. The Marketing Mix (7ps) in relation to the business opportunity

2. Develop a brand name

What Will You Learn From This Module?

After studying this module, you should be able to:
1. Describe the Concept of Marketing Mix.
2. Identify the 7 Ps in the Marketing Mix
3. Develop a brand name

Wait!
Before you continue reading this module, make sure that you have already read the
following modules:
Module 1 Lesson 1 Recognize a Potential Market
Lesson 2 Marketing Goods and Services

Let’s See What You Already Know

Before you start studying this module, take the following test to find out how much you
already know about this topic. Let’s check your prior knowledge of the lessons. This will help
you in understanding the concept.
Matching Type

Directions: Match column A with the correct answer on column B, write the letter of
your answer for each number.

A B

1. Brand Name A. It refers to the tangible good or

2. Product intangible service offered by the
3. Marketing Mix business to the target consumers.
4. Brand B. It is a word, mark, symbol, or a
5. Price combination of the mentioned
6. Promotion items used to identify the
7. Publicity marketer’s product or service
8. Packaging C. It is another way of promoting the
9. Positioning product or service to the target
10. People consumers through media
coverage.
D. It refers to the mode of conveying
the presence and attributes of the
product to the target consumers.
E. It refers to the place occupied by
the product in the minds of the
consumers.
F. It is the value of money in
exchange of a product or service.
G. The most important resource of any
organization.
H. It refers to a mode, means, or tool
used by the entrepreneur to
position the product in the target
market segment to efficiently and
effectively deliver it to the
consumers and to convince them
about the benefits that they will
derive from buying the product.
I. It refers to the outside appearance
of a product and how it is presented
to the customers
J. It is a name, symbol, or other
feature that distinguishes a seller’s
goods or services in the market
place
 Lesson 1
Marketing Mix (7 Ps)
Do you cook in your house? What do you do to satisfy the expected taste of the menu
you are preparing? When we cook we put different ingredients with the exact amount of it in
order for us to come up with a perfect taste of the food we are cooking. The same as well in
marketing the goods and services. Entrepreneurs uses marketing mix to deliver its products
and services to the customers.

But what is a Marketing mix? This module will discuss Marketing mix which is also
known as the 7 Ps.

Are you ready to learn? If you are, now let’s begin.

Let’s Learn

Marketing Mix simply refers to a mode, means, or tool used by the entrepreneur to
position the product in the target market segment to efficiently and effectively deliver it to the
consumers and to convince them about the benefits that they will derive from buying the
product.

The following sections will discuss each “P” in the marketing mix.

1. Product

Product refers to the tangible good or intangible service offered by the business to the
target consumers. Tangible products are goods which can be sensed by touch, smell, hearing,
taste, and sight, like bags, bicycle, milk tea, radio, television etc. Services, on the other hand,
are intangible such as banking services, repair services, education, insurance and catering.
Entrepreneurs create products according to the needs, wants and demand in the market.

For emphasis, the two basic entrepreneurial principle relative to product are as
follows:

A. The products is only produced once there is an existing need or want.

B. The product must satisfy the need or want better than the competing products.

2. Place

The term place in the marketing mix simply refers to the place where the target
consumers are. For example a 24 hours convenience store must be placed in areas where
there are people who worked beyond the office hours like the call center agents. The food
carts must be place in the park where there are many people walking around.
3. Price

Price, is simply the value of money in exchange for a product or service. Setting price
to every product seems to be easy yet it is one of the most difficult aspects of marketing. The
product maybe paid in the form of money or it may be in exchange with other goods and
services.

Example of simple pricing methods

Pastillas Candy

Raw Materials Estimated Price Finished Product

1 can Condensed Milk 40 pesos 20 pieces

1 sachet Powdered Milk 15 pesos

Sugar(repack) 5 pesos

Cellophane Wrapper 10 pesos

Total 70 pesos

So, the total amount of the raw materials will be divided to the number of pieces of the
finished product

* 70/20 = 3.5

There is a mark-up of 44% of the cost that is equal to 1.5 pesos it will be added to the cost of
the good. So the selling price will be 5 pesos each.

4. Promotion

The term promotion refers to the mode of conveying the presence and attributes of the
product to the target consumers. Through promotions, the business communicates to the
target consumers the important information about the product including the benefits, price
and position in the market. It gives the consumers an idea of the product that they want to
buy. Examples of promotion are Advertising, Personal Selling, Sales Promotion, and Social
Media.

Type of Promotion

 Discounted Products- Customers always love to buy discounted or bargain products,

that sometimes even if it is not in their list of products to buy they opt to buying it. An
example for that are the products with 20%, 50% discount which we always see in
any physical store and even in online store/ selling.

Thus to make discounts as effective promotion strategies the following must be

observed:
 o Make sure that your offer can really attract your costumer.
o There is an effect in your profitability.
 Free delivery and acknowledge return- this type of promotion assures that the
costumers receive the product of good quality because it can be returned in case it is
defective. Example, ordering a product from an online seller and then it was delivered
without any charges in case the item was damaged the seller will change it.
 Flash sales- mostly it is an offer that has a limited time and it creates a sense of
urgency for the costumer to buy the product. Say, the branded t-shirt in the store
marks up as flash sale for 1 hour only from 2,999 pesos to 1499 pesos.
 Buy more, save more- this type of promotion attract costumer to buy the product even
though it is not included in their budget. The customer tends to buy repeatedly the
product. Example, buy 1 take 1.
 Product giveaways or branded gifts- Costumers always love giveaways. In marketing
a product giving giveaways allows the customer to try the product before buying in
the market it gives them the chance to think before they buy. Example, A bar of
detergent soap with a sachet of powder.

5. People

The most important resource of any organization is its people. It is how the people in
the organization meet and satisfies the needs and wants of the consumers. Professionalism
and courtesy always go a long way in any service business. For example, in a fast food chain,
crew must be polite, courteous and willing to lend a hand at all times, in a way that the
costumers will not feel that they are not welcome. Remember that the feedback of the
costumers has impact to the reputation of the business.

6. Packaging

Packaging refers to the process of putting the product in a package or container. It

includes on how you make your product presentable and appealing to the consumers. For
example in a store there are different kinds of biscuits displayed in the shelves among those
biscuits with an appealing packaging will automatically catch the attention of the customers.

7. Positioning

Positioning refers to the placed occupied by the product in the mind of the consumers.
It is a marketing strategy that defines the target consumers. For example in a supermarket we
often see the products in the place where customers can easily access the product.
 Let’s Try This
Choose a brand then identify the Marketing Mix applied.

Product

Place

Brand
Promotion People
____________

Positioning
 Let’s Remember
Marketing Mix simply refers to a mode, means, or tool used by the entrepreneur to
position the product in the target market segment to efficiently and effectively deliver it to the
consumers and to convince them about the benefits that they will derive from buying the
product.

Marketing Mix is composed 7 Ps. The 4 Ps namely; product, place, price and
promotions, are the set of marketing mix which are controllable and are inter-related
variables, while there are 3 additional Ps that is positioning, people and process.
 Lesson 2

Develop a Brand Name

Do you have pet at home? If you do, how did you come up with his name? Names are
important, it shows our identity as a person or even in our pets, the same as well in the products
that we patronized in the market.

Have you ever ask yourself how are those well-known Brand Name become famous?

This lesson will discuss about the Brand Name.

Let’s Learn

A brand is word, mark, symbol, or a combination of the mentioned items used to

identify the marketer’s product or service.

A brand name is something which can be vocalized or spoken. Is a name, symbol, or

other feature that distinguishes a seller’s goods or services in the market place.

Characteristics of a good Brand Name

It must be easy to remember. It is advisable to create one to three-syllable brand names. It will be
easier to remember, pronounce, and spell for consumer retention.

It must suggest something about product benefits or use.

It must be distinctive. It must be easily recognized by the consumers especially

in terms of color and symbols

It must be legally protected. It must be registered under the patent office. It

must not be an emitation of any patented brand of competitors
Though there are no standard procedures in the formulation of the brand name, the following
approaches may be of great help:

Review carefully the

Evaluate the consumers Analyze the proposed
attribute, benefits, and
in the target market. marketing strategies.
values of the product.

List the possible brand Check the internet if the

Limit the brand name to
names by considering chosen brand already
one or two words.
the first three steps. exists.

Importance of branding for sellers. Manufacturers and middlemen can be provided by the
following specific benefits of branding:

1. Branding simplifies sales promotion. A simple name for a product makes advertising
effective and simple.
2. Branding encourages repeat sales. Consumers repeatedly buy the products if it suits to
their needs and wants.
3. Branding provides protection against substitution. A product with brand specifies a
particular quality or manufacturer. Substitution can be difficult.
4. Branding minimizes comparisons. Two brands may not have exactly same quality, so
exact price comparison can be far.
5. Branding aids in segmentation. It helps in customizing products for sale to different
market segments, whether for households or institutional accounts.
6. Branding facilitates the introduction of a new item. Placing new products under a
familiar brand creates the same customers goodwill.
7. Branding affords greater price stability. These products are not subject to frequent
fluctuations.
 Let’s Try This

1. Create a product that you want and formulate your own BRAND NAME.
2. Once you already formulate the brand name, write a short explanation about the
products stating how and why you come up with that name.

Let’s Remember
A Brand Name is something which can be vocalized or spoken. Is a name, symbol,
or other feature that distinguishes a seller’s goods or services in the market place.

Characteristics of a good Brand Name

1. It must be easy to remember

2. It must suggest something about product benefits or use.
3. It must be distinctive.
4. It must be legally protected.

Benefits of Branding

1. Branding simplifies sales promotion

2. Branding encourages repeat sales
3. Branding provides protection against substitution
4. Branding minimizes comparisons
5. Branding aids in segmentation
6. Branding facilitates the introduction of a new item
7. Branding affords greater price stability
 Let’s See What You Have Learned

Encircle the letter of the correct answer.

1. It is a name, symbol, or other feature that distinguishes a seller’s goods or services in
the market place
a. Brand b. Brand Name c. Product d. Name
2. It refers to the outside appearance of a product and how it is presented to the
customers
a. Product b. Price c. Packaging d. Brand
3. It refers to a mode, means, or tool used by the entrepreneur to position the product in
the target market segment to efficiently and effectively deliver it to the consumers and
to convince them about the benefits that they will derive from buying the product.
a. Marketing Mix b. Product c. Price d.
Packaging
4. The most important resource of any organization.
a. Product b. People c. Price d. Brand
5. It is the value of money in exchange of a product or service.
a. Positioning b. Publicity c. Packaging d. Price
6. It refers to the place occupied by the product in the minds of the consumers.
a. Publicity b. Positioning c. Promotion d. Place
7. It refers to the mode of conveying the presence and attributes of the product to the
target consumers
a. Positioning b. Publicity c. Place d.
Promotion
8. It is another way of promoting the product or service to the target consumers through
media coverage.
a. Publicity b. Positioning c. Promotion d. Place
9. It is a word, mark, symbol, or a combination of the mentioned items used to identify
the marketer’s product or service
a. Positioning b. Publicity c. Place d. Brand
10. It refers to the tangible good or intangible service offered by the business to the target
consumers.
a. Packaging b. Brand name c. Product d. Price
 Answer Key
A. Let’s See What You Already Know

1. J
2. A
3. H
4. B
5. F
6. D
7. C
8. I
9. E
10. G

B. Lesson 1

Let’s try this

 Answer may vary

C. Lesson 2

Let’s try this

 Answer may vary

Let’s See What You Have Learned

1. B
2. C
3. A
4. B
5. D
6. B
7. D
8. A
9. D
10. C
 References
Entrepreneurship starting an enterprise. Having an innovation mind set. Josiah and Carolina
Go Foundation Inc. Philippine copyright 2018
Entrepreneurship in the Philippine Setting for Senior High School, C & E Publishing, Inc. and
Nick L. Aduana copyright 2016
Principles of Marketing for Senior High School, Ruby F. Alimar- Mutya, Anvil Publishing,
Inc. Copyright 2019
Introduction to Entrepreneurship Revised Edition 2007 Small Enterprise Research and
development Foundation, Inc. Copyright 1989 ( Originally written under the Entrepreneurship
Development of Collegiate Education Level(EDCEL) Project of the Philippine Association of
colleges and Schools of Business (PACSB), UP Institute for Small-Scale Industries (UP ISSI)
and the Small Enterprise Research and Development Foundation (SERDEF)