Lesson 4 - Marketing and Mix - Entrep.pptx

Entrepreneur Lesson 4

1. LESSON 4 ENTREPRENEURSHIP Prepared by :

2. REVIEW

3. WHAT ARE THE PARTS OF BUSINESS PLAN?

4. Parts of the Business Plan Product/Service Plan Market Plan Financial Plan Executive Summary Management and Organization Parts of a Business Plan

5. ACTIVITY 1

6. Let’s play a game before we move on to the next lesson. The title of the game is “Category P”. You will just write words that are related to the category, starting with the given letter. Our category is business marketing, we will use only the letter P in listing words. Write as many words as you can in your Entrepreneurship Cattleya Notebook. You have 2 minutes to perform the task. As we continue our new lessons, we will confirm if you were able to write the correct words in the 7Ps or void them if not. Instruction:

7. MARKETING MIX

8. recognize the importance of marketing mix in the development of marketing strategy Learning Comptencies describe the Marketing Mix (7Ps) in relation to business opportunity vis-à-vis:

9. The marketing mix will help you in knowing what strategies are suitable for your chosen business. It is the first step to be done even before you create a business or marketing plan because your marketing mix has an impact on your positioning, market targeting and segmentation. All the Ps included in the marketing mix are connected with one another. Introduction

10. WHAT IS MARKETING MIX?

11. The marketing mix is a significant instrument in planning and executing the right marketing scheme through operative strategies (Hill, 2016). Marketing Mix

12. WHAT ARE THE 7 PS OF THE MARKETING MIX?

13. The 7 Ps of Marketing Mix Place Price Promotion People Packaging Positioning Product

14. WHAT IS A PRODUCT?

15. A product, according to Martin (2014), is something that gives satisfaction to consumer; be it a need or want. It also refers to the goods and services offered by business enterprise to its target customers. Product

16. WHAT ARE THE CLASSIFICATION OF A PRODUCT?

17. Tangible Products A physical item that a business enterprise offers. Two types are durables and non-durables. Durables have long intervals between purchases such as appliances and furniture. 2. Non-durables have a more substantial repeat purchases, such as food, soap, and other consumables. Intangible Products Services are intangible things provided by entrepreneurs to satisfy the customer such as medical services and transportation.

18. SHORT QUIZ

19. Classify the following items as durables, non-durables, and services. Write your answers on your Entrepreneurship Cattleya Notebook. Instruction:

20. 1. Paper 2. Washing Machine 3. Medical Check-up 4. Massage 5. Package delivery 6. Shoes 7. Pants 8. Cellphone 9. Cellphone repair 10.Sugar

21. ANSWER

22. 1. Paper - Non-durable 2. Washing Machine - durable 3. Medical Check-up - services 4. Massage - services 5. Package delivery - services 6. Shoes - durable 7. Pants - durable 8. Cellphone - durable 9. Cellphone repair - services 10.Sugar - non-durable

23. WHAT IS A PLACE?

24. Place refers to distribution or the methods you use for your products or services to be easily accessible to the target customers. Also called placement or distribution , this is the process and methods used to bring the product or service to the consumer (Luenendonk, 2020). Place

25. WHAT ARE THE TWO TYPES OF DISTRIBUTION CHANNELS?

26. Direct Distribution The type of distribution where there is direct sale between the manufacturer and the consumer Indirect Distribution The type of distribution wherein manufacturer utilizes a wholesaler or retailer to sell his/her products.

27. SHORT QUIZ

28. Classify the following items as to direct or indirect distribution or placement. Write your answers on your Entrepreneurship Cattleya Notebook. Instruction:

29. 1. Milk tea 2. Television 3. Burger 4. Massage 5. Grocery 6. Ready-to-wear clothes 7. Car 8. Laptop 9. Food from eatery 10. Construction materials from hardware

30. ANSWER

31. 1. Milk tea - direct 2. Television - in-direct 3. Burger - direct 4. Massage - direct 5. Grocery - in-direct 6. Ready-to-wear clothes - in-direct 7. Car - in-direct 8. Laptop - in-direct 9. Food from eatery - direct 10. Construction materials from hardware - in direct

32. ACTIVITY 2

33. In the next slide is a list of products and their original price. Try to mark the price up to earn some profit and let’s see how much you will possibly earn Instruction:

34. PRODUCT ORIGINAL PRICE MARKED UP PRICE REASON FOR MARKED UP PRICE Trendy Denim Jeans 350.00 Imported Cotton Top 100.00 Nike Running Shoes 3,500.00 Metal Hair Clip 75 Android Cell phone 4,999.00

35. WHAT IS A PRICE?

36. Price is the monetary value a customer pays in exchange for a merchandise or service. Price

37. WHAT ARE THE PRICE STRATEGY?

38. Cost Plus is taking the production expenses (including labor, materials, and other resources) and adding up a certain profit percentage, and then the sum will be the product’s price. Price Strategy Cost Plus

39. Instead of using the production cost as a basis, an entrepreneur can consider the customer’s perception of the product’s value. The perception of the purchaser is dependent on the product’s quality, brand standing, and benefits, aside from the cost factors. Price Strategy Value-Based

40. You can conduct a survey of the pricing applied by your competitors on a similar product that you are trying to sell and then decide whether to price your product cheaper, the same, or higher. You should also monitor their prices and be able to respond to variations. Price Strategy Competitive

41. SHORT QUIZ

42. Analyze the situations below and identify the pricing scheme used. Cost Plus Value-Based Competitive Instruction:

43. 1. The seller added a 20% markup to the capital price. 2. The retailer sold the product based on its class. 3. The retailer sees that the quality of the product is good so he/ she sells it at a higher price. 4. The merchandiser sold the dress at its usual price in the market. 5. The merchandiser traded the dress 20 pesos lower than its price in the market.

44. ANSWER

45. 1. The seller added a 20% markup to the capital price. - Cost Plus 2. The retailer sold the product based on its class. - Value-Based 3. The retailer sees that the quality of the product is good so he/ she sells it at a higher price. - Value-Based 4. The merchandiser sold the dress at its usual price in the market. - Competitive 5. The merchandiser traded the dress 20 pesos lower than its price in the market. - Competitive

46. ACTIVITY 3

47. 1. How do you feel when you see promos as shown in the pictures below? 2. How do you usually respond to these kinds of advertisements as a customer? 3. Do you think they are effective in convincing customers to buy your products or services?

48. Answer the following question and write your answers in your Entrepreneurship Cattleya Notebook. We will know how they help in selling your product. Instruction:

49. WHAT IS A PROMOTION?

50. The strategies you use to endorse your product or service in the market are called promotions. Through it, you let potential customers know what you are selling. Promotion

51. WHAT ARE THE COMMON MARKETING COMMUNICATION METHODS IN PROMOTING?

52. is a series of related, well-timed, carefully placed television ads coupled with print advertising in selected magazines and newspapers. An effective advertising contains a clear message that is directed to a certain audience and is done through suitable channels. Common Marketing Communication Methods in Promoting Advertising

53. refers to direct-to-consumer mail pieces sent to target segments in selected geographic areas, reinforcing the messages from the ads. Common Marketing Communication Methods in Promoting Direct marketing

54. uses in-person interaction to sell products and services. This is done by the company’s sales personnel who are personally interacting with the customers. Common Marketing Communication Methods in Promoting Personal selling

55. are marketing communication tools for stimulating revenue or providing incentives or extra value to distributors, sales staff, or customers over a short time period. Sales promotion activities include special offers, displays, demonstrations, and other nonrecurring selling efforts that are not part of the ordinary routine. Common Marketing Communication Methods in Promoting Sales promotions

56. is an umbrella term for using digital tools to promote and market products, services, organizations, and brands. People are now more dependent on digital communications. There are several essential tools in the digital marketing tool kit: email, mobile marketing, websites, and social media marketing. Common Marketing Communication Methods in Promoting Digital marketing

57. is the process of maintaining a favorable image and building beneficial relationships between an organization and the public communities, groups, and people it serves. PR is often referred to as “free advertising”. Common Marketing Communication Methods in Promoting Public relations

58. SHORT QUIZ

59. Read each statement below and write True if the statement is correct and False if not. Write your answers in your Entrepreneurship Cattleya Notebook. Instruction:

60. 1. Advertising should contain a clear message that is directed to a certain audience and is done through suitable channels. 2. Digital Marketing is referred to as free advertising. 3. Personal Selling activities include special offers, displays, demonstrations, and other nonrecurring selling efforts that are not part of the ordinary routine. 4. Direct marketing refers to direct-to-consumer mail pieces sent to target segments. 5. An entrepreneur needs to know what the product is, how to use it, and why they should buy it.

61. ANSWER

62. 1. Advertising should contain a clear message that is directed to a certain audience and is done through suitable channels. - True 2. Digital Marketing is referred to as free advertising. - False 3. Personal Selling activities include special offers, displays, demonstrations, and other nonrecurring selling efforts that are not part of the ordinary routine. - False 4. Direct marketing refers to direct-to-consumer mail pieces sent to target segments. - True 5. An entrepreneur needs to know what the product is, how to use it, and why they should buy it. - True

63. ACTIVITY 4

64. Given the illustration below, who do you think is the most important among the people in and out of a business enterprise? Explain your answer.

65. WHAT IS A PEOPLE?

66. Everyone who is involved in the product or service whether directly or indirectly is referred to as people (www.marketingmix. co.uk). According to Chand (2019), people are the human actors who play a part in the production of goods and service delivery and thus influence the buyer’s perceptions: namely, the firm’s personnel, the customer, and other customers in the environment. People

67. People are the most important element of any product, service, or experience. Only sales representatives get in touch with the customers, not everyone. What you need to understand is that people are the backbone of the company (Acutt, 2020) People

68. and that is why you have to make sure that you only have the right ones at hand. The word right in this context implies that the qualifications and skills of the person to occupy the position must match the specifications and requirements of the job. Finding the right person may also entail cost to the business because the higher the standards are, the higher the salary level will be People

69. SHORT QUIZ

70. Read each statement below and write True if the statement is correct and False if not. Write your answers in your Entrepreneurship Cattleya Notebook. Instruction:

71. 1. Production workers are the human actors who play a part in the production of goods and service delivery. 2. People buy from people who they like. 3. Without people, all other Ps in the Marketing Mix will not complete a successful marketing formula. 4. Managers influence the buyer’s perceptions: namely, the firm’s personnel, the customer, and other customers in the environment. 5. The attitude, skills, and appearance of all staff need to be first class.

72. ANSWER

73. 1. Production workers are the human actors who play a part in the production of goods and service delivery. - True 2. People buy from people who they like. True 3. Without people, all other Ps in the Marketing Mix will not complete a successful marketing formula. True 4. Managers influence the buyer’s perceptions: namely, the firm’s personnel, the customer, and other customers in the environment. True 5. The attitude, skills, and appearance of all staff need to be first class. False

74. ACTIVITY 5

75. 4 pics 1 word: Try guessing the topic for today based on the pictures shown below.

76. ANSWER

77. 4 pics 1 word: Try guessing the lesson for today based on the pictures shown below. P A C K A G I N G Very good! Our today’s lesson is about ___________!

78. WHAT IS A PACKAGING?

79. Packaging is also referred to as “silent salesman” by the marketing people because they believe that it helps in accumulating bigger sales and returns (Burks, 2020 Packaging

80. WHAT ARE THE ELEMENTS OF PACKAGING?

81. The customer should know if a product is food, non-food, chemical or etc. It is not good to confuse them with your packaging. Elements of Packaging Category or product type

82. This will help you make your product known to many. The name of the product is what the customer usually remembers. Elements of Packaging Brand

83. The packaging should show what the product does. Elements of Packaging Functional benefit(s)

84. The packaging should display the possible options for the particular product. Elements of Packaging Variant

85. The packaging should also present why the consumer should find the claimed functional benefit credible. Elements of Packaging Reason(s)-to-believe

86. The packaging should also exhibit how the functional benefit fulfills a higher need. Elements of Packaging Emotional end-promise or benefit

87. The reason why consumers should buy the product must also be present in the packaging. Elements of Packaging Call-to-action

88. The information such as stated must be shown for the consumers to know. Elements of Packaging Size, weight, content details, etc

89. SHORT QUIZ

90. Write FACT if the statement is correct and BLUFF if false. Write your answers in your Entrepreneurship Cattleya Notebook. Instruction:

91. ANSWER

92. 1. Packaging is the silent salesman of every enterprise. 2. It is okay to confuse our customers with our packaging. 3. The packaging is the diamond star of the marketing mix. 4. Packaging maintains the freshness and quality of your product. 5. The packaging should not present why the consumer should buy the product because it is resource-consuming.

93. 1. Packaging is the silent salesman of every enterprise. - FACT 2. It is okay to confuse our customers with our packaging. - BLUFF 3. The packaging is the diamond star of the marketing mix. - BLUFF 4. Packaging maintains the freshness and quality of your product. FACT 5. The packaging should not present why the consumer should buy the product because it is resource-consuming. BLUFF

94. ACTIVITY 6

95. 16 15 19 9 20 9 15 14 9 14 7 Guess our lesson for today by unlocking the word below. Use the corresponding number of each letter in the alphabet; A is 1, B is 2 and so on and so forth.

96. ANSWER

97. P O S I T I O N I N G 16 15 19 9 20 9 15 14 9 14 7 Guess our lesson for today by unlocking the word below. Use the corresponding number of each letter in the alphabet; A is 1, B is 2 and so on and so forth. Very good! Our today’s lesson is about _______!

98. WHAT IS A POSITIONING?

99. Positioning is a market concept that outlines what a business should do to market its product or service to its customers. In positioning, the marketing department creates an image for the product based on its intended audience Positioning

100. is used to know how people perceive a certain brand. The map allows you to identify how competitors are positioned to identify the opportunities in the marketplace. Perceptual map

101. SHORT QUIZ

102. Write True if the statement is correct and False if not. Write your answers in your Entrepreneurship Cattleya Notebook. Instruction:

103. 1. Positioning is where you put your product on the market. 2. Positioning refers to the customer’s perception of your product. 3. You can position your product based on its competitors. 4. The entrepreneur must always define the product based on the viewpoint of the customers. 5. In positioning, the production department creates an image for the product based on its intended audience.

104. ANSWER

105. 1. Positioning is where you put your product on the market. - False 2. Positioning refers to the customer’s perception of your product. True 3. You can position your product based on its competitors. False 4. The entrepreneur must always define the product based on the viewpoint of the customers. True 5. In positioning, the production department creates an image for the product based on its intended audience. False

106. THANK YOU FOR YOUR ATTENTION