7 P’s of marketing
1. Product
-product here exemplifies to
the goods and services a
business sells to its potential
customer
2. Price
-chunk of money that a
supplier sets for his product
is labeled as price. Setting
the price needs keen thought
and analysis
3. Place
-. Analyzing the geographical
areas where buyers look for
the product and service
4. Promotion
-comprises the advertising
and events to support the
certain service and product
5. Packaging
-the way your product or
service looks from the outer
part.
6. Process
-exposure. From the prime
segment of contact,
generally the network or
website, to distribution of
the good or service.
Nonetheless, the process
doesn’t block there, because
there’s the post sales service,
and creating decent relations
with customers even after
the purchasing process
7. People
-the experience of ultimate
customers.
8. Position
9. People
Marketing Mix Types of salesperson
- combination of factors that can be
controlled by a company to influence
consumers to purchase its product.
Steps in the selling process
 Prospecting & Qualifying
 Pre approach
 Approach
 Presentation &
demonstration
 Handling Objection
 Closing
 Follow up
Marketing Concept
 Production concept
-consumers prefer products
that are widely available and
inexpensive.
 Product concept
-consumers favor products
that offer the most quality,
performance, or innovative
features.
 Selling concept
-consumers will buy products
only if the company
aggressively promotes or
sells these product.
 Marketing concept
-focuses on needs/wants of
target market & delivering
value better than
competitors do.
 Societal marketing concept
-to preserves the consumer
and society’s well-being.
Types of promotion
 Personal selling
 General
asvertising/advertising
 Direct marketing
 Sales promotion
 Public relation
 Digital promotion
 Sponsorship
 Social media marketing
 Order getters
 Order takers
 Support personnel
4 M’s of operations
 Method
 Materials
 Machine
 Manpower
Product development
- overall process of strategy,
organization, concept generation,
product and marketing plan, creation
and evaluation, and
commercialization of a new product.
Seven steps of effective product
development
1. Solicit feedback. Now.
2. Refine your design with
simplicity in mind
3. Do not skimp on materials or
manufacturing
4. Place it right
5. Do not overstock
6. Protect your ideas
7. Consider retailers and
communicate wisely.
Key competencies of entrepreneur
 Personal
 Interpersonal
 Business competencies
Three pieces of entrepreneur
1. Opportunity recognition
2. Opportunity assessment
3. Opportunity realization
Factors on how to recognize a
potential market
 Ability to compete
 Duration of the opportunity
 Growth potential
 Risk and reward