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QUARTER-1-MODULE-1-WEEK-5.ppt - QUARTER 1 MODULE 1WEEK 5...

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QUARTER 1 MODULE 1WEEK 5
The Marketing Mix (7P’s) inRelation to the BusinessOpportunity
Marketing Mix is a set of controllable and connected variablesthat a company gather to satisfy a customer better than itscompetitor. It is also known as the “Ps” in marketing. Originally,there were only 4Ps but the model has been continually modifieduntil it became 7P’s. The original 4 P’s stands for product, place,price and promotion. Eventually, three elements have beenadded, namely: people, packaging and positioning to comprisethe 7 P’s.
The 7 P’s of Marketing Mix1.PRODUCTMarketing strategy typically starts with the product. Marketers can’tplan a distribution system or set a price if they don’t know exactlywhat the product will be offered to the market.Product refers to any goods or services that are produced to meetthe consumers’ wants, tastes and preferences. An example of goodsincludes tires, MP3 players, clothing and etc. Goods can becategorized into business goods or consumer goods. A buyer ofconsumer goods may not have thorough knowledge of the goods hebuys and uses. An example of services includes hair salons andaccounting firms. Services can be divided into consumer services,such as hair styling or professional services, such as engineering andaccounting.
2.PLACEPlace represents the location where the buyer and seller exchange goods orservices. It is also called as the distribution channel. It can include any physicalstore as well as virtual stores or online shops on the Internet.

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