ENTREPRENEURSHIP

Name of Learner: ____________________________________ Grade Level: ________

Section: _______________________ Date: _______________

LEARNING ACTIVITY SHEET

Marketing Mix and Developing a Brand Name

Background Information

The Importance of Marketing Mix

What is marketing? In the marketing world, there is an old saying that

marketing is the process of "getting the right product in front of the right
people at the right time and for the right price."

What about Marketing Mix? The marketing mix refers to the collection of
tools and strategies a business will use in order to get its products to
customers who are ready and able to buy them.

Why is marketing mix important? The following points explain the importance
of marketing mix.

• Helps understand what your product or service can offer to your

customers
• Helps plan a successful product offering
• Helps with planning, developing and executing effective marketing
strategies
• Helps businesses make use of their strengths and avoid unnecessary
costs
• Helps be proactive in the face of risks
• Help determine whether your product or service is suitable for your
customers
• Helps identify and understand the requirements of customers
• Helps learn when and how to promote your product or service to your
customers

Marketing Mix (7 Ps)

In its broadest sense, marketing is about creating and accumulating

customers. Marketing plans are designed to capture market share and defeat
competitors. The marketing function and the marketing mix serve the overall
business strategy. It is summarized in seven Ps by which the enterprise will
engage competitors and gain customers. These Ps are Product, Place, Price,
Promotion, People, Packaging and Positioning.
Product

A product is the tangible good or the intangible service that the enterprise
offers to its customers in order to satisfy their needs and to produce their
expected results. Products are often identified with their brand names to
distinguish them from other products in the market. Some products have
built up so much loyalty to the point that their brand names have become
their best-selling proposition. Example, Pampers is generally referred to as
diapers, Xerox is generally referred to as photocopier.

Place

It refers to the geographical location of the availability of products. Sales

people want to have the best access to their customers. Although finding a
good location proves to be challenging even more challenging is maximizing
the potentials of that location.

Price

Price is the cost consumers pay for a product. Marketers must link the price
to the product's real and perceived value, but they also must consider supply
costs, seasonal discounts, and competitors' prices. In some cases, business
executives may raise the price to give the product the appearance of being a
luxury. Alternatively, they may lower the price so more consumers can try the
product.

Marketers also need to determine when and if discounting is appropriate. A

discount can sometimes draw in more customers, but it can also give the
impression that the product is less exclusive or less of a luxury compared to
when it is was priced higher.

Promotion

This refers to all the activities undertaken to make the product or service
known to the user and trade. It encompasses all the direct communication
efforts of the enterprise, such as advertising, public relation campaigns,
promotional tours, product offerings, point-of-sale displays, websites, flyers,
emails, letters, telemarketing, and others.
Indirectly, the enterprise communicates through the quality of its products
and attractiveness of its packaging. It also communicates indirectly through
the services rendered by its people. It likewise communicates indirectly
through its location, its office premises and branches and its pricing strategy.
Effective promotion depends on three critical factors: the credibility of the
communicator; the message and the medium of the message; and the
receptiveness of the audience to all that is being communicated.
People

The people in the marketing organization play a crucial role in the success of
the enterprise. People sell and push the product. People search hard to find
the right market. People distribute, promote, price and sell the products in
the most attractive market places. People aim to please the customers
through continuing service and product enhancements long after the
customers have bought the product. People are the regular contact points
between the enterprise and its market.
The marketing efforts of people are organized at four levels:
a. to create customer awareness
b. to arouse customer interest
c. to educate customers as they evaluate their buying choices
d. to close the sale and deliver the products.

Packaging

There used to be a time when products came wrapped in ordinary packaging

that prominently displayed the brand name, the main attributes of the
product, the company’s logo, and its place of business. Packaging came in
small, medium and large sized without much variation in the material, shape,
and purpose of the packaging. That is a long time gone.

Now, packaging can even be more important than the product itself, if done
imaginatively. One example is the entrepreneur who took ordinary rocks from
riverbeds and packaged them as “pet rocks”.

Several Important Purposes of Packaging

1. Packaging identifies the product, describes its features and benefits, and
complies with government rules on specifying its contents, weight, chemical
composition, and potency. Packaging provides easy brand identification for
the consumers.

2. Packaging differentiates the product from its competitors and even from its
other brand offerings.

3.Packaging lengthens the lifespan, physically protects, and extends the

usefulness of the product.

4. Packaging has become an environmental issue by itself. Many packages

are discarded after the contents have been taken out. This generates waste
and poses environmental hazards. Recyclability and biodegradability are now
a major concern of packagers and consumers alike.
5. Some packaging are so beautiful; they can create their own value as
collectibles. Packaging does not refer only to the wrapper or container of the
product. It can mean the bundle of products or services that are put together
to attract and delight customers.

Positioning

It is an additional element in the modified model of the marketing mix, refers

to the place occupied by the product in the minds of the consumers. It is a
marketing strategy that defines the target consumers.

The entrepreneur must always define the product from the perspective of a
customer-driven position. This position is actually a mixture of the different
attributes of the Ps. For example, in relation to the product image, there must
be a quality product that satisfies the needs or wants of consumers.

Developing a Brand Name

For a new business, creating and effectively marketing a new brand name is
one of the most challenging aspects of starting a business. One of the
functions of the brand name is to identify the product or service. This is to
enable the consumers to accept, reject, or communicate their opinions about
it to others. Another function is to communicate messages to the markets
and to the public at large, whether the messages are intentionally or
unintentionally generated. Lastly, a brand name functions as a legal
property, allowing its owners to invest in building up the value of the brand.

Here are some tips in developing your brand name:

1. Come up with a unique brand name

2. Keep it short and simple
While it’s hard to find an available one these days, one-word brand names are
always ideal. They’re easy to remember, strong, and relatable. Make sure
also that it is easy to spell and easy to pronounce. If you can develop a brand
name that’s easy to spell and pronounce, you’ll be well ahead of many of
today’s startups and small businesses.

3. Check the availability

When you come up with a name, the first thing you should do is check the
availability of that name at the Intellectual Property Office. Find out whether
or not there are any registered trademarks or prior pending applications for
the marks you want to use. Once you have a shortlist of possible brand
names, it is important to check that they are not currently in use. Make sure
they aren’t already trademarked by another business and that a suitable
domain name is available.

4. Think about the Logo

The logo always comes second after selecting the name but it is a good idea
to keep designs in mind when brainstorming ideas. Your brand name and logo
will become synonymous with each other and they can’t be looked at as
independent components.

5. Consider Future Growth

Finally, think about the future growth of your company. While you may
specialize in a certain product right now, you don’t want to limit your company
to only selling that product. The wrong brand name can seriously hamper
your ability to scale in the years to come. For example, let’s say your startup
sells cupcake. The name Cupcake, Inc. may be good at this point but once
your business grew into a bakery, then the name Cupcake, Inc. may limit
from your other products like cakes, breads, cookies, etc.

The brand is a trade name. It is not (necessarily) the business name. When
a new business is being set up, the Department of Trade and Industry (for
single proprietorships) or the Securities and Exchange Commission (for
partnerships and corporations) will ask that the new entity be registered
under a new business name. The DTI has strict rules about what names are
acceptable, while both the DTI and SEC require that the business name be
reflective of the type of business that will be pursued.

Learning Competency with Code

Most essential learning competencies:

Recognize the importance of marketing mix in the development of marketing
strategy
Describe the Marketing Mix (7Ps) in relation to the business opportunity vis-
vis:
Product;
Place;
Price;
Promotion;
People;
Packaging; and
Positioning
Develop a brand name (TLE_ICTAN11/12EM-Ia-1)

Learning objectives:
While going through this learning activity sheet, you are expected to:
1. recognize the importance of marketing mix in the development of marketing
strategy;
2. describe the marketing mix in relation to the business opportunity; and
3. develop a brand name for a business.

Directions/Instructions
Answer the following exercises/activities below. Read and follow instructions
well. If necessary, use the rubrics when answering.

Exercises/Activities:

Activity 1. Fill-in-the blank to make each statement correct.

1. ___________________ is the cost consumers pay for a product/service.

2. ___________________is the process of "getting the right product in front of

the right people at the right time and for the right price".

3. The _________________ is a trade name.

4. ___________________ are the regular contact points between the enterprise

and its market.

5. All the activities undertaken to make the product or service known to the
user and trade refer to _________________________.

Activity 2: To use the 7 Ps model and for your market to know you better,
it’s time to make your Marketing Plan. In 3-4 sentences, describe the
Marketing Mix of your business. As your guide, answer the questions for each
of the 7Ps. Use the given rubrics below.

Product: What is my product/service? What does the customer want from

my product/service?

Place: What new distribution options are there for customers to experience
my product, (e.g. could they buy it online or in-store)? How will the customer
avail my product/service?

Price: At what price will I place on my product/service? How much is my

markup?
Example:

Flour P 50 The price for my product would be ------. Since I will incur an
Sugar 25 expense of P 90, then I will have a 20% markup which 18 so
Butter 15 the markup price of my product would be 100 per package.
Total P 90
Promotion: How will I convince my customer to buy my product/service?
What tools will I use to promote my product/service?

People: Who are the people involved in my enterprise/business? What are

the functions of each worker?

Example:
Baker: The baker will be the one to bake the products that we will sell.
Seller: Its function-----

Packaging: How will I make the overall presentation of my product/service

eye-catching or appealing to my customers?

Example:
The vegetable cake will be packaged in a box.

Positioning: What will make my customer become loyal in patronizing my

product/service?

Example:
My customer s will be loyal to my product because they have a thinking
that this cake is healthful. -------

Rubric for Scoring

TRAIT CRITERIA
5 4 3 2
Content Analyzation is Analyzation is Analyzation is Analyzation is
well profound profound and not profound but neither
and applicable applicable to somehow profound nor
to real-life real-life applicable to applicable to
situation. situation. real-life situation. real-life
situation.
Organization Answer is well Answer is Answer is not Answer is
of thoughts organized with organized organized but neither
well- with well- somehow with organized nor
constructed constructed well-constructed with well-
sentences. sentences. sentences. constructed
sentences.

Reflection
Applying the tips in developing your brand name, you may now create the
name for your product/service. Once you have done that, design a logo of
your chosen brand name.
References for Learners
Aduana, Nick L. 2016. "Entrepreneurship in Philippine Setting for Senior High School." In
Entrepreneurship in Philippine Setting for Senior High School, by Nick L. Aduana,
185-194. Quezon City: C & E Publishing, Inc.

Alton, Larry. 2015. Make It Memorable: Tips for Creating an Effective Brand Name. October
20. Accessed September 23, 2020. business.com/articles.

Bhasin, Hitesh. 2018. What is the Importance of Marketing Mix. September 8. Accessed
September 22, 2020. marketing91.com.

French, Katy. n.d. How to Choose Your Brand Name in 5 Simple Steps. Accessed September
23, 2020. columnfivemedia.com.

Hanlon, Annmarie. 2020. How to Use the 7Ps Marketing Mix. August 10. Accessed
September 23, 2020. smartinsights.com.

Ilano, A.B. 2016. Principles of Marketing. Recto Avenue: Rex Book Store.

Westergaard, Nick. 2011. Tips for Developing a Brand name. February 21. Accessed
September 23, 2020. branddrivendigital.com.

Answer Key: Activity 2: Answers may vary

5. promotion;
Activity 1.: 1. price,2. marketing, 3. brand, 4. people,

Prepared by:

Angeline Carmen Victoria G. Garcia

Teacher III