Entrep

• 7P's 1. Product 2.Place 3.Price 4.Promotion 5.People 6.Packaging 7.Process
• 7P's - The marketing mix is a widely accepted strategic marketing tool in formulating marketing tactics for a product or service.
• Product -  Is any physical good, service or idea that is created by entrepreneur in serving the needs of the customer and addressing their existing problems. 
• 3 Level Concept of product - 1.Level 1 - Core benefits of the product or service. 2. Level 2 - Physical characteristics of the product or service. 3. Level 3 – Augmented benefits of a product or service
• 1.Level 1 - Core benefits of the product or service Major Factors why a customer buys a product to avails of a service
• 2. Level 2 - Physical characteristics of the product or service Look to the second layer like  which has  a better packaging  for products  or a better  physical  evidence or customer  experience  for services. 
• 3. Level 3 – Augmented benefits of a product or service - A customer will still get the core benefits  of a product  or service even without  the augmented benefit.
• Place - Refers to the location  or the medium of  transaction.
• In physical  location the entrepreneur  research the following: 1.traffic 2.Area of population 3.People’s common path 4.Preference for the location 5.Their buying behavior
• PriceThe peso value that the entrepreneur  assigns  to a certain products  or service  after considering  its costs, competition, objectives, positioning and target market.
• price - It is the only P in 7Ps that generates  revenues  for the business. 
• 1. Bundling         This refers  to two or more  products and services  in one   reduced  price.
• 2. Penetration Pricing   This refers  to setting low prices to increase  market share, but the entrepreneur  will eventually increased the price once  the desired market share  is achieved.
• 3. Skimming   This is the opposite  of penetration pricing  where price  are initially  high and then they lowered  to offer  the product or service  to a wider market. 
• 4. Competitive Pricing         This       refers  to benchmarking  prices with the  competitors
• 5. Product line pricing          This refers to pricing different products or services within  a parallel product  array using varying  price points.
• 6. Psychological pricing           This considers the psychology and positioning of price in the market
• 7. Premium Pricing          This refers  to setting a very high  price to reflect elitism and superiority.
• 8. Optional pricing        This refers to adding  an extra product or service  on  top of the original  to generate  more revenues
• 9.Cost-based pricing        The basis of mark-up is  the cost of sales.
• 10. Cost plus pricing       The mark-up is based  on a certain  percentage  of  cost.
• There are two classifications of costs : ● Variable cost or Controllable Cost ●   Fixed cost or Uncontrollable Cost
•   Variable cost or Controllable Cost        Cost are directly  proportional to the number  of products  manufactured or to the number of services  performed
•   Fixed cost or Uncontrollable Cost        Costs are not  directly proportional  to the manufacturing  of a product  or to the performance  of the services.
• PromotionIt encompasses all direct communications efforts of the enterprise (Promotional Tools)
• 1. Advertising -  is   a type of communication that influences the behavior of a customer to choose the product or service of the entrepreneur over the competitors 
• gamit ng pag advertising - a. Television b. Radio c. Internet d. Mobile e. Print f. Out-of-home
• KEY MARKETING MESSAGES FOR PROMOTIONValue, proposition & Unique selling propositionProduct or service imageBusiness imageBusiness value and philosophy
• 2. Selling      This is the act of trading a product or service for a price or a fee.
• 3. Sales promotion     These are short-term promotional gimmicks wherein practical incentives   and appealing act
• BrandRefers to identity of a company, of a product, of a service, or of an entrepreneur himself or herself.
• Marketing plan - Branding is a marketing technique used by businesses to create a desired image for a product or company in the minds of the consumer.
• ●Branding goal - Establishing to target customers that the business is reliable and trustworthy and that the product or service is the superior solution to their current problem.
• Driving customer loyalty and retentionIs the supervision of the tangible and intangible elements of a brand. 
•  Tangible elements include the product itself , its packaging , its price and  location.
•  Intangible elements include the perception and relationship of the customers with the brand.