Lesson 6: 7 P's of Marketing and Branding

• Marketing Mix - a set of controllable and connected

  variables that a company gathers to satisfy a

  customer better than its competitor. It is also

  known as the “Ps” in marketing.
• Originally, there were only 4Ps but the model has been

  continually modified until it became 7Ps. The

  original 4P’s stands for product, place, price

  , and promotion. Eventually, three elements

  have been added, namely: people, packaging

  , and positioning to comprise the 7 P’s.
• Product - any goods or services that are produced to

  meet the consumers’ wants, tastes, and preferences.
• Place - the location where the buyer and seller

  exchange goods or services. It is also called the distribution

  channel.
• Channel 1 - contains two stages between producer and consumer - a wholesaler and a retailer. A wholesaler typically buys and stores large quantities of several producers' goods and then breaks into bulk deliveries to supply retailers with smaller quantities.
• Channel 2 - contains one intermediary. In consumer markets, this is typically a retailer. A retailer is a company that buys products from a manufacturer or wholesaler and sells them to end users or customers.
• Channel 3 - is called a "direct-marketing" channel, since it has no intermediary levels. In this case, the manufacturer sells directly to customers.
• Price - the value of money in exchange for a product or service. Generally speaking, it is the amount or value that a customer gives up to enjoy the benefits of having or using a product or service.
• Promotion - the complete set of activities, which communicate the product, brand, or service to the user. The idea is to attract people to buy your product over others.
• People - one of the most important elements of the

  marketing mix today. This is because of the remarkable rise of

  the services industry. Products are being sold through retail

  channels today. If the retail channels are not handled with the

  right people, the product will not be sold. Services must be first

  class nowadays. The people rendering the service must be

  competent and skilled enough so that the clients will

  patronize your service.
• Packaging - a silent hero in the marketing world, refers to the outside appearance of a product and how it is presented to the customers.
• Positioning - refers to a process used by marketers to create an

  image in the minds of a target market.
• Brand Name - is a name, symbol, or other feature that distinguishes a seller's goods or services in the market place.
• Brand Strategy - is a long-term design for the development of a popular brand to achieve its goals and objectives.
• Branding - is a powerful and sustainable high-level marketing strategy used to create or influence a brand.
• Commonly used branding strategy

  • Purpose
  • Consistency
  • Emotion
  • Flexibility
  • Employee Involvement
  • Loyal
  • Competitive Awareness
• Purpose can be viewed in two ways: Functional and Intentional
• Functional - purpose that focuses on the assessments of success in terms of fast and profitable reasons.
• Intentional - purpose that focuses on fulfillment as it relates to the capability to generate money and do well
• Consistency - to avoid things that don't relate to or improve your brand. Aids to brand recognition, which fuels customer loyalty.
• Emotion - you allow the customers to have a chance to feel that they are part of your brand.
• Flexibility - not afraid to try something new, new tactics etc.
• Employee Involvement - It is equally important for your employees to be well-versed in how they communicate with customers and represent the brand of your product
• Loyalty - is an important part of brand strategy. At the end of

  the day, the emphasis on a positive relationship between you

  and your existing customers set the tone for what potential customers can expect from doing business with you.
• Competitive Awareness - not be frightened of competition. Take it as a challenge to improve your branding strategy and craft a better value for your brand.