Entrepreneurship Las Week 6
Entrepreneurship Las Week 6
Services marketing are dominated by the 7P’s of marketing namely Product, Price,
Promotion, Place, Packaging, People, Positioning. The 7P framework is one of the
most popular framework for deciding a marketing strategy formulation to actual
implementation. The following form the marketing mix for services marketing, the first 4P’s
being the core and the next 3P’s being the extended marketing mix.
Product is your core offering. This is “the thing” that will fulfill the needs of your
customer. Your product is faulty, everything else fails. The attributes of the product, vis-
a-vis the attributes offered by competing products and substitutes, are important in
estimating the competitive scenario for the marketing strategy formulation.
Price has a lot of impact on the service buyer’s satisfaction level. Often, paying a higher
price makes a customer more satisfied. Price is often considered a proxy for quality and
vise-versa.
Place often offers a different side of value (utility) to the customer. Closer to the
customer means higher probability of purchase. Place utility is important to evaluate, for
strategizing on the other 6P’s.
Packaging does not only refer to 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 is a way the customers perceive the enterprise and its products or
services in their minds.
Activity 1. Identification
Direction: Identify what is being asked or described in each statement on the 7P’s of
marketing mix.
Activity 3. Sort it
Direction: Group and classify each given words below that corresponds to each P’s.
MARKETING MIX
Justification
Additional
factors to
consider
Activity 5.
Direction: ESSAY. Write your opinion or idea on the blanks provided.
Q1. What are the core benefits your product/service provides? Ans:
_
_
___
Q2. At what extent your customers are being influenced by promotions? Ans:
_
_
_
Name: _ Date:
Topic: _ Hour: _
Reflection
1. I learned that
2. I enjoyed most on _