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Entrep 6

1. Wants are forms of human needs shaped by culture and individual personality. 2. Products are bundles of attributes and benefits designed to satisfy needs, wants, and demands. 3. Packaging serves purposes for both sellers and buyers by identifying and protecting products, differentiating them from competitors, and promoting them.

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Aliah Bianca Solis
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298 views

Entrep 6

1. Wants are forms of human needs shaped by culture and individual personality. 2. Products are bundles of attributes and benefits designed to satisfy needs, wants, and demands. 3. Packaging serves purposes for both sellers and buyers by identifying and protecting products, differentiating them from competitors, and promoting them.

Uploaded by

Aliah Bianca Solis
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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12

ENTREPRENEURSHIP
QUARTER 1– WEEK 6
MODULE 7: Developing Marketing Mix: Product and Packaging

MELC: Describe the Marketing Mix (7Ps) in relation to the


business opportunity vis-à-vis: Product, Place, Price, Promotion,
People, Packaging and Positioning.

Prepared by: EMERENCIANA H. SALAPARE


SHS Teacher II
INTRODUCTION
Marketing Mix has been developed over time, but before it became 7Ps Marketing Mix, the
original strategy revolved around 4Ps. These were: Product; Price; Place; and Promotion.
Now the 4Ps became the Marketing Mix 7Ps. Once the target market of a company has been
identified, the appropriate marketing mix has to be developed for it serves as the overall
business strategy. And it is summarized in seven (7) Ps by which the enterprise will engage
competitors and gain customers. These Ps are Product, Place, Price, Promotion, People,
Satisfy
Packaging, and Positioning. The core of the marketing mix is the product. In this module we
will be discussing the elements of a product. As one would notice, there really is more to a
product than what meets the eye.

LESSON 6: Developing Marketing Mix: PRODUCT AND PACKAGING

Definition and Concepts of Marketing


Marketing - refers to activities a company undertakes to promote the buying or selling of
a product or service. It includes advertising, selling, and delivering products to consumers or other
businesses. (www.investopedia.com)
Needs – are states of self-deprivation felt by humans. It stand for Natural Essential
elements Designed for Survival. Anything required to survive is said to be a need.
(www.businessdictionary.com)
Wants – are forms of human needs shaped by culture and individual personality. These
pertain to the preferences of people regarding their survival requirement.
Demands – are simply needs and wants that are backed up by consumer purchasing power.
Markets – are simply the customers and consumers of a business.
Products – are bundles of attributes and benefits designed to be offered to buyers to satisfy
their needs, wants, and demands. It could be goods if they are tangible and services if intangible.
Customer Value – defined as the difference between what the customer gains from the
product and what the customer loses from the costs acquiring such a product.
Customer Satisfaction – is the degree to which products or services provided by a
company meet a customer expectations and it fulfil their need and want.
Quality – refers to the product’s freedom from defects or it is the ability of the product to
satisfy customer needs.
Exchange – is known as the act of obtaining a desired object from someone by offering
something in return.
Transactions – refer to an agreement between two parties where both give up something
to receive something else.
Relationship - are the human interaction between and enterprise and its customers
designed to create value.
Product and Packaging
It is said that product is the first element in the marketing mix, but at the heart of Marketing
is the market. Their entire philosophy as a department is to study and the satisfaction of the heart
and soul of their business and its lifeblood is - People.
It is sad experience by many entrepreneurs that they produce the product first before they
try to market it, utilizing a lot of the push strategies in marketing. They don’t know that if they
make products that are in great demand, customers will pull these products from their enterprise’s
display shelves.
A Product, as we mentioned, is a bundle of attributes and benefits designed to be offered
to buyers to satisfy their needs, wants, and demands. These products may either be goods or
services. And there are four classifications of products that are marketed by enterprises: according
to use, differentiation, type, and durability.
After identifying a need in the market, a company may already have a product that is capable
of satisfying the need. The following questions should be asked:
1. What is the product’s function, appearance, quality, design, packaging, and brand?
2. Is your current product or service, or mix of products and services, appropriate and suitable
for the market and the customers of today
3. Are these the right products or services for our customers today in time of pandemic?
4. Is there any product or service you're offering today that, knowing what you now know,
you would not bring out again today?
5. Compared to your competitors, is your product or service superior in some significant way
to anything else available?
6. Should you be offering this product or service at all in the current marketplace?

Packaging and Labelling - this serves many purposes to both sellers and buyers. Packaging does
not refer only to the wrapper or container of the product, but it can mean the bundle of products or
services that are put together to attract and delight customers.
Importance of Packaging:
1. It identifies the product, describes its features and benefits and complies with government
rules on specifying its contents, weight, chemical composition, and potency.
2. It differentiates the product from its competitors and even from other brand offerings.
3. It lengthens the lifespan, physically protects and extends the usefulness of the product.
4. It has become an environmental issue by itself.
5. It helps to promote the product.

Labelling. Label is that part of a product which carries information about the product or the seller.
It could be a part of the package or just a tag attached directly to the product. Labels identify the
manufacturer, distributor, package contents and quality and contain warnings if the product is
dangerous or habit forming.
Type of Labels
1. Brand label is a logo used by the company to promote its products.
2. Grade label identifies the quality by a letter, number or word. A variation of this is the
expiry date label which is required of perishable items like milk and bread.
3. Descriptive labels and informative labels are used interchangeably. They give written or
illustrative, objective information about the use, construction, care performance or other
features of the product.
DEVELOPMENTAL ACTIVITY
Activity 1: Find Me!
Directions: Look for products which have new packages. What merits do you think the new
package has versus the old one? Give at least two.
1.
2.

Activity 2: What Do You Think?


Direction: Answer the question below.
1. All products should have descriptive labels. Comment.
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
WORKSHEETS

Part 1. Let’s Find Out!

Direction: Write your answer on the space provided.


______________________1. These are forms of human need shaped by culture and individual
personality.

______________________ 2. It is defined as the social and managerial process by which


individuals and groups obtain what they need and want through
creating and exchanging products with others.
______________________ 3. These are bundles of attributes and benefits designed to be offered
to buyers to satisfy their needs, wants and demands.
______________________ 4. These are states of self-deprivation

______________________ 5. This refers to the act of obtaining a desired object from someone by

offering something in return.

______________________ 6. This refers to human interaction between an enterprise and its

customers designed to create value.

______________________ 7. It is one of the 7Ps of Marketing which primary reason is to protect

the goods on their way to their end-users.

______________________ 8. They give written or illustrative, objective information about the


use, construction, care performance or other features of the product.
______________________ 9. It is another strategy by which entreprise can stimulate repeat
purchase.
______________________ 10. It is part of a product which carries information about the product
or the seller.

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