Senior High School

Entrepreneurship
Module 5: Marketing Mix in the
Development of Marketing Strategy

AIRs - LM
LU_ Entrepreneurship_Module 5
ENTREPRENEURSHIP
Module 5: Marketing Mix in the Development of Marketing Strategy
Second Edition, 2021

Copyright © 2021
La Union Schools Division
Region I

All rights reserved. No part of this module may be reproduced in any form without written
permission from the copyright owners.

Development Team of the Module

Author: Marites C. Martinez

Editor: SDO La Union, Learning Resource Quality Assurance Team
Content Reviewer: Kay Owen L. Boado
Language Reviewer: Jimena Veronica T. Nieva
Illustrator: Ernesto F. Ramos Jr.
Design and Layout: Angela Pauline C. Ganuelas

Management Team:

Atty. Donato D. Balderas Jr.

Schools Division Superintendent
Vivian Luz S. Pagatpatan, Ph.D
Assistant Schools Division Superintendent
German E. Flora, Ph.D, CID Chief
Virgilio C. Boado, Ph.D, EPS in Charge of LRMS
Lorna O. Gaspar, EPS in Charge of Entrepreneurship
Michael Jason D. Morales, PDO II
Claire P. Toluyen, Librarian II

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LU_ Entrepreneurship_Module 5
 Senior High School

Entrepreneurship
Module 5: Marketing Mix in the
Development of Marketing Strategy

LU_ Entrepreneurship_Module 5
Introductory Message
This Self-Learning Module (SLM) is prepared so that you, our dear
learners, can continue your studies and learn while at home. Activities,
questions, directions, exercises, and discussions are carefully stated for you
to understand each lesson.

Each SLM is composed of different parts. Each part shall guide you
step-by-step as you discover and understand the lesson prepared for you.

Pre-tests are provided to measure your prior knowledge on lessons in

each SLM. This will tell you if you need to proceed on completing this module
or if you need to ask your facilitator or your teacher’s assistance for better
understanding of the lesson. At the end of each module, you need to answer
the post-test to self-check your learning. Answer keys are provided for each
activity and test. We trust that you will be honest in using these.

In addition to the material in the main text, Notes to the Teacher are
also provided to our facilitators and parents for strategies and reminders on
how they can best help you on your home-based learning.

Please use this module with care. Do not put unnecessary marks on
any part of this SLM. Use a separate sheet of paper in answering the exercises
and tests. And read the instructions carefully before performing each task.

If you have any questions in using this SLM or any difficulty in

answering the tasks in this module, do not hesitate to consult your teacher
or facilitator.

Thank you.

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 Target

MARKETING MIX in the development of Marketing Strategy:

In developing a marketing strategy is vital for any business. Without one,

your efforts to attract customers are likely to be haphazard and inefficient.

The focus of your strategy should be making sure that your products and
services meet customer needs and developing long-term and profitable relationships
with those customers. To achieve this, you will need to create a flexible strategy that
can respond to changes in customer perceptions and demand. It may also help you
identify whole new markets that you can successfully target.

The purpose of your marketing strategy should be to identify and then

communicate the benefits of your business offering to your target market.

Once you have created and implemented your strategy, monitor its
effectiveness, and make any adjustments required to maintain its success and once
you have identified your target audience and the competition, the next thing on your
to-do list should be developing a marketing mix.

Every business needs its very own marketing mix to appeal to its customers.
In this post, we will discuss the marketing mix definition, its importance, the
elements of marketing mix and how to develop an effective marketing mix for your
product or service.

Marketing mix is a set of actions a business takes to build and market its
product or service to its customers. It helps to make sure that you are able to offer
your customers the right product, at the right time and at the right place for the right
price.

Since you have already identified your target market and your competition in
the previous lessons, it is now time to know the appropriate marketing mix you may
adopt for your business and its importance.

MOST ESSENTIAL LEARNING COMPETENCY:

1. Recognize the importance of marketing mix in the development of marketing

strategy TLE_ICTAN11/12EM-Ia-1

After going through this module, you are expected to:

1. Define marketing mix.
2. State the 4P’s of Marketing Mix.
3. Memorize the Marketing Mix in the development of Marketing strategy.

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 Jumpstart

For you to comprehend the exercise well, do the accompanying

exercises. Have a great time and good luck!

Activity 1: What’s in the picture!

Directions: Enumerate and describe the Marketing Mix you can see in the picture?

Source: https://www.shutte rstock.com /search/m arketing+m ix

Marketing mix Description

1. 1.

2. 2.

3. 3.

4 4

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 Discover

Marketing plays an important role in selling. It helps sales teams find and
qualify leads and maintains contact with prospects throughout the sales cycle.
Although sales and marketing reside in different departments in most
organizations, integration between the two can help to improve overall performance
in terms of revenue and profit.
Marketing may refer to the process of value exchange that is facilitated by the 4P’s.
The term marketing mix is a foundation model for businesses, historically centered
around the product, price, place and promotion.
Marketing is the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large.

The marketing mix has been defined as the “set of marketing tools that the firm
uses to pursue its marketing objectives in the target market”. Thus, the marketing
mix refers to four broad levels of marketing decision.

Source: http://www. marketingteacher.com/marketing-mix-4ps-and-7ps/

Figure 1. Diagram of 4P’s of Promoti onal Mix

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4P’S OF MARKETING MIX
1. PRODUCT

• is a goods or services that is offered as a solution to satisfy the needs of your

customer.

• is a tangible or intangible item that is built or produced to satisfy the needs

of a certain group of people. It is in the form of a service or goods. (What to
sell)

2. PRICE

• is the amount that the customer pays for them to satisfy. (How much the
product charges the customer or client.)
• is the price your customer is willing to pay for your product. This helps
determine the profit you will be able to generate.

3. PLACE

• is the position and distribution channel of the product to make it accessible

to the potential buyers.
• This is about the distribution center of the product and the methods used in
distributing it to the customer.

An entrepreneur must examine and study the location of its buyer to easily deliver
the product that the customer needs
4. PROMOTION
• refers to the methods a business uses to gain the attention of the customers
to their product. These includes sales promotions, customer service, public
relations, advertising etc.

• is a very important component of marketing as it can boost brand recognition

and sales. It comprises the various elements like sales organization, public
relations, advertising, and sales promotion.
When creating your promotion strategy, consider the tactics used by your
competitors, the channels that are most effective in reaching your customers, and
whether they match the perceived value of your product.

THE “IMPORTANCE OF MARKETING MIX” IN THE DEVELOPMENT OF

STRATEGIES:

1. Helps understand what your product or service can offer to your customers.
2. Helps plan a successful product offering.
3. Helps with planning, developing, and executing effective marketing strategies.

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4. Helps businesses make use of their strengths, downplay weaknesses, and avoid
unnecessary cost.
5. Helps be proactive in the face of risks.
6. Helps determine whether your product or service is suitable for your customers.
7. Helps identify and understand the requirem ents of customers.
8. Helps learn when and how to promote your product or service to your customers.

Identifying and arranging the elements of its marketing mix allows a

business to make profitable marketing decisions at every level. These
decisions help a business: Develop its strengths and limit its weaknesses. Become
more competitive and adaptable in its market.
IMPORTANCE OF MARKETING STRATEGY:

▪ Marketing strategy provides an organization an edge over its competitors.

▪ Strategy helps in developing goods and services with best profit-making
potential.
▪ Marketing strategy helps in discovering the areas affected by organizational
growth and thereby helps in creating an organizational plan to cater to the
customer needs.
▪ It helps in fixing the right price for organization’s goods and services based on
information collected by market research.
▪ Strategy ensures effective departm ental co-ordination.
▪ It helps an organization to make optimum utilization of its resources so as to
provide a sales message to its target market.
▪ A marketing strategy helps to fix the advertising budget in advance, and it also
develops a method which determines the scope of the plan, i.e., it determines
the revenue generated by the advertising plan.

In short, a marketing strategy clearly explains how an organization reaches its

predetermined objectives.

Source: https://creately.com/creately -start?tempID=jscz92gn2

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ROLE OF MARKETING MIX:

The marketing mix is a significant tool for creating the right marketing
strategy and its implementation through effective tactics. The mix helps in
determining which marketing strategy is right for your organization. It is the first
step before you even create your business or marketing plan.
They are product place, price, and promotion and all of the four play an
important and valuable role in the marketing of that brand. While the marketing
of a brand begins with its product, the other three elements too are equally
important and getting them right is essential to make your marketing strategy
win.

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 Explore

Enrichment Activity: Individual Activity:

Direction: In a separate sheet of paper. Draw your DREAM BUSINESS and explain
the importance of the marketing mix (4P’s) in achieving it.

Rubrics

Criteria 4 3 2 1 Score

Drawing Highly Considerable Somewhat Little or no

detailed detailed detailed detail
Detail drawing drawing drawing included in
drawing

Neatness Very neat. Considerably Somewhat Messy.

Care was neat. Care neat. Some Little care
taken was taken care was was taken
throughout through taken on on the
the drawing most of the the drawing drawing.
drawing.

Explanation Complete Good solid Explanation Misses key

response response is unclear points
with with clear
detailed explanation
explanation

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 Deepen

Activity: Read and understand me!

As a future entrepreneur, identify at least 3 products or service that will meet the
demand of consumers during this time of pandemic. What strategy/ies will you adopt
to promote your three (3) identified products.

Product or Service Strategies

1. 1.

2. 2.

3. 3.

Rubrics:
For Product or Service
1 point for every product or service
For Strategies
3 points for every strategy that incorporates all the 4Ps of marketing mix appropriate
to the given situation
2 points for every strategy that incorporates only 3 of the 4Ps of marketing mix
appropriate to the given situation
1 point for every strategy that incorporates only 2 or less of the 4Ps of marketing
mix appropriate to the given situation

LU_ Entrepreneurship_Module 5
 Gauge

Direction: Read carefully each item. Use separate sheet for your answers. Write
only the letter of the best answer for each item. Write all answers in a separate
sheet of paper.
1. What is the process of getting the right product in front of the right people at the
right time and for the right price?
A. Marketing B. Marketing Mix

C. Marketing Plan D. Marketing Strategy

2. Which of the following collection of tools and strategies a business will use get its
products to customers?
A. Marketing B. Marketing Mix
C. Marketing Plan D. Marketing Strategy

3. Which of the choices refers to a plan of action designed to promote and sell a
product or service?

A. Marketing B. Marketing Mix

C. Marketing Plan D. Marketing Strategy
4. Which among the 4P’s refers to the strategy the company uses to market its
products or services?
A. Place B. Price

C. Product D. Promotion
5. What should a business integrate to its marketing plan to ensure success?

A. Marketing Mix B. Marketing Strategies

C. Promotion D. Technology

6. When was the term “marketing mix” coined?

A. late 20th century B.mid-20th century
C. onset of the 2oth century D. 1920’s
7. What two things should marketing strategy reflect?
A. business goals and the reality of business operations
B. business situation and it’s economic status
C. mission and vision
D. Product and promotion
8. Marketing mix helps you understand what your product can offer to your
customers. The preceding statement, which is one importance of marketing mix, is
related to what P of marketing?
9

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 A. Place B. Price C. Product D. Promotion
9. Marketing mix helps businesses avoid unnecessary cost. The preceding statement,
which is one importance of marketing mix, is related to what P of marketing?

A. Place B. Price C. Product D. Promotion

10. Why is digital marketing mix important?

A. It has low-cost
B. Businesses can get more audience.
C. most convenient way to market your product or services.
D. More and more people are going online

11. Which of the following refers to a goods or services that is offered as a solution
to satisfy the needs of your customer?
A. Place B. Price C. Product D. Promotion
12. What marketing mix is the amount that the customer pays for them to satisfy?

A. Place B. Price C. Product D. Promotion

13. Which of the choices is about the distribution center of the product and the
methods used in distributing it to the customer?

A. Place B. Price C. Product D. Promotion

14. What marketing mix refers to the methods a business uses to gain the attention
of the customers to their product?
A. Place B. Price C. Product D. Promotion
15. Which is NOT included in the promotion?

A. Sales Promotion B. Advertising

C. Customer service D. Marketing

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