WEEK 6

L E S S O N
What are your primary considerations for choosing
a particular product?
Vision

a. financial gain to your company,

There are several b. low capital requirements,
c. favorable return rate,
reasons why it is d. adaptable successful strategy,
e. ready for manufacturing and
necessary to innovation,
f. easy to reach sources or
select a product. suppliers,
g. relatively low risk and realistic
These factors time frame.
include:
Can you meet the needs of the customer and solve
a specific problem?
Vision
Your product must be an answer to a
need or an opportunity. You need to
know how your products or services
Example: helping can assist customers. This must have a
proper significance that can be
to reduce time, understood, desired and needed by
consumers. Include in your product
effort and information and sales materials how
expense. customers can benefit from your
products.
How capable are you in producing your own
Just as an athlete needsproduct?
to know his physical condition
Vision
before he enters a race, you must also know if you
have the time, resources and capability to produce
your product.

Many entrepreneurs make the mistake of going

forward with a business idea only to find that they
cannot afford the manpower required, or do not have
the resources to outsource the product development.
You must also evaluate at the onset how you can scale
up the production if there is a strong demand for the
product.
What is the size of your potential
reachable market?
Vision

You need to at least get an idea of the size

of your market. Know who are likely to
use or benefit from your products. Many
small and home business entrepreneurs
view market research as an unwanted and
costly expense, but realize who can pay off
in the long run, and how large the market
is.
Would you need to comply with government rules
and regulations?
Vision
New laws or government rules and regulations can impact your product.
There are items that can be instantly sold without government approval,
such as fresh agricultural products and home-made delicacies.

Others, however, require permits, licenses and approval from the

government such as pharmaceutical, cosmetics, milk formula,
processed foods, electronic appliances and gadgets and other
consumables that needed regulations for public or consumer’s
safety.

Depending on the type of your business, government policies and

guidelines may take effect and sometimes may require you to obtain
special certification, permit or license from various agencies. Foods,
drugs or medicines, and cosmetic products
Can the product be superior in quality, presentation
or marketing when there is a comparable product?
Vision

This entails knowing and

understanding your unique selling
proposition. Unique selling
proposition is the one thing that
makes your product different than
any other. It enumerates all the
advantages, benefits and answers
customer’s needs and wants.

FAB (Features, Advantages and Benefits) Analysis is

needed
THE FAB ANALYSIS
Before you can finally make your very own Unique Selling
Proposition, you need to do the FAB (Features, Advantages and
Benefits) Analysis. This is done to determine the quality and
competitiveness of the product you want to market.
Features tell about what’s intrinsic to the product or
service. It contains facts that are useful for customers in his
or her decision to buy.
Advantages should make potential customers think about
what makes your product the best option. It lists down your
product’s strengths over competitors.
Benefits are the main reason why the feature is important to the
buyer. Oftentimes these can motivate or convince the buyer
coupled by his developed positive emotions towards the product.
What are the potential sales, growth,
profits, and time for payback?
Vision
Before starting your business, run your numbers first. This
requires a careful study through extensive research or by
creating your own business plan.

A business plan is an important aspect in considering any

type of venture. The following are the factors to be taken into
account:
a. from the nature of your business,
b. how much capital would you need,
c. what customers’ need will you be able to meet,
d. where to find materials; and
e. e. what kind of suppliers will be your partners.
Of paramount importance are the figures or
numbers you would like to see and realize
Vision

during the course of your business. There

must be projections of sales, expenses,
profits for a certain period of time and how
long will you be able to double your capital
or retrieve your initial investment. A smart
business plan can save your business from
falling apart. As the saying goes: “If you fail
to plan, you are planned to fail”. Study the
example in Table 2.
ASSIGNMENT – BY GROUP
What is Marketing Mix?
What is the role of marketing mix?
What are the 4P’s of Marketing?
What are the 7P’s of Marketing?
What is the importance of the Marketing
Mix in the development of Strategies?
WEEK 7
L E S S O N
PRODUCT
What the Vision
business is
marketing, either a tangible
good or a service the
company performs.

PRICE
How much the product
charges the customer or
client.
PROMOTION
Any method that the
company uses Vision
to market its
products or services,
including advertising, direct
mail, public relations and
content marketing
among other methods.

PLACE
It is where the product is
distributed, where it is sold,
how customers may
come across it.
THE ROLE OF THE MARKETING MIX
The old axiom defines marketing as the process of "getting
Vision
the right product in front of the right people at the right time
and for the right price." Marketing is crucial to a company’s
success.

The marketing mix refers to the collection of tools

and strategies a business will use get its products to
customers. The term "marketing mix" was created in the mid-
20th century.

A digital marketing mix is how a business attains its

marketing goals using digital technologies.
The Importance Of The Marketing Mix In The
Development Of Strategies
1. Helps understand what your product or service can offer to
Vision
your customers.
2. Helps plan a successful product offering.
3. Helps with planning, developing and executing effective
marketing strategies.
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 requirements of customers.
8. Helps learn when and how to promote your product or service
to your customers.