Market Your Business Entrepreneurship Unit 5, Lesson 1 Copyright © Texas Education Agency, All Rights Reserved. 1

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What is Marketing? –Planning –Pricing –Promoting –Distributing –Selling Used to determine and satisfy the needs of customers and the company Copyright © Texas Education Agency, All Rights Reserved. 3

Marketing Mix –Product –Price –Distribution –Promotion Used to reach a target market Copyright © Texas Education Agency, All Rights Reserved. 4

Marketing Strategy A plan that identifies how marketing goals will be achieved Marketing strategy addresses: –Product Introduction or Innovation –Pricing –Distribution –Promotion –Projected Profitability –Sales or Market Share Copyright © Texas Education Agency, All Rights Reserved. 5

Types of Goals Short-Term Goals – achieve in the next year Medium-Term Goals – achieve in the next two to five years Long-Term Goals – achieve in 5, 10, and even 20 years from now Copyright © Texas Education Agency, All Rights Reserved. 6

Write Your Marketing Plan Define your market Identify your customers Identify your competitors Outline a strategy for attracting and keeping customers Identify and anticipate change Copyright © Texas Education Agency, All Rights Reserved. 7

What Investors Want to Know What product or service will the business offer? Who are the prospective customers? Is there a constant demand for this product or service? Who are the competitors? Can I create a demand for the product or service? Can I compete effectively in price, quality, and delivery of my product or service? Copyright © Texas Education Agency, All Rights Reserved. 8

Topics for the Marketing Plan Product or Service Target Market Competition Marketing Budget Business Location Pricing Strategy Promotional Strategy Distribution Strategy Copyright © Texas Education Agency, All Rights Reserved. 9

Questions for the Prospective Owner to Consider Am I meeting sales forecasts? Is my promotional campaign reaching the target market? Is my company doing everything it can to meet customers’ needs? Is it easy for my customers to locate my product and is it competitively priced? Copyright © Texas Education Agency, All Rights Reserved. 10

Assignments  Welcome Hotel Identify the hotel needs and wants for a family of five (dad, mom, children ages 2, 6, and 12) on a limited budget who is taking a cross-country vacation. Write a paper describing the lodging needs and wants for the family of five and types of hotels/motels that will meet those needs and wants. This assignment will be evaluated using the assigned rubric.  Name that Marketing Mix Design collages that represent the marketing mix for a local business. Prepare a collage that will allow the rest of the class to identify the business that matches the marketing mix on the collage. This assignment will be evaluated using the assigned rubric.  Personal Time Line Put your picture in the middle of a poster that is split into four equal squares, then put pictures of your personal short-term and long-term goals in the four squares surrounding their picture. The first square should represent short-term goals, the second square should represent medium-term goals, the third square should represent long-term goals, and the fourth square should represent the ultimate retirement plan. This assignment will be evaluated using the assigned rubric. Copyright © Texas Education Agency, All Rights Reserved. 11