Crash Course in Marketing and Management for Entrepreneurs Built by Stambaugh/2009 Jeff Stambaugh Dillard College of Business/Rm 257A

What are the 4Ps? Built by Stambaugh/2009 ■ Product ■ Price ■ Promotion ■ Place

Product Built by Stambaugh/2009 ■ Think “Net Buyer Benefit” or Value Equation ■ Core / augmented / total product: entire bundle of products, services, and meaning ■ Most are combo of products and services ■ Don’t forget ■ Your brand ■ Packaging matters ■ Delivery channels matter

Why does Pricing Matter Built by Stambaugh/2009 ■ Affects gross revenue and sales volume ■ Key part of value equation to consumer ■ Sets perception of quality & desirability ■ Easy to change ■ Thrill Ride Thrill Ride ■ Custom T-Shirts Custom T-Shirts

Optimum Pricing Built by Stambaugh/2009 ■ Consumer demand ■ Consumer value ■ Competitors ■ Product positioning

Pricing Strategies Link Link Built by Stambaugh/2009 ■ Skimming ■ Prestige / premium ■ The power of ■ Partitioned / captive ■ Geo / market variations

Price – Lowering Techniques Built by Stambaugh/2009 ■ Periodic / random discounting ■ Off-peak pricing ■ Bundling ■ Coupons / rebates / loyalty programs

So You Want to Hire an Employee Link Link Built by Stambaugh/2009 ■ Legal requirements can be scary (pg ) ■ Basic Options ■ Contract work ■ Temp Agencies ■ Professional Employment Organizations (leasing) ■ Turn-key deal for a price ■ Your payroll—full or part-time

Step 1: Job Description Built by Stambaugh/2009 ■ Why do I want to hire a worker? ■ Title ■ Job Overview ■ Duties and responsibilities ■ KSA ■ Credentials / experience ■ Special requirements

Step 2: Attracting Applicants Built by Stambaugh/2009 ■ Placement agencies ■ Advertising / job postings ■ Networking ■ Referrals ■ Help wanted sign

Step 3: Screening Applicants Built by Stambaugh/2009 ■ Keep questions focused on job requirements or job-related issues ■ Check references if able ■ Other screenings ■ Best advice ■ Hire for attitude (do they “fit” the firm) ■ Probationary period

Step 4: Welcome/Train Newcomer Built by Stambaugh/2009 ■ Who does the training ■ What needs to be trained ■ Where is training conducted You only get one chance to make a first impression

Step 5: Retaining Built by Stambaugh/2009 ■ Psychological contract ■ Teamwork ■ Recognition ■ Training ■ Empowerment ■ Contribution ■ Communication Should your company have an “open book” policy for all its financials?

Compensation & Benefits Built by Stambaugh/2009 ■ Pay averages--BLS Link Link ■ Health Insurance ■ Paid time off (sick days, holiday, vacation) ■ Retirement plans ■ Perks ■ Flex time / distance work arrangements ■ Company-related discounts ■ Food / parties ■ Special offerings (concierge, financial counseling, community service)

What Kind of Boss Would You Be? Built by Stambaugh/2009 ■ Innovative (listen to new ideas) ■ Inspirational ■ Hard-nosed ■ Micro-manager ■ Generous

Class Takeaways Built by Stambaugh/2009 ■ 4Ps great way to do “marketing for dummies” but pricing is something almost all ENTs do ■ Adding employees more complex than it may have appeared ■ Know what kind of business you want and what kind of employee you want before you hire