D. Marketing a Small Business 6.00 Explain the fundamentals of marketing in a small business Explain marketing and its importance.
You are about to start your business and need to market it. What things will you do to market your new business? Describe in detail. Why are you going to do what you describe? Explain what you think will happen – What is the purpose of marketing to a small business?
Marketing Marketing: The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives – What is the purpose of marketing to a small business?
Marketing Concept Marketing concept: The philosophy that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired products/services more effectively and efficiently than competitors do – What is the purpose of marketing to a small business?
The Marketing Mix The combination of the four strategies for product, price, place and promotion—the four Ps of marketing. These decision make up a business’s marketing mix— strategies that work together to affect the marketplace – What is the purpose of marketing to a small business?
Product Considerations Choice of products Packaging Services to support products Branding Warranties Level of quality Business image Product research & development Positioning 6.01 – What is the purpose of marketing to a small business?
Redefine what you described above in terms of each part of the marketing mix. Why are you going to do what you are? Explain in detail – What is the purpose of marketing to a small business?
Price Considerations Price setting – What is your goal? Terms – Conditions of purchase and payment between suppliers and buyers. Discounts – Reductions in the price of goods, which are sometimes negotiated – What is the purpose of marketing to a small business?
Place Considerations Channels of distribution – How do products get from manufacturer to customer? Specific stores Transportation – What carrier will you choose to move your products? 6.01 – What is the purpose of marketing to a small business?
Promotion Considerations Advertising: Non-personal promotional messages paid for by an identified sponsor. Personal Selling: Communication between a salesperson and a customer intended to influence the customer’s buying decision. Publicity: Information about a business or its products distributed through the media at no cost to the business. Sales Promotion: All promotional activities other than advertising, personal selling, publicity, and public relations designed to stimulate sales and sales effectiveness – What is the purpose of marketing to a small business?
External Factors That Affect the Marketing Mix Customer attitudes Economic conditions Technological advances Political forces Natural forces Competition 6.01 – What is the purpose of marketing to a small business?
Internal Factors That Affect the Marketing Mix Company objectives Company policies Financial situation 6.01 – What is the purpose of marketing to a small business?
What effect will internal and external forces have on your marketing plan. Explain what could happen to each item – What is the purpose of marketing to a small business?