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D. Marketing a Small Business 6.00 Explain the fundamentals of marketing in a small business. 6.01 Explain marketing and its importance.
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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.
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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.
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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.
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Product Considerations Choice of products Packaging Services to support products Branding Warranties Level of quality Business image Product research & development Positioning
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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.
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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?
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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.
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External Factors That Affect the Marketing Mix Customer attitudes Economic conditions Technological advances Political forces Natural forces Competition
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Internal Factors That Affect the Marketing Mix Company objectives Company policies Financial situation
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