1. Created by: Dr. Janet Ratliff & Ms. Jenna Johnson
4. Marketing
Created by: Dr. Janet Ratliff & Ms. Jenna Johnson

2. 8. Financial: Fundamentals 9. Financial: Funding
Product/Service
Describe Product or Service.
What is it solving?
Why will customers buy it?
How is it different from products similar?
How will you manufacture this product?
2. Customers
Creating Value?
Customer/Target Market?
Where are they located?
How large is your market?
Marketing
Competitors’ strengths and weaknesses?
Competitive advantage?
Promote or advertise?
Brand/Logo?
5. Team
Members
Team members?
Member responsibilities?
7. Summary
Short description
Target market?
Value Proposition?
Provide a vison/mission statement.
Start selling?
3. Channels/
Distribution
Distribution?
Quality assurance?
Customer service?
Operations
Legal Structure?
Location?
Capital resources? Rented? Used? Purchased?
8. Financial: Fundamentals
Cost Structure
Cost to start up?
Fixed/variable costs?
Breakeven point?
Revenue Structure
Sales projections?
Revenues?
9. Financial: Funding
External funding?
Borrowing?
Equity financing?

3. Business Model Canvas 4. Marketing
What are your competitors’ strengths and weaknesses?
What is your competitive advantage?
How is your business different or better than your competitors?
How will you sell your products or services?
How will you promote or advertise your business?
How will customers identify your product? (brand, logo, slogan, trademark).

4. What is Marketing?
All of the processes – planning, pricing, promoting, distributing, and selling – used by a company to place its products in the hands of potential customers.

5. Marketing Concept
Uses the needs of customers as the primary focus during the planning, production, distribution, and promotion of a product or service.
To use the marketing concept successfully, businesses must be able to:
Identify what will satisfy the customer’s needs and wants
Develop and market products or services that customers consider better than other choices
Operate profitably

6. Marketing Mix
A blend of the product, price, distribution, and promotion used to reach a target market.

7. The Marketing Concept and the Product
Consumer Driven Market
Product Mix
The different products and services that a business sells.
Sometimes businesses must include products in their mix as a convenience for customers even though these products may not be profitable.

8. Impact of Competition
Competition is the rivalry between companies selling similar products and services with the goal of achieving revenue, profit, and market-share growth. 
Types of competition.
Direct Competition
Business that makes most of it money selling the same or similar products or services to the same market as others
Indirect competition
Business that makes only a small amount of money selling the same or similar products and service to the same market as others.

9. Types of Competition Direct Competition Indirect competition
Business that makes most of it money selling the same or similar products or services to the same market as others
Indirect competition
Business that makes only a small amount of money selling the same or similar products and service to the same market as others.

10. Competitive Analysis
Identifying and examining the characteristics of a competing firm.
Competitive Analysis process:
Identify your competitors
Summarize their products and prices
List their strengths, weaknesses, and strategies
Determine the opportunities in your market
Identify threats to your business because of competition

11. Advertising
A paid form of communication sent out by a business sent out by a business about a product or service.
Should help a business convey a positive image
Can be very important for small, new businesses
Should clearly communicate your message and image

12. Examples of Advertising
Online Advertising
Television Advertising
Radio Advertising
Newspaper Advertising
Magazine Advertising
Outdoor Advertising

13. Other Types of Promotion
Sales Promotion
The act of offering an incentive to customers in order to increase sales
Sales pricing or offering rebates
Visual Marketing
The use of visual media to promote, sell, and distribute a product or service to a targeted audience

14. Social Media Marketing
A form of internet marketing that utilizes social networking sites as marketing tools
Facebook, Twitter, Instagram, Tumblr
Technology uses and logistics gathering

15. Selling Personal Selling
Direct communication between a prospective buyer and a sales representative
Sales representative attempts to influence the prospective buyer

16. Product Management Select product features
Features - Product characteristics that will satisfy customer needs (provides benefits)
Consider branding, packaging, and labeling.
Brand – The name, symbol, or design used to identify your product

17. Product Management (continued)
Position your product or service
Positioning: Creating an image for a product in the customer’s mind
By practicing product management Market Share is obtained
Market Share – a businesses’ percentage of the total sales generated by all companies in the same market.