1. Entrepreneurship: Ideas in Action © Cengage Learning/South-Western ChapterChapter Identify and Meet a Market Need 4.1 Identify Your Market 4.2 How to do Research 4.3 Identify Competition 4.4 The Marketing Mix 4.5 Promotion and Goals 4

2. Entrepreneurship: Ideas in Action © Cengage Learning/South-Western The Marketing Mix Product Place Price Promotion and more at marketingteacher.commarketingteacher.com Chapter 4 Slide 2

3. Entrepreneurship: Ideas in Action © Cengage Learning/South-Western Product What you are going to sell. Features: Color, size, quality Hours, delivery, installation Carefully consider your target market and market positioning. Chapter 4 Slide 3 Textbook Page 91

4. Entrepreneurship: Ideas in Action © Cengage Learning/South-Western Distribution How you get your product or service to the end-user. More complex for products than services. Carefully consider your target market and what works for them. Build a solid online presence. Chapter 4 Slide 4 Textbook Page 92

5. Entrepreneurship: Ideas in Action © Cengage Learning/South-Western Channels of Distribution Moving product from the manufacturing floor to the end-users. Service business – usually sold directly to customers (restaurants, house keeping, accounting). Manufacturing businesses – much more complex, particularly for international distribution. Chapter 4 Slide 5 Textbook Page 93

6. Entrepreneurship: Ideas in Action © Cengage Learning/South-Western Price Again, carefully consider your target market as well as your competition. Set price objectives: Maximize sales Increase Profits Discourage Competition Attract customers Chapter 4 Slide 6 Textbook Page 94

7. Entrepreneurship: Ideas in Action © Cengage Learning/South-Western Setting Prices Demand-based – price determined by what customers will pay. Competition-based – price based on what competitors are charging. Chapter 4 Slide 7 Textbook Page 945

8. Entrepreneurship: Ideas in Action © Cengage Learning/South-Western Setting Prices Cost-based – price is based on the wholesale cost of an item Markup price is determined by adding an amount, usually a percentage of the wholesale cost, to the wholesale cost. Markdown price is determined by subtracting an amount from the retain price of an item. Chapter 4 Slide 8 Textbook Page 94