Download Market Your Business

Market Your Business
Entrepreneurship
Unit 5, Lesson 1
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Rights Reserved.
1
Copyright
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2
What is Marketing?
– Planning
– Pricing
– Promoting
– Distributing
– Selling
• Used to determine and satisfy the needs
of customers and the company
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3
Marketing Mix
– Product
– Price
– Distribution
– Promotion
• Used to reach a target market
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4
Marketing Strategy
• A plan that identifies how marketing goals
will be achieved
• Marketing strategy addresses:
–
–
–
–
–
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Product Introduction or Innovation
Pricing
Distribution
Promotion
Projected Profitability
Sales or Market Share
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5
Types of Goals
• Short-Term Goals – achieve in the next
year
• Medium-Term Goals – achieve in the next
two to five years
• Long-Term Goals – achieve in 5, 10, and
even 20 years from now
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6
Write Your Marketing
Plan
•
•
•
•
Define your market
Identify your customers
Identify your competitors
Outline a strategy for attracting and
keeping customers
• Identify and anticipate change
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What Investors Want to
Know
• What product or service will the business offer?
• Who are the prospective customers?
• Is there a constant demand for this product or
service?
• Who are the competitors?
• Can I create a demand for the product or service?
• Can I compete effectively in price, quality, and
delivery of my product or service?
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Topics for the Marketing
Plan
•
•
•
•
•
•
•
•
Product or Service
Target Market
Competition
Marketing Budget
Business Location
Pricing Strategy
Promotional Strategy
Distribution Strategy
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Questions for the Prospective
Owner to Consider
• Am I meeting sales forecasts?
• Is my promotional campaign reaching the
target market?
• Is my company doing everything it can to
meet customers’ needs?
• Is it easy for my customers to locate my
product and is it competitively priced?
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10
Assignments
 Welcome Hotel
Identify the hotel needs and wants for a family of five (dad, mom, children
ages 2, 6, and 12) on a limited budget who is taking a cross-country vacation.
Write a paper describing the lodging needs and wants for the family of five and
types of hotels/motels that will meet those needs and wants. This assignment
will be evaluated using the assigned rubric.
 Name that Marketing Mix
Design collages that represent the marketing mix for a local business.
Prepare a collage that will allow the rest of the class to identify the business
that matches the marketing mix on the collage. This assignment will be
evaluated using the assigned rubric.
 Personal Time Line
Put your picture in the middle of a poster that is split into four equal squares,
then put pictures of your personal short-term and long-term goals in the four
squares surrounding their picture. The first square should represent short-term
goals, the second square should represent medium-term goals, the third
square should represent long-term goals, and the fourth square should
represent the ultimate retirement plan. This assignment will be evaluated using
the assigned rubric.
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