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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
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
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.
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.
Product Considerations
Choice of products
Services to support
Level of quality
Business image
Product research &
Price Considerations
Price setting – What is
your goal?
Terms – Conditions of
purchase and payment
between suppliers and
Discounts – Reductions
in the price of goods,
which are sometimes
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?
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.
External Factors That Affect
the Marketing Mix
Customer attitudes
Economic conditions
Political forces
Natural forces
Internal Factors That Affect
the Marketing Mix
Company objectives
Company policies
Financial situation