Download Marketing Basics

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