ࡱ> molq` !bjbjqPqP .X::9F@@@@@@@CCC8CT:D#Y2DD"DDDDDDXXXXXXX$UZh\X@DDDDDX@@DDXEEED@D@DXEDXEEV|@@XDD KCDbWXX0#YtWg]E|g]$Xg]@XDDEDDDDDXXEDDD#YDDDD)CCTH@@@@@@ Chapter 9: Marketing Your Business Marketing Mix The blending of the four marketing elements of product, distribution, price, and promotion used to reach a target market Product mix The different products and services a business sells Select Product features Color Size Quality Business operations Hours Delivery Warranties Installation Branding name, symbol of designed used to identify your product Package the box Labeling where you put info on the box Chapter 9: Marketing Your Business Positioning Is placing a product in a certain market to get a desired customer response family car vs. luxury car Distribution Channels of Distribution: The routes that products and services take from the time they are produced to the time they are consumed Channels of Distribution for retail Goods be open during hours that are convenient for customers catalogs, fliers, or direct mail Phone or Fax Internet Chapter 9: Marketing Your Business Receiving Goods to Sell Places to buy merchandise American Wholesales & Distributors Directory The Thomas Register AT&T Business Directory Trade Magazines Channels of Distribution for Service Business usually sold directly to customer (single direct channel of distribution) Channels of Distribution for Manufacturing Business Sell to other businesses / Who sell to final customers Use all distribution possible Physical Distribution transportation, storage, product handling Chapter 9: Marketing Your Business Price: (pricing strategy) Set prices low enough so customers will buy from you but high enough to make a profit Maximize sales Discourage Competition Attract Customers Maintain an Image Increase profits Return on Investment Think about the cost (investment) to make and market a product Obtain Market Share Think about buying market share with low prices Market Share the percentage of sales for all companies in the market that a business captures Chapter 9: Marketing Your Business Determining Price Demand-Based Pricing: Pricing base upon how much customers are willing to pay for a product or service Cost-Based Pricing Price determined by using wholesale cost (or mfg cost) as the basis for the price charged Markup Price: determined by adding an amount to the whole sale price Wholesale cost X markup % = Markup Wholesale cost + Markup = Price Markdown Price: A price determined by subtracting an amount from the retail price Retail price X discount % = Discount Retail price discount = price Chapter 9: Marketing Your Business Determining Price (contd) Competition Based Pricing Pricing determined by what the competition charge for the same goods or services Pricing a Service Time-based Pricing Price based on the number of hours needed to complete the service Hourly Charge X # hours = Price Bundling Services bundled together and sold at one price Breakeven Point The lowest price at which the sellers costs are covered but there is no profit Chapter 9.2: The Marketing Mix Promotion Promotional Mix: The strategy for promoting your business using advertising, publicity and other methods of promotion Advertising: A paid form of communication sent out by a business about a product or service used to convey a positive image business product Public relations The act of establishing a favorable relationship with customers Choose your message Chapter 9.2: The Marketing Mix Promotion Choose your medium: Television Pros Reached millions Short commercials Long infomercials Customer can see product Customer can hear promotion Cons Very expensive Too broad an audience May not reach target audience Radio Pros Less expense that TV More certain of target audience Can get demographic profile of listener Cons Customer cant see product May ignore ads Chapter 9.2: The Marketing Mix Promotion Choose your medium: (contd) Newspaper Pros Relatively inexpensive Target limited geographical area Reaches large number of people Cons Many people who are reached may not care about your product Lots of other ads in same paper Direct Mail Pros Can buy target group mailing lists Effective if people read it Cons Often thrown out as junk mail Chapter 9.2: The Marketing Mix Promotion Choose your medium: (contd) Telephone Directory Ad Pros People see ad when they need what you sell People always know where your ad is Cons People only look when they already need something Magazine advertising Pros Excellent way to get to target audience Nationally distributed Cons May be outdated Chapter 9.2: The Marketing Mix Promotion Choose your medium: Outdoor advertising Pros Keep business name out there Cons Limit viewing time = limited info Transit Advertising Pros Similar to billboards but more viewing time Good if trying to reach people who use public transportation Cons Not seen by people who dont use public transportation Chapter 9.2: The Marketing Mix Promotion Publicity: The free promotion generated by media coverage Press release: A written statement meant to inform the media about an event or product Selling Personal Selling Direct communication between a prospective buyer and a sales representative who tries to persuade buyer to make a purchase Product Knowledge To be an effective salesman you must know all aspects of your product Chapter 9.2: The Marketing Mix Promotion Selling (contd) Determine customers wants and needs - perform a needs assessment - discover how buy will make decision rational sell logical facts safety quality reliability economy emotional sell desire protection appearance comfort recreation use the Problem Solving Approach Chapter 9.2: The Marketing Mix Promotion Other Types of Promotion Sales promotions: Offer incentive to customers in order to increase sales contests free samples coupons frequent purchaser programs rebate (refund offered to buyers of products) Telemarketing Using the telephone to market your product expensive annoying to some customers effective Chapter 9.3: Set Marketing Goals Establish Goals Short Term Goals: What do you want your business to achieve in the next year? number of customers level of sales profits etc. Medium-Term Goals What do you want your business to achieve in the next two to five years? 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