MARKET YOUR BUSINESS Chapter 9 Entrepreneurship 4/19/2017 Chapter 9 MARKET YOUR BUSINESS 9.1 The Marketing Mix—Product, Distribution, Price 9.2 The Marketing Mix—Promotion 9.3 Set Marketing Goals Chapter 9

Lesson 9.1 THE MARKETING MIX— PRODUCT, DISTRIBUTION, PRICE Chapter 9 Lesson 9.1 THE MARKETING MIX— PRODUCT, DISTRIBUTION, PRICE GOALS Select a product mix, product features, and positioning for your goods. Identify channels of distribution for your product or service. Price the products or services your business sells using various methods.

MARKETING MIX Marketing mix is the blending of: Product Distribution Chapter 9 MARKETING MIX Marketing mix is the blending of: Product Distribution Price Promotion

PRODUCT Product mix Selecting product features Chapter 9 PRODUCT Product mix Selecting product features Position your products or services

Distribution Channels of distribution for retail goods Chapter 9 Distribution Channels of distribution for retail goods Distribution on the Internet Receiving goods to sell Channels of distribution for service businesses Channels of distribution for manufacturing businesses Physical distribution Transportation Storage and product handling

Price Set price objectives Determining a price Pricing a service Chapter 9 Price Set price objectives Determining a price Demand-based pricing Cost-based pricing Competition-based pricing Pricing a service Time-based pricing Bundling Breakeven point

Lesson 9.2 THE MARKETING MIX—PROMOTION Chapter 9 Lesson 9.2 THE MARKETING MIX—PROMOTION GOALS Use advertising to promote your business. Study publicity as a promotional tool. Evaluate the role of selling in a business. Evaluate other kinds of promotion.

Chapter 9 ADVERTISING Advertising is a paid form of communication sent out by a business about a product or service. Public relations is the act of establishing a favorable relationship with customers and the general public.

Chapter 9 MESSAGE Choose your message Choose your medium

ADVERTISING MEDIA Television advertising Radio advertising Chapter 9 ADVERTISING MEDIA Television advertising Radio advertising Newspaper advertising Telephone directory advertising Direct-mail advertising Magazine advertising Outdoor advertising Transit advertising

PUBLICITY Selling Personal selling Product knowledge Chapter 9 PUBLICITY Selling Personal selling Product knowledge Determining customer needs and wants Needs assessment Buying decisions Customer decisions

OTHER TYPES OF PROMOTION Chapter 9 OTHER TYPES OF PROMOTION Sales promotions Telemarketing

Lesson 9.3 SET MARKETING GOALS Chapter 9 Lesson 9.3 SET MARKETING GOALS GOALS Set short-, medium-, and long-term goals for your business. Write your marketing plan.

ESTABLISH YOUR GOALS Short-term goals Medium-term goals Chapter 9 ESTABLISH YOUR GOALS Short-term goals Medium-term goals Long-term goals

Chapter 9 SHORT-TERM GOALS Short-term goals are what you want your business to achieve in the next year. Goals can be stated in terms of: Number of customers Level of sales Level of profits Other measures of success

Chapter 9 MEDIUM-TERM GOALS Medium-term goals describe what you want your business to achieve in the next two to five years.

Chapter 9 LONG-TERM GOALS Long-term goals show where your business will be five, ten, even twenty years from now. Thinking about what you want to do in the long term can help you think about how to market the business today.

WRITE YOUR MARKETING PLAN Chapter 9 WRITE YOUR MARKETING PLAN Your written marketing plan should identify your overall market strategy as well as your specific strategies for price, product, distribution, and promotion.