1. D. Marketing a Small Business
6.00 Explain the fundamentals of marketing in a small business.
6.01 Explain marketing and its importance.

2. Marketing
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.

3. 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.

4. 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.

5. Product Considerations
Choice of products
Packaging
Services to support products
Branding
Warranties
Level of quality
Business image
Product research & development
Positioning

6. Price Considerations 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.

7. 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?

8. 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.

9. External Factors That Affect the Marketing Mix
Customer attitudes
Economic conditions
Technological advances
Political forces
Natural forces
Competition

10. Internal Factors That Affect the Marketing Mix
Company objectives
Company policies
Financial situation