1. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. ChapterChapter6 Distribution, Promotion, and Selling 6.1 The Marketing Mix─Distribution 6.2 The Marketing Mix─Promotion 6.3 Selling and Promoting

2. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 2 Lesson 6.1 The Marketing Mix─Distribution Goals Describe the four basic options of channels of distribution. Apply channels of distribution to the specific needs of various types of businesses. List factors to consider in the physical distribution of products.

3. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 3 Vocabulary supply chain management distribution channels of distribution direct channel indirect channel physical distribution

4. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Supply Chain Management supply chain management the coordination of manufacturers, suppliers, and retailers working together to meet a customer need for a product or service Chapter 1 Slide 4

5. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 5 involves the locations and methods that are used to make products available to customers channels of distribution the routes that products and services take from the time they are produced to the time they are consumed distribution

6. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 6 Direct and Indirect Channels direct channel moves product directly from the manufacturer to the consumer indirect channel uses intermediaries people or businesses that move products between the manufacturer and the consumer

7. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 7 Channel Options

8. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 8 sales methods may include: the Internet direct mail television shopping channels no intermediaries most cost-effective limited sales opportunities Manufacturer to Consumer

9. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 9 sales force sells goods to retailers retailers sell goods to consumers offers more sales opportunities Manufacturer to Retailer to Consumer

10. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 10 manufacturer sells large quantities to a wholesaler wholesaler stores and sells smaller quantities to many retailers lower production costs can lead to lower prices Manufacturer to Wholesaler to Retailer to Consumer

11. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 11 The manufacturer delegates the sales function to an agent. frequently used in international marketing Manufacturer to Agent to Wholesaler to Retailer to Consumer

12. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 1 Slide 12 What are the four basic options of channels of distribution?

13. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 13 Distribute Goods and Services Distribution channels will vary based on business needs. market size type of product or service customer needs and wants

14. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 14 Retail Businesses Retail businesses can distribute products in a variety of ways. offer the product at a convenient location during convenient times use advertising to reach customers allow for phone or fax ordering develop a website for online purchases

15. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 15 Service Businesses Most service businesses sell directly to customers. production and consumption of the service happens at the same time the service needs to be provided to the customer when the customer needs it some service providers sell through retail stores

16. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 16 Manufacturing Businesses Manufacturers usually sell products to other businesses. The other businesses sell to the final consumer.

17. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 1 Slide 17 Why are channels of distribution different for different types of businesses?

18. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 18 Physical Distribution Physical distribution transportation storage handling packaging

19. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 19 Transportation The best and most cost efficient transportation method should be determined. The type of product and the destination of the product will help guide the decision-making process.

20. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 20 Product Storage and Handling Benefits of efficient storage include: balancing supply and demand of products Other considerations of storage include: adds to the cost of products increases the risk of damage or theft

21. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 21 Packaging The purpose of packaging is to protect the product from the time between production and consumption. Effective packaging provides value by minimizing product damage.

22. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 22 Receiving Goods to Sell All types of businesses must receive goods from suppliers. Sources that can be consulted to find suppliers include: The American Wholesalers and Distributors Directory The ThomasNet website Trade magazines

23. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 1 Slide 23 What factors are important to consider in the physical distribution of products?

24. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 24 Lesson 6.2 The Marketing Mix─Promotion Goals List the many forms of advertising and discuss advantages and disadvantages of each. Define publicity and describe ways to use publicity as a promotional tool.

25. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 25 Vocabulary advertising publicity press release public relations

26. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 26 Promotion Strategies promotional mix advertising publicity personal selling sales promotion

27. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 27 Advertising advertising a paid form of communication sent out by a business about a product or service Advertising is very important for small and/or new businesses. Advertising should clearly communicate your message and image.

28. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 28 Online Advertising Online advertising has increased as Internet usage has grown. Online technology lets businesses interact with consumers via chat rooms blogs e-newsletters

29. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 29 Banner Ad Floating Ad Wallpaper Ad Trick Banner Pop-Up Ad Pop-Under Ad Common types of online advertising include the following:

30. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 30 As it is easier to determine the effectiveness of online advertising than traditional advertising, new methods to charge for online advertising have been developed.

31. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 31 Cost per Mil (CPM) the advertiser is charged based on the exposure of the message to a specific audience priced per thousand viewers reached with the message Three common ways to charge for online advertising include:

32. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 32 the advertiser is charged based on the number of user clicks on the advertisement viewers respond to the ad by clicking on the hyperlink within the ad Cost per Action (CPA) the advertiser is charged when a user takes an action that leads to a sale the publisher of the ad assumes all the risk in running this type of ad advertisers prefer this type of charge for banner ads Cost per Click (CPC)

33. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 33 In an effort to combat excessive spamming, many Internet users now utilize software that blocks promotions from reaching their computers. Disadvantages of Online Advertising

34. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 34 Television Advertising commercials last less than a minute infomercials last a half hour or more provide in-depth coverage about a specific product

35. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 35 the fee paid to the station for airing the commercial based on the length of time the commercial plays the costs of producing the commercial Fees associated with television advertising include:

36. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 36 it is very expensive the audience is too broad to be effective for most businesses Disadvantages of television advertising include:

37. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 37 Radio Advertising less expensive than television advertising listener demographics are more specific than television easier to reach target audience pay for air time pay for production costs

38. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 38 the message is purely audio a visual of the product is not shown listeners may forget what they hear listeners may “surf the airways” during commercials Disadvantages of radio advertising include:

39. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 39 Newspaper Advertising Historically, newspapers were the single largest form of advertising in the U.S. Advantages of newspaper advertising include: relatively inexpensive targets a limited geographic area reaches a large number of people

40. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 40 Many people in the audience may not be interested in your business. Your ad faces a lot of competition from many other ads in the newspaper. Disadvantages of newspaper advertising include:

41. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 41 Telephone Directory Advertising Consumers use telephone directories repeatedly. Ads usually appear close to the listing and phone number of the business placing the ad.

42. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 42 People only look in the directory when they are already seeking a specific business. It is hard to persuade a potential customer to use your business instead of your competitor’s business. Disadvantages of telephone directory advertising include:

43. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 43 Direct-Mail Advertising promotional materials sent to target customers through the mail Companies that specialize in maintaining targeted mailing lists can provide almost any type of list needed.

44. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 44 Direct-mail is often considered to be “junk mail.” It often gets discarded without being read. Disadvantages of direct-mail advertising include:

45. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 45 Magazine Advertising Magazines are an excellent way to aim products and services at specific markets. Local magazines that target a limited geographic area are often the best choice for small businesses.

46. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 46 National distribution can make some magazines an inappropriate way to advertise a local business. Disadvantages of magazine advertising include:

47. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 47 Outdoor Advertising billboards and signs can be effective as the name of your business is located where many people can see it

48. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 48 limited information can be included may not project the image you wish to convey Disadvantages of outdoor advertising include:

49. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 49 Transit Advertising signs on public transportation can provide more information than a billboard effective if your target market includes consumers who use mass transit

50. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Social Networking Sites Business owners are using social networking sites for business promotion. Twitter LinkedIn YouTube Facebook Blogging Chapter 1 Slide 50

51. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 51 Budgeting for Promotion Obtain cost estimates for all advertising that is under consideration. Calculate a projected budget. Determine whether your advertising budget, as a percent of sales, is in line with industry averages.

52. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 1 Slide 52 Why is promotion important to a business?

53. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 53 Publicity publicity a nonpaid form of communication that calls attention to your business through media coverage can be positive or negative Publicity is free. Staging the events that generate publicity is usually not free.

54. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 54 a written statement meant to inform the media of an event or product press release

55. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 55 Public Relations public relations the act of establishing a positive relationship with customers and the general public

56. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 56 sponsoring a sports team donating to local charities supporting work-based programs at local educational institutions supporting Big Brothers or Big Sisters organizing community programs Ways to support your community include:

57. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 57 Self-Promotion Self-promotion is a way to keep the name of your business visible and in the forefront of people’s minds. Self-promotion methods include the distribution of goods with your company’s identifying information on it. t-shirts office supplies

58. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 1 Slide 58 What are the advantages and disadvantages of publicity?

59. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 59 Lesson 6.3 Selling and Promoting Goals Explain the role of selling in a business. Determine how to meet customer needs and wants. Discuss other types of promotional activities. Evaluate the effectiveness of promotional categories.

60. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 60 Vocabulary personal selling rational buying decisions emotional buying decisions sales promotion rebate telemarketing visual marketing

61. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 61 Selling Entrepreneurs need selling skills for many reasons. It is necessary to sell business ideas to potential investors when selling a business. For many customers, the salesperson is the business. a positive image should be conveyed

62. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 62 a direct communication between a buyer and a sales person the sales person tries to influence the prospective buyer’s purchasing decision personal selling

63. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 63 features the physical characteristics or capabilities of the product or service benefits the advantages that could result from the use of those features Product Knowledge

64. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 1 Slide 64 Why is selling important to a business?

65. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 65 Determine Customer Needs and Wants A salesperson must determine what need the customer is seeking to satisfy. lower-level needs usually do not require personal selling upper-level needs often require better selling skills

66. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 66 Needs Assessment need satisfying fulfilling the needs of a customer who knows exactly what they want problem resolution helping the customer find products or services when they are not quite sure what they want

67. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 67 Buying Decisions rational buying decisions based on the logical reasoning of customers customers evaluate alternatives purchase after careful thought

68. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 68 based on the desire to have a specific product or service little time or thought is used when making the buying decision emotional buying decisions

69. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 69 Customer Decision-Making Process A problem-solving approach for helping customers includes the following steps: define the problem gather information

70. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 70 evaluate alternatives select the best option take action evaluate the action identify various solutions

71. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 1 Slide 71 Why is it important to meet customer needs and wants in the selling process?

72. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 72 Other Types of Promotion sales promotion an incentive offered to customers in order to increase sales rebate a refund offered to people who buy a product

73. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Telemarketing telemarketing using the phone to market your product or service Chapter 1 Slide 73

74. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Visual Marketing visual marketing the use of visual media to promote, sell, and distribute a product or service to a targeted audience logo signage promotional tools company vehicles uniforms Chapter 1 Slide 74

75. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 1 Slide 75 What is the purpose of sales promotions?

76. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Evaluation Strategies 1.Is the volume of sales increasing? 2.How are you getting new customers? 3.Does your advertising and/or promotional activity produce direct responses? Chapter 1 Slide 76

77. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 77 5.Do your marketing tactics make it easier to sell your services? 6.What is your sales conversion rate? 7.Does your plan have a positive return on investment (ROI)? 4.Do your networking activities create new opportunities for you?

78. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 1 Slide 78 How can you determine the effectiveness of promotional activities?

79. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 79 PERFORMANCE INDICATORS Demonstrate knowledge and understanding of entrepreneurship Engage in activities that clarify and enhance understanding of entrepreneurship Plan and implement presentation/activities to educate and promote entrepreneurship to targeted groups

80. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 80 Demonstrate critical-thinking skills Develop a concept from an idea to reality Plan, organize, and conduct a group project Determine priorities and set deadlines Derive facts from data, findings from facts, conclusions from findings, and recommendations from conclusions

81. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 81 THINK CRITICALLY 1.What are the benefits of presenting this project to elementary or middle school students? 2.Why is it important to explain risks associated with entrepreneurship?

82. Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 6 Slide 82 4.What are three characteristics of successful entrepreneurs? 3.Who are popular examples of entrepreneurs?