Business Marketing
Marketing – refers to activities a
company undertakes to promote
the buying or selling a product or
service.
Marketing includes advertising,
selling and delivering products to
consumers or other businesses.
ENTREPRENEURSHIP
ENTREPRENEURSHIP
ENTREPRENEURSHIP
ENTREPRENEURSHIP
Kinds of Entrepreneurship
Nature of Entrepreneurship
Nature of Entrepreneurship
Nature of Entrepreneurship
Nature of Entrepreneurship
Nature of Entrepreneurship
Nature of Entrepreneurship
Importance of Entrepreneurship
Importance of Entrepreneurship
Importance of Entrepreneurship
Marketing Mix (8 P’s of marketing)
Marketing mix is a combination of
factors that influence each other and
affect who you market to, when, and
hence why it is called a mix.
Marketing Mix (8 P’s of marketing)
It provides broad levels for any
business to build the right product, in
the right place, at the right time, at
the right price.
Product
Your product is a tangible item or a
solution, service, or experience.
Although you probably believe your
product is worthwhile, conduct market
research to decide what customers
want or need and to determine what
makes your product unique.
Product
Make decisions with the customer in
mind as you consider the design,
technology, packaging, branding,
quality, experience, and ease of use.
Product
You can determine the sustainability of your
product by visualizing the product life cycle. Plan
for growth, maturity, and potential sales decline
using a decision tree template.
If you do this before you go to market, you can
better anticipate and mitigate potential challenges
after your product goes to market.
Price
Your price is influenced by many factors, such
as manufacturing and distribution costs,
competitors, and customer perception.
Determine how to structure your pricing based
on these factors, but also determine if there
will be flux in order to gain additional particular
target groups.
Price
Remain flexible, because over time your initial
price will inevitably change in order to yield
maximum profits and match the quality of the
product.
Place
Place refers to the locations where your products can be
purchased or accessed. For example, you may offer
certain products in a retail store while others are only
offered online.
Or, maybe customers need to sign up for a cloud-based
platform, install software, or download a mobile app. Offer
your product in the most convenient way possible, as its
success may be contingent on the complexity and length a
customer has to go to get it.
Promotion
Promotion is how you communicate your product
or service to customers. It involves everything from
advertising to sales strategies to public
relations, email, social media, and more.
While the goal is probably leads and conversions,
don’t underestimate opportunities for user
engagement and brand and product education.
Promotion
Decide how you plan to promote and maximize the
visibility of your product, but don’t feel the need to
plan all your promotions at once.
As your product grows and evolves, so will your
promotion strategy. You can apply any of the Ps at
any stage of your marketing strategy, not just for
initial launches.
People
The people component encompasses all the people
who work on and sell the product or service, but also
those who assist customers. Your employees are the
primary group and will likely be made up of
management, sales, and customer service.
For example, if your product requires a multi-step
download and install on a specific operating system,
you will want to establish a customer support team.
Process
The process is the steps to deliver the product to the
customer. Within your organization, review how
efficiently work is completed and managed.
For example, you might look at sales processes or even
your go-to-market plan.
Whether you are refining your current marketing mix
or launching a new one, there are always opportunities
to make business process improvements.
Physical evidence
Physical evidence can take on two forms. First, it can
indicate that a service took place, such as packaging,
receipts, tracking methods, paperwork, and invoices.
This is important for documentation purposes and best
practices.
Physical evidence
Another form of evidence is visible parts of your
business that a customer sees prior to buying or
engaging with your product.
This includes signage, brochure, website, and
advertising. Well-crafted and strategic branding can
improve your physical evidence and set you apart
from your competition.
Performance
While this element is newer, it tends to set the good
products and businesses from the great ones, even those
with well thought out marketing mixes. Performance
should be focused on identifying your Key Performance
Indicator and defining what success looks like, but also on
knowing when to make changes.
Great companies and products are continuously improving
and making decisions in order to do better and deliver the
best to customers. Look beyond barely hitting benchmarks
and outperform instead for your business, for your
employees, and for your customers.
