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Chapter 11 Unique Marketing Issues


Chapter 11 Unique Marketing Issues
·         Selecting a Market and Establishing a Position
These are 3 steps to know who its customers are and how to reach them:
1.       Segmentating the Market
What groups of customers in my market are similar enough that the same product or service will appeal to all of them
2.       Selecting a Target Market
Which specific group of customers have I decided to target
3.       Crafting a Unique Positioning Strategy
What position will my firm occupy in the minds of my customers ( and potential customers) that will differentiate it from all of my competitors

·         Branding
A brand is the set of attributes positive or negative that people associate with a company. One aspect of branding that start-ups should be alert to is the possibility of forming co-branding relationships. Co-branding is when two companies form a partnership to combine their brands.

·         The 4Ps of Marketing for New Ventures
There are 4Ps of marketing activities used by entrepreneurial firms:
1.       Product
A firm’s product, in the context of its marketing mix, is the good or service it offers to its target market. A service is an activity or benefit that is intangible and does not take on a physical form, such as an airplane trip or advice from an attorney.
2.       Price
Price is the amount of money consumers pay to buy a product. It is the only elements the marketing mix that produces revenue ; all other elements represent costs. Most entrepreneurs use one of two methods to set the price for their products:cost-based pricing or value-based pricing.
3.       Promotion
Promotion refers to the activiites the firm takes to communicate the merits of its product to its target market. There are common activities entrepreneurs use to promote their products; Advertising, Public Relations, Social Media, Other Promotion-Related Activities.
4.       Place (or Distribution)
Place, or distribution, encompasses all the activities that move a firm’s product from its place of origin to the consumer. A distribution channel is the route a product takes from the place it is made to the customer who is the end user. There are 2 way : Selling direct , selling through intermediaries.

·         Sales Process and Related Issues
A firm’s sales process depicts the steps it goes through to identify prospects and close sales. It doesn’t matter whether a firm is selling directly to customers or through intermediaries; it still has a process through which it makes sales.

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