APP 004 4TH AT

• Marketing mix is a key foundation on which most modern marketing strategies and business activities are based.
• The concept of the 'Marketing Mix' came about in the 1960s when Neil H. Borden, professor and academic, elaborated on James Culliton's concept of the marketing mix. Culliton described business executives as 'mixers of ingredients' the ingredients being different marketing concepts, aspects, and procedures.
• Jerome McCarthy - founded the concept. He offered the marketing mix as we know it today; in the form if the 4P's of Marketing: Product, Place, Price, & Promotion.
• Product - physical product, a service or an experience. basically anything that's being sold.
• Place - signifies where you choose to distribute or allow access to your product or service.
• Price - The price you set should reflect your customer's perceived value of your product and should correlate with your budget.
• Promotion - The way that you choose to communicate with your audience and promote your offerings will have a direct impact on the success of your brand.
• Physical - It's important for consumers to know that the brand they're purchasing from or interacting with, are legitimate and, well, actually exist in real life.
• People - Involves anyone directly, or indirectly, involved in the business side of the enterprise.
• Process - Describes a series of actions that are taken in delivering the product or service to the customer
• Define the 7ps.
• 3 levels of product - core, actual, augmented
• Core product - is not the tangible physical product. it is the benefit of the product that makes it valuable to you.
• Actual product - tangible, physical product.
• Augmented product - non-physical part of the product. usually consists of lots of added value, for which you may or may not pay a premium. so when you buy a car, part of the augmented product would be the warranty, the customer service support offered by the car's manufacturer and any after-sales service.
• The 4Ms of operation in relations to business opportunity means that the four critical domains, usually attributed to manufacturing those are: man, machine, material and method work together. These four critical domains are also applicable to business opportunities since business is in essence tied to manufacturing as well. When putting up a business, manpower is critical as well as the other elements. The businessman must take all of those into account.
• 4Ms - method, manpower, materials, machinery
• Method - refers to the system and step by step process in the business. Without a scalable process, it would be difficult to expand the business. This means that the methods used in the main branch must be documented and must be replicated as well in other branches. If it is difficult to implement at another site, find what needs to be improved.
• Manpower - this is the worker. When setting up a business, finding honest and capable people is always a challenge. It is a rare find to find someone with all the ideal qualities. So for a businessman, they must be able to treasure their employees who are both capable and honest as they are integral to the growth of the business.
• Materials - sourcing raw materials is critical in any business endeavor as the businessman would want to have the cheapest possible at the highest quality.
• Machines - machinery is also important. Without the proper equipment, you will not be able to perform the needed tasks efficiently. You may be able to use the manpower to do it but it is usually more efficient if machines are able to automate the work.
• Product descriptions - play a huge part in generating sales. But what should they say? How long should they be? What format is best? How do I make them rank high in search engines? We suggest using the following template to ensure you are crafting the best product description.
• Who is this product for? - The target audience can be a gender (women or men), an age group (college, kids, retirees), a lifestyle demographic (new mothers, car enthusiasts) or some other defined group of people.
• What are the product's basic details? - This includes attributes such as dimensions, materials, product, features and functions.
• Where would someone use this product? - Is it meant for indoor or outdoor use, for your car or your home?
• Why is this product useful or better than its competitors? - This can be anything from quality to value to features - really think about the benefits that will speak to customers. Also consider how images can complement your product copy.
• How does the product work? - This may not be necessary for every product, but if you are selling anything with moving parts or electronics, it's a must-have.
• Tagline - a pithy descriptor used in marketing campaigns to communicate the unique value proposition of a brand or its products. More broadly, the goal of a tagline is to leave consumers with a lasting positive impression of the brand. Is a short, memorable phrase used in marketing campaigns to convey the value of a brand or its products.
• Product - The business focuses on its beautiful custom labels and designs for the products and online shop and provides custom blends from customer requests.
• • Price: The brand analyzes competitor prices and builds a pricing strategy for available products and custom blends.
• • Place: Vanessa's Aromatherapy Shop is a small business that makes its products available in its small physical and online shop. The business only carries fresh ingredients and stores products for shorter periods, which means it may generate more online sales than in-store.
• • Promotion: Promotional activities for the brand may include digital and physical marketing tactics, such as social media ads, content strategies and local craft fair events to build awareness around the business.
• • Processes: The business's marketing team determines the average time it takes the artisans to create products and identifies the time in introducing new items and customer purchases. The information may help to produce effective strategies for reducing sales time.
• • People: The company employs two artisans who make aromatherapy products, four marketing team professionals, three sales specialists, a customer service team, a graphic designer, a web developer, an IT specialist and a bookkeeper. The marketing team applies this principle to ensure each individual in the business is contributing to growth and development.
• • Physical: To build brand awareness, marketers create special offerings, attend live trade shows and network with health care professionals and massage therapists. The professionals also apply several digital marketing strategies to establish a positive reputation and increase influence on the market.
• We understand that complexity can sometimes be used to create the illusion of greater depth or value. but it is often the simplest of tools which aid us on our journey to make associate a confident problem solver within their organization. We can apply these methods to address the issues they face as the front line of operations. This can be hard to accept when a company has invested significant time and money in more complex tools and highly skilled specialists, yet we still find it to be true.
• One such tool is the 4Ms of manufacturing, and most organizations we work with are familiar with the concept to some degree. Whether they know it as the 4Ms, the 5Ms, the 6Ms, Cause and effect analysis, Fishbone diagram or Ishikawa, the basic definition is there. What is often a surprise to many people is how powerful this simple approach can be in solving operational problems by identification and eradication of the root cause(s) by those associates closest to the issues when and where they occur.
• The 4M analysis is a method for evaluation which of the 4M conditions is responsible for a defect mode. Most commonly practiced is the Fishbone/Ishikawa Diagram. This is a tool designed to identify, explore, and graphically display the possible causes related to a problem or condition. This approach allows teams to focus on content of the problem, creates a snapshot of the collective knowledge and consensus of a team, and focuses the team on the cause rather than the symptom.
• 10 steps that are required to start a business successfully.

  
  

  1. Do Your Research
  2. Make A Plan
  3. Plan Your Finances
  4. Choose A Business Structure
  5. Pick And Register Your Business Name
  6. Get Licenses And Permits
  7. Choose Your Accounting System
  8. Set Up Your Business Location
  9. Get Your Team Ready
  10. Promote Your Small Business
• Why should I keep records?

  1. Monitor the progress of your business
  2. Prepare your financial statements
  3. Identify sources of your income
  4. Keep track of your deductible expenses
  5. Help prepare your tax return
  6. Support items reported on your tax returns