ENTREP 3

• MARKETING MIX foundation most modern marketing strategies and business activities are based.
• Marketing mix came about 1960 when Neil elaborated on James Culliton concepts
• Jerome McCarthy founded the marketing mix concept
• 4P's

  Product

  Place

  Price

  Promotion
• PRODUCT refers to a physical product, service or experience
• PRODUCT anything that's being sold
• PLACE where you choose to distribute or allow access to your product
• PRICE should reflect your customers perceived value, or should correlate with your budget
• PHYSICAL the brand are legitimate and truly exist in real life
• PHYSICAL brand logos and taglines
• PEOPLE anyone involved in the business
• PROCESS series of action that are taken in delivering the product or service
• CORE PRODUCTS not the tangible physical product
• ACTUAL PRODUCT tangible, physical product
• AUGMENTED non-physical part of the product
• METHOD system and step by step process in the business
• MANPOWER the worker
• MATERIAL to have cheapest possible at the highest quality
• MACHINES proper equipment to perform the needed task efficiently
• TAGLINE a pithy descriptor used in marketing campaigns to communicate the unique value proposition of a brand or it's products
• START UP COST expenses incurred before the business is running
• STARTUP EXPENSES expenses that happen before you launch and start bringing in any revenue
• ONE TIME COST expenditure or obligations that aren't recurring in nature
• STARTUP ASSETS cost associated with long term assets purchased in order to start your business
• TRADITIONAL METHOD uses a startup worksheet to plan the initial financing
• LIVE PLAN intuitive way to estimate startup costs
• EXPENSES are deductible against income while ASSETS are not