APP 004

• 1. Marketing Mix: A key foundation for modern marketing strategies, introduced by Neil H. Borden and further developed by Jerome McCarthy into the 4Ps of Marketing.
• 1. 4Ps of Marketing: Product, Place, Price, Promotion - the fundamental elements of the marketing mix strategy.
• 1. Product: Refers to what is being sold, including physical products, services, or experiences.
• 1. Place: Signifies the distribution channels or locations where the product or service is available.
• 1. Price: Reflects the value perceived by customers and should align with the budget.
• 1. Promotion: Involves communication strategies to reach the target audience and promote the brand.
• 1. Physical: Ensures the brand's physical presence is known and legitimate, including logos and taglines.
• 1. People: Involves individuals directly or indirectly associated with the business, such as employees.
• 1. Process: Describes the series of actions taken to deliver the product or service to the customer.
• 1. Method: Refers to the system and step-by-step process in the business, crucial for scalability and expansion. The methods used in the main branch must be documented and replicated in other branches for consistency.
• 1. Manpower: The workers in a business, finding honest and capable employees is essential for business growth. Treasuring employees who are integral to the business's success is crucial for a businessman.
• 1. Materials: Sourcing raw materials is critical for any business endeavor to ensure quality at the best price.
• 1. Machines: Machinery is vital for efficient task performance in a business. Automation through machines is usually more efficient than relying solely on manpower.
• 1. Product Description: A crucial element in generating sales, it should include details about the target audience, product attributes, usage scenarios, unique selling points, and operational details.
• 1. Tagline: A pithy descriptor used in marketing to communicate a brand's unique value proposition. It aims to leave a lasting positive impression on consumers and is a short, memorable phrase conveying the brand's value.
• 1. Startup Costs: Expenses incurred before the business is running, including both expenses and assets needed before launching the business.
• 1. Startup Expenses: Upfront costs happening before generating revenue, categorized into one-time and ongoing expenses like permits, rent, payroll, and marketing costs.
• 1. Startup Assets: Costs related to long-term assets purchased to start the business, such as starting inventory, office equipment, and vehicles.
• Traditional Method: Utilizes a startup worksheet to plan initial financing, including lists of startup expenses, assets, and funding sources.
• Startup Worksheet: A tool that organizes startup costs, assets, and funding sources for a business venture.
• 1. Live-Plan Method: Suggests estimating startup costs based on when a business starts spending, without a specific startup table.
• 1. Consolidated Estimates: In Live-Plan, estimates start when spending begins, without a distinction between launch date and pre-launch spending.