ENTREPRENEURSHIP

• Marketing Mix


  A set of controllable and connected variables that a company gathers to satisfy a customer better than its competitor
• 7P's of Marketing Mix


  • Product
  • Price
  • Place
  • Promotion
  • People
  • Packaging
  • Positioning
• Product


  • Any goods or services that is produced to meet the consumers' wants, tastes and preferences
  • Can be categorized into business goods or consumer goods
• Place


  • The location where the buyer and seller exchange goods or services
  • Includes physical stores and virtual/online stores
  • Crucial part of the marketing mix
• Price

  • The value of money in exchange for a product or service
  • The amount or value that a customer gives up to enjoy the benefits of having or using a product or service
• Promotional Mix


  • Advertising
  • Public Relations
  • Personal Selling
  • Sales Promotion
  • Direct Marketing
• Advertising


  • Communicates the product, brand or service to the user
  • Creates awareness, attracts and induces consumers to buy the product
• Public Relations

  • Sharing information with the public using platforms that do not require payment
  • Articles featuring the company are not paid for
• Personal Selling

  • An individual salesperson sells a product, service or solution to a client
  • Salespeople match the benefits of their offering to the specific needs of a client
• Sales Promotion

  • Any initiative undertaken by an organization to promote an increase in sales, usage or trial of a product or service
• Direct Marketing

  • Presenting information about the company, product, or service to the target customer without the use of an advertising middleman
  • A targeted form of marketing that presents information of potential interest to a likely buyer
• People

  • The team, staff, audience, and advertisers involved in the product or service
  • People make the business run
• Packaging


  • The outside appearance of a product and how it is presented to the customers
  • Attractive, cost efficient, functional for protection, containment, information, utility of use and promotion
• Positioning

  • A process used by marketers to create an image in the minds of a target market
  • Allows a single product to attract different customers for different reasons
• Positioning Concepts


  • Functional Positions
  • Symbolic Positions
  • Experiential Positions
• Positioning Statement


  Defines the target segment and how the company can be the best provider for that segment
• Defining the target segment is a core aspect of creating a marketing strategy and positioning statement
• If the target segment is too small and not much money can be earned, the target segment or business model should be revised
• Levels of Competence: Novice (15), Apprentice (20-29), Competent (30-34), Advance (35-40)