Page 19

Types of Businesses Primary ownership types of businesses include corporations, cooperatives, LLPs, LLCs, and sole proprietorships. LEARNING OBJECTIVES List the most common ownership types and industry classifications for organizations KEY TAKEAWAYS Key Points Businesses vary depending on jurisdiction, ownership type, and industry or sector. Among the different ownership types for businesses are sole proprietorship, cooperatives,… Read More »Types of Businesses

B2B vs. Consumer Marketing: Similarities and Differences B2B markets to individuals acting on behalf of organizations, while consumer marketing targets single individuals who pay for their own transactions. LEARNING OBJECTIVES Describe the main similarities and differences between B2B and B2C marketing KEY TAKEAWAYS Key Points Whereas emotional factors play a large part in a consumer… Read More »B2B vs. Consumer Marketing: Similarities and Differences

B2B Promotional Mix Like business-to-consumer (B2C) marketing, business-to-business (B2B) marketing, or business marketing, relies on product, price, placement, and promotion to competitively position the product offerings, promote the brand, and efficiently use company resources. Similar to consumer marketers, business marketers must create an integrated marketing communications strategy to ensure products and promotional methods complement and… Read More »B2B Promotional Mix

What is Business Marketing? Business marketing is the practice of individuals or organizations (i.e., commercial businesses, governments, and institutions) promoting and selling products and/or services to other organizations. These organizations resell or use these products and services to support their operations. Companies that act as suppliers or manufacturers may also integrate other business products into… Read More »What is Business Marketing?

Business Markets Defining Business Marketing Business marketing includes all activities involved in communicating the value of a business’s products and services to another business. LEARNING OBJECTIVES Define business marketing KEY TAKEAWAYS Key Points Business marketing is often directed to individuals within an organization, who act on behalf of the needs of the organization. Business-to-business marketing… Read More »Business Marketing

Consumer Experience Factors Influencing Experience, Involvement, and Satisfaction The main factors that influence experience, involvement, and satisfaction with a product are personal, social, object and situational. LEARNING OBJECTIVES Explain the factors influencing the consumer experience, involvement and satisfaction KEY TAKEAWAYS Key Points A person’s perceptions, beliefs, attitudes, and values can substantially influence his or her… Read More »Consumer Experience : Factors Influencing Experience, Involvement, and Satisfaction

Social Influences on the Consumer Decision Process Roles Consumers have different roles in purchasing products and services, and these roles can influence their buying behavior. LEARNING OBJECTIVES Describe the different types of consumer roles KEY TAKEAWAYS Key Points Influencers are people who have a relatively large audience in which to tout their beliefs. In the… Read More »Social Influences on the Consumer Decision Process

Influences of Personality on the Consumer Decision Process Perception Perception in marketing is described as a process by which a consumer identifies, organizes, and interprets information to create meaning. LEARNING OBJECTIVES Describe the characteristics of perception as a part of the consumer buying decision process KEY TAKEAWAYS Key Points Perception is a psychological variable involved… Read More »Influences of Personality on the Consumer Decision Process

Purchase During the purchase decision stage, the consumer may form an intention to buy the most preferred brand or product. LEARNING OBJECTIVES Examine the “purchase decision” stage of the Consumer Decision Process KEY TAKEAWAYS Key Points During this time, the consumer may form an intention to buy the most preferred brand because he has evaluated… Read More »Purchase : Consumer Decision Process

Information Search Information Search is a stage in the Consumer Decision Process during which a consumer searches for internal or external information. LEARNING OBJECTIVES Examine the “information search” stage of the consumer decision process KEY TAKEAWAYS Key Points During the information search, the options available to the consumer are identified or further clarified. An internal… Read More »Information Search

The Consumer Decision Process Need Recognition Need recognition occurs when a consumer identifies a need and thinks of a product that might meet this need. LEARNING OBJECTIVES Identify need recognition as part of the consumer decision making process KEY TAKEAWAYS Key Points The 5 stages which a consumer often goes through when they are considering… Read More »The Consumer Decision Process

Positioning Bases By using customer research and perceptual mapping, a marketer can create a positioning statement using one of the three main bases. LEARNING OBJECTIVES Examine positioning and the strategy behind it relative to competitive perceptual positioning KEY TAKEAWAYS Key Points Functional Positions deal with solving a problem, providing benefits and getting a favorable perception… Read More »Positioning Bases

Competitive Perceptual Positioning Perceptual Mapping Perceptual mapping is a graphic display explaining the perceptions of customers with relation to product characteristics. LEARNING OBJECTIVES Evaluate the concept of perceptual mapping as part of competitive perceptual positioning KEY TAKEAWAYS Key Points Perceptual maps help marketers understand where the consumer ranks their company in terms of characteristics and… Read More »Competitive Perceptual Positioning

Selecting Target Markets Strategic targeting can optimize the return on investment by selecting the best segments in the market for return on investment. LEARNING OBJECTIVES Recognize the importance of segmentation and how to translate data into smart decisions KEY TAKEAWAYS Key Points Identifying optimal segments within the broader market can improve the efficiency of both… Read More »How To Select Targeted Groups : Selecting Target Markets

Evaluating Market Segments Segmentation involves classifying people into homogeneous groupings and determining which of these segments are viable target markets. LEARNING OBJECTIVES Illustrate the purpose and method of evaluating market segments KEY TAKEAWAYS Key Points Market segmentation involves dividing a broad target market into multiple subsets of consumers with common desires and common applications for… Read More »Evaluating Market Segments

B2B Company Characteristics B2B businesses operate and market their goods and services differently than B2C companies, due to the different nature of the purchase. LEARNING OBJECTIVES Differentiate between B2B, business to business and B2C, business to consumer characteristics KEY TAKEAWAYS Key Points The volume of B2B sales is much greater than that of B2C sales.… Read More »B2B businesses operate Company

Segmentation for B2B B2B firms will segment their customers differently, due to different buying habits and procedures between businesses and end-users. LEARNING OBJECTIVES Analyze B2B marketing segmentation characteristics KEY TAKEAWAYS Key Points There are five major ways to segment the B2B market, including: type of customer, Standard Industrial Classification codes, end uses, common buying factors,… Read More »Segmentation for B2B marketing

Conducting a Segmentation Determining Segmentation Variable(s) Markets can be segmented primarily according to geographic, demographic, usage, and psychological segments—or a combination of the above. LEARNING OBJECTIVES Break down market segmentation variables KEY TAKEAWAYS Key Points Geography is probably the oldest basis for segmentation, and is often useful for marketers due to the amount of data… Read More »Conducting a Segmentation

Concentrated Targeting Concentrated marketing is a strategy which targets very defined and specific segments of the consumer population. LEARNING OBJECTIVES Evaluate the advantages and disadvantages of adopting concentration strategies in consumer marketing KEY TAKEAWAYS Key Points An organization that adopts a concentration strategy gains an advantage by being able to analyze the needs and wants… Read More »Concentrated Targeting

Identification of Target Markets Undifferentiated Targeting Viewing the market as a homogeneous aggregate leads to undifferentiated targeting and mass marketing. LEARNING OBJECTIVES Evaluate the benefits and drawbacks of undifferentiated targeting in consumer marketing KEY TAKEAWAYS Key Points Undifferentiated targeting occurs when the marketer ignores the apparent segment differences that exist within the market and uses… Read More »Identification of Target Markets

Measuring a Successful Segmentation Segmentation is a central aspect of a marketing strategy, and must be constantly assessed, measured, validated, and refined through financial and statistical methods. LEARNING OBJECTIVES Recognize the variables involved in segmentation, and how different segments can be measured for profitability KEY TAKEAWAYS Key Points Selling to the entire market is often… Read More »Measuring a Successful Segmentation

Concentrated Targeting Concentrated marketing is a strategy which targets very defined and specific segments of the consumer population. LEARNING OBJECTIVES Evaluate the advantages and disadvantages of adopting concentration strategies in consumer marketing KEY TAKEAWAYS Key Points An organization that adopts a concentration strategy gains an advantage by being able to analyze the needs and wants… Read More »Concentrated Targeting

Identification of Target Markets Undifferentiated Targeting Viewing the market as a homogeneous aggregate leads to undifferentiated targeting and mass marketing. LEARNING OBJECTIVES Evaluate the benefits and drawbacks of undifferentiated targeting in consumer marketing KEY TAKEAWAYS Key Points Undifferentiated targeting occurs when the marketer ignores the apparent segment differences that exist within the market and uses… Read More »Identification of Target Markets

Developing a Market Segmentation A market segmentation is developed based on one of two strategies and several consumer identifying characteristics like demographics and behavior. LEARNING OBJECTIVES Review the characteristics of market segmentation KEY TAKEAWAYS Key Points The two major segmentation strategies followed by marketing organizations are concentration strategy and multi- segment strategy. Segmentation of a… Read More »Developing a Market Segmentation

The Importance of Market Segmentation Segmentation splits buyers into groups with similar needs and wants to best utilize a firm’s finite resources through buyer based marketing. LEARNING OBJECTIVES Examine the benefits of market segmentation KEY TAKEAWAYS Key Points The market segmentation and corresponding product differentiation strategy can give a firm a temporary commercial advantage. Most… Read More »The Importance of Market Segmentation

Market Segmentation What Are Markets Markets are a group of potential buyers with needs and wants and the purchasing power to satisfy them. LEARNING OBJECTIVES Diagram the different types of markets and their relationship to one another KEY TAKEAWAYS Key Points Markets can be more tightly defined as a people who have a true need… Read More »What Are Market Segmentation

Technology to Assist Market Research Marketing Information Systems A marketing information system (MIS) is a management information system designed to support marketing decision making. LEARNING OBJECTIVES Show the use of marketing information systems used in research and consumer marketing KEY TAKEAWAYS Key Points An MIS brings together many different kinds of data, people, equipment, and… Read More »Technology to Assist Market Research

Developing Insights and an Action Plan A successful presentation provides conclusions (based on the insights gathered) that effectively meet the objectives of the research. LEARNING OBJECTIVES Identify the characteristics of preparing,presenting and documenting the results of marketing research KEY TAKEAWAYS Key Points Report Preparation & Presentation is the sixth step in the Marketing Research Process.… Read More »Developing Insights and an Action Plan

Collecting Data Data collection is a crucial step in the research process because it enables the generation of insights that will influence the marketing strategy. LEARNING OBJECTIVES Construct the rationale of field work or data collection from a marketing research process perspective KEY TAKEAWAYS Key Points The marketing research process is comprised of six steps:… Read More »Marketing Research Data Collection Process

The Market Research Process Defining Objectives and Formulating Problems Defining the problem and research objectives is the first step involved in the marketing research process. LEARNING OBJECTIVES Outline objectives and problems as part of the marketing research process KEY TAKEAWAYS Key Points The marketing research process involves six steps: 1: problem definition, 2: development of… Read More »The Market Research Process

What is Qualitative Research? Qualitative Research is the examination, analysis and interpretation of observations for the purpose of discovering underlying meanings and patterns of relationships, including classifications of types of phenomena and entities, in a manner that does not involve mathematical models. For example, in the social sciences, qualitative research methods are often used to… Read More »What is Qualitative Research?

What is Quantitative Research? Quantitative Research is defined as the systematic empirical investigation of social phenomena via statistical, mathematical or computational techniques. Its objective is to develop and employ mathematical models, theories and/or hypotheses pertaining to phenomena. At its core, quantitative research is used to identify patterns and predict behavior. This type of research is… Read More »What is Quantitative Research?

Quantitative vs. Qualitative Research Both quantitative and qualitative models seek to explain patterns in behavior, but the former is mathematical and the latter is more descriptive. LEARNING OBJECTIVES Distinguish between quantitative and qualitative research methods KEY TAKEAWAYS Key Points Quantitative Research is defined as the systematic empirical investigation of social phenomena via statistical, mathematical or… Read More »Quantitative vs. Qualitative Research

Goals of Consumer Market Research Consumer market research is the systematic collection of data regrading customers’ preferences for actual and potential products / services. LEARNING OBJECTIVES Discuss the various purposes of consumer market research KEY TAKEAWAYS Key Points The ultimate goal of consumer research is to serve as the voice of the consumer. Marketing research… Read More »Goals of Consumer Market Research

Introduction to Consumers Defining Consumers A consumer is a person (or group) who pays to consume the goods and/or services produced by a seller (i.e., company, organization). LEARNING OBJECTIVES Define the characteristics of a consumer KEY TAKEAWAYS Key Points Any product, good, or service that is developed must have a target market in mind in… Read More »Introduction to Consumers

Marketing Innovation Trends Innovation trends in marketing include mobile marketing, viral marketing, and more efficient usage of branding and targeting. LEARNING OBJECTIVES Summarize new technological applications impact on marketing methods and trends KEY TAKEAWAYS Key Points On average, SMS messages are read within four minutes, making them highly convertible. MMS mobile marketing can contain a… Read More »Marketing Innovation Trends

Use of New Technologies in Marketing and Research New technologies in online marketing — smart phones, CRM systems, and social media — can aid marketers in reaching new and existing customers. LEARNING OBJECTIVES Construct the flow of marketing information through the use of new technologies KEY TAKEAWAYS Key Points CRM systems for marketing help the… Read More »Use of New Technologies in Marketing and Research

Technology Impact of Technology on Marketing Technology, particularly the availability of big data coupled with a wide variety of digital marketing channels, offers substantial opportunity for marketing professionals. LEARNING OBJECTIVES Recognize the variety of impacts technology has on the field of marketing, both for organizations and consumers KEY TAKEAWAYS Key Points Alongside pretty much every… Read More »Technology : Impact of Technology on Marketing

Trends Marketers must be able to anticipate and adapt to future trends and technological advancements in order to stay ahead of the competition. LEARNING OBJECTIVES Explain the different types of external factors or trends used in creating marketing strategies. KEY TAKEAWAYS Key Points Marketing managers must stay informed of technology trends so they can be… Read More »different types of external factors or trends used in creating marketing strategies

Demographics Marketers must understand the different demographic groupings that exist and the demographic changes that are constantly occurring. LEARNING OBJECTIVES Identify common demographic traits used by marketers and demographic changes in the current marketplace KEY TAKEAWAYS Key Points The traditional demographic groupings identified by marketers are the baby boomers and Generation X. Each of these… Read More »Demographics : Identify common demographic changes in the current marketplace

Cultural Values Whether doing business abroad or locally, marketers must understand the cultures that govern customers’ buying habits and ethical norms. LEARNING OBJECTIVES Describe how cultural beliefs, values and customs influence marketing strategies KEY TAKEAWAYS Key Points Marketers must pay attention to the dominant culture of a society, but also to subcultures created by material… Read More »Cultural Values: marketers must understand the cultures that govern customers’ buying habits

Consumer Income, Purchasing Power, and Confidence The CPI and CCI are measures of the strength of the economy, and perceptions of businesses and individuals towards the economic future. LEARNING OBJECTIVES Illustrate the relationship between consumer purchasing power, pricing and the economy KEY TAKEAWAYS Key Points Purchasing power can change if the price of goods increases/decreases,… Read More »Consumer Income, Purchasing Power, and Confidence

External Factors General Economic Conditions Marketers must be aware of the business cycle, and react appropriately according to which stage of the cycle the economy is in. LEARNING OBJECTIVES Illustrate how fluctuations in the economy influence consumers’ willingness and ability to buy products and services KEY TAKEAWAYS Key Points There are four phases of the business… Read More »External Factors

Monitoring Competition Companies must monitor competition in order to make intelligent marketing decisions based on how competitors operate. LEARNING OBJECTIVES Classify the purpose of and methodology of monitoring competition from a marketing perspective KEY TAKEAWAYS Key Points Marketing myopia is common, and refers to situations where companies fail to properly identify the extent of their… Read More »How competitors operate: Monitoring Competition

Calculating Market Share Market share is an important indicator of the strength of a business in it’s industry, even though there is no standard way to measure it. LEARNING OBJECTIVES Indicate the method, purpose and importance of market share calculation KEY TAKEAWAYS Key Points Market share is a key measure of competitiveness. However, firms should… Read More »Calculating Market Share

Competition Companies must conduct competitive analysis to identify their competition accurately, and must avoid defining the competition too narrowly. LEARNING OBJECTIVES Classify the use of competitive data from an internal and external viewpoint KEY TAKEAWAYS Key Points Defining competitors too narrowly leads to the chance that an unidentified competitor will capture market share without the… Read More »Competition

Internal Factors Company Capabilities Capability management uses the organization’s customer value proposition to set goals for capabilities based on value contribution. LEARNING OBJECTIVES KEY TAKEAWAYS Key Points An organization capability refers to the way its people and systems work together. A company’s culture is defined by how management fosters talent, mindsets, and collaboration. Social and… Read More »Internal Factors

Responding to the External Environment Understanding the various external factors in a given competitive environment equips an organization with the information necessary to optimize marketing strategies and tactics. LEARNING OBJECTIVES Leverage external environmental knowledge to create informed marketing tactics and strategies KEY TAKEAWAYS Key Points Models like Porter’s Five Forces and the PESTEL framework are… Read More »external environment in marketing strategy

The Marketing Environment Scanning and Analysis Environmental scanning is one technique used by organizations to monitor the environment. LEARNING OBJECTIVES Describe how environmental scanning helps marketers understand the current state of the marketplace KEY TAKEAWAYS Key Points In a sense, such data collection scanning acts as an early warning system for the organization. It allows… Read More »The Marketing Environment

Managing Strategy To ensure that the marketing programs reach the objectives, marketers must focus on how to best implement the chosen strategy. LEARNING OBJECTIVES Identify the methods used to manage and implement marketing strategies KEY TAKEAWAYS Key Points After the firm identifies its strategic objectives, selects its target market, finalizes its desired positioning for the… Read More »Managing Marketing Strategy

Creating a Marketing Mix By profiling customers and determining goals and tactics, you can create a marketing mix that will help you succeed in building a strong customer base. LEARNING OBJECTIVES State the information to consider when deciding on a marketing mix KEY TAKEAWAYS Key Points The customer profile you create will help you make… Read More »Creating a Marketing Mix

Defining the Target Market By understanding the behavioral, demographic, geographic, and psychographic details of a population, organizations can craft segmented target markets for products and services. LEARNING OBJECTIVES Outline the various factors that influence how an organization may segment a market into targeted groups KEY TAKEAWAYS Key Points When offering a product or service to… Read More »Defining the Target Market

Defining the Marketing Objectives Marketing objectives should capture opportunities in the market while leveraging internal capabilities to achieve profitable outcomes. LEARNING OBJECTIVES Identify the anatomy of a good marketing objective, and recognize the importance of strong market research KEY TAKEAWAYS Key Points When defining the marketing objectives, organizations should take into account external marketing research.… Read More »Defining the Marketing Objectives

Conducting a Situational Analysis Managers can use various methods of analysis to understand the firm’s own capabilities, customers, and business environment. LEARNING OBJECTIVES Outline the process and types of situational analysis methods KEY TAKEAWAYS Key Points The 5C analysis is considered to be the most useful and common method in analyzing the market environment due… Read More »Conducting a Situational Analysis

Defining the Business Mission A mission statement provides a fundamental building block for the marketing plan, strategy, and communication to consumers. LEARNING OBJECTIVES Recognize the relevance of a mission statement when creating a marketing plan KEY TAKEAWAYS Key Points The strategies a business will use over a given time period to price, promote, produce, and… Read More »Defining the Business Mission

Steps to Creating a Marketing Plan Defining the Vision An organizational vision should be made up of two fundamental components: a core ideology and an envisioned future. LEARNING OBJECTIVES Examine the characteristics and purpose of corporate vision KEY TAKEAWAYS Key Points The core ideology defines the character of the organization, which should endure beyond any… Read More »Steps to Creating a Marketing Plan

Steps Required to Forecast Steps of forecast include problem definition, cash flow forecast, profit forecast, balance sheet forecast and profit determination. LEARNING OBJECTIVES Describe the process for performing a forecast KEY TAKEAWAYS Key Points It is important to note those earlier identified ‘threats’ to your business to ensure that as you forecast you can see… Read More »Steps Required to Forecast

Why a Marketing Plan is Essential A formal marketing plan provides a clear reference point for activities throughout the planning period. However, perhaps the most important benefit of these plans is the planning process itself. This typically offers a unique opportunity, a forum, for information-rich and productively focused discussions between the various managers involved. The… Read More »Why a Marketing Plan is Essential

Purpose of the Marketing Plan A formal marketing plan provides a clear reference point for activities throughout the planning period. LEARNING OBJECTIVES Identify the purpose and use of creating marketing plans KEY TAKEAWAYS Key Points Marketing plans are included in business plans, offering data showing investors how the company will grow and what kind return… Read More »Purpose of the Marketing Plan

Marketing Plan Elements A marketing plan’s elements may vary based on the organization and its industry, but readers still expect to see certain common elements. LEARNING OBJECTIVES Review the elements of a marketing plan and their relationship to the company operations KEY TAKEAWAYS Key Points The executive summary gives an overview of the key elements… Read More »Marketing Plan Elements

Successful Planning However, just making a marketing plan won’t necessarily capture the above advantages. In order for the marketing plan to be effective, certain criteria must be met. Marketing plans are professional documents, usually drafted by mid-upper level marketers. Considering the wide variety of considerations, and the significant impact it will have on strategy, constructing… Read More »Successful Marketing Planning

Marketing Plan Advantages Creates Alignment The biggest advantage of a marketing plan is building a bridge between the vision of the organization and the marketing and sales of products and services. At the strategic (upper management) level, organizations have a mission and vision. This mission and vision must translate from the executive team to all… Read More »Marketing Plan Advantages

Advantages of a Marketing Plan The marketing plan creates alignment between the organization’s vision and the stakeholders’ understanding of that vision. LEARNING OBJECTIVES Understand the most important aspects and advantages of a marketing plan KEY TAKEAWAYS Key Points When it comes to developing a marketing plan, the central objective and advantage is in creating alignment… Read More »Advantages of a Marketing Plan

What Makes a Marketing Plan Effective An effective marketing plan conveys a sound business strategy that is aimed at a large and varied audience. The plan must be: Clear – stating exactly what is to be done in unambiguous terms. Quantified – predicting the outcome of each activity so that it is as quantified as possible and… Read More »What Makes a Marketing Plan Effective

Introducing the Marketing Plan The Marketing Plan A marketing plan details actions necessary to achieve one or more specified objectives essential to selling a product or service. LEARNING OBJECTIVES Compare the differences between a marketing, strategic and business plan KEY TAKEAWAYS Key Points Every marketing plan is written and devised for a specific, well defined… Read More »Introducing the Marketing Plan

GE Approach The GE / McKinsey matrix is a model used to assess the strength of a strategic business unit (SBU) of a corporation. LEARNING OBJECTIVES Review the definition of the GE Approach and its uses KEY TAKEAWAYS Key Points The GE matrix analyzes market attractiveness and competitive strength to determine the overall strength of… Read More »GE Approach to Strategic Planning

BCG Matrix The purpose of the BCG Matrix is to determine investment priorities for a company with a portfolio of products/BUs. LEARNING OBJECTIVES Demonstrate the criteria and use of the BCG Matrix KEY TAKEAWAYS Key Points According to the BCG Matrix, there are four different possible outcomes for a BU: cash cow, dog, question mark,… Read More »BCG Matrix

Market Development Market development targets non-buying customers in currently targeted segments. It also targets new customers in new segments in order to expand the potential market. New users can be defined as: new geographic, demographic, institutional, or psychographic segments. Another way is to expand sales through new uses for the product. Before developing a new… Read More »Market Development

Market Penetration This occurs when a company infiltrates a market in which current products already exist. The best way to achieve this is by gaining the customers of competitors. Other ways include attracting non-users of your product or convincing current clients to use more of your product. The penetration that brands and products have can… Read More »Market Penetration

Strategic Views Ansoff Opportunity Matrix The Ansoff Opportunity Matrix describes a company’s possible growth opportunities with current as well as new markets and products. LEARNING OBJECTIVES Demonstrate how the Ansoff Opportunity Matrix, using market and product data, creates growth strategies for corporations KEY TAKEAWAYS Key Points The four basic growth possibilities according the the Ansoff… Read More »Strategic Views

Multiple Sources of Advantage One of the main goals of marketing planning and strategy is to produce multiple sources of competitive advantage in the marketplace. LEARNING OBJECTIVES Illustrate the types of corporate competitive strategies KEY TAKEAWAYS Key Points Competitive sources of advantage include pricing, operational efficiency, digital presence and employee talent. Sellers must assess factors… Read More »marketing planning and strategy is to produce multiple sources

Strategic Business Units A strategic business unit is a semi-autonomous corporate unit that focuses on a product offering and market segment. LEARNING OBJECTIVES Diagram the role and functionality of a strategic business unit (SBU) KEY TAKEAWAYS Key Points An SBU is a semi-autonomous unit that is usually responsible for its own budgeting, new product decisions,… Read More »Strategic Business Units

Customer Excellence Obtaining customer feedback to ensure customer satisfaction and loyalty is essential to any marketing plan or strategic planning process. LEARNING OBJECTIVES Identify ways to gather customer information in order to achieve customer excellence KEY TAKEAWAYS Key Points Indirectly tracking customer attitudes and satisfaction can indicate the organization’s longer-term performance. Firms can track customer… Read More »Customer satisfaction and loyalty is essential to any marketing plan

The Strategic Planning Process Sustainable Competitive Advantage Competitive advantage is gained when a firm acquires attributes that allow it to perform at a higher level than others in the same industry. LEARNING OBJECTIVES Demonstrate the ideology behind a sustainable competitive advantage from a marketing perspective KEY TAKEAWAYS Key Points Firms can obtain a competitive advantage… Read More »Marketing Strategies and Planning Process

Methods for Evaluating Marketing Performance KPIs, ROMI, and Accountable Marketing are all metrics that are used to track marketing performance. LEARNING OBJECTIVES Illustrate the purpose and characteristics of marketing performance evaluation methods KEY TAKEAWAYS Key Points When evaluating marketing performance, companies should measure marketing outcomes from the consumers ‘ points of view, include all marketing… Read More »Methods for Evaluating Marketing Performance

Marketing Performance Metrics Marketing metrics are numeric data that allow marketers to evaluate their performance against organizational goals. LEARNING OBJECTIVES Summarize how marketing metrics impacts company operations and goals KEY TAKEAWAYS Key Points Marketing metrics have different elements of measurement, including net sales billed, number of product or design registrations, and brand surveys to measure… Read More »Marketing Performance Metrics

Evaluating Marketing Performance The Importance of Evaluating Marketing Performance Evaluating marketing performance guides future marketing initiatives and helps a company achieve its goals. LEARNING OBJECTIVES Review the importance of performance evaluation from a marketing perspective KEY TAKEAWAYS Key Points Ideally, marketing performance measurement should be a logical extension of the planning and budgeting exercise that… Read More »Importance of Evaluating Marketing Performance

Marketing as an Entrepreneurial Force Many firms task their marketing teams to promote a culture of entrepreneurial thinking via initiatives in and outside the organization. LEARNING OBJECTIVES Relate entrepreneurial marketing practices and thinking to a corporate environment KEY TAKEAWAYS Key Points Intrapreneurship, a form of employee entrepreneurship, represents corporate management styles that integrate risk taking… Read More »Marketing as an Entrepreneurial Force

Types of Marketing Careers Jobs in marketing reflect the diverse marketing mix and the array of business tools used to address customer concerns and increase brand awareness. Regardless of their role or function, marketers must present information to target audiences; increase consumer and customer demand; and differentiate products against market competition. Marketing positions that support… Read More »Types of Marketing Careers

Careers in Marketing The marketing field provides a wide range of careers for professionals in brand management, PR, and communications. LEARNING OBJECTIVES Give examples of careers in marketing and what they do for the organization KEY TAKEAWAYS Key Points Most roles and functions in marketing involve presenting information to target audiences, increasing consumer and customer… Read More »Careers in Marketing

Consumer Awareness Consumer awareness is the extent to which a brand is recognized by potential customers, and is correctly associated with a particular product. LEARNING OBJECTIVES Discuss the impact on consumer awareness as it relates to brand awareness and a company’s profitability KEY TAKEAWAYS Key Points Brand recall and consumer recognition are the two components… Read More »Consumer Awareness

The Global Economy Increased global competition, financial flows and internet technologies are some of the driving forces behind global marketing strategies. LEARNING OBJECTIVES Outline the changes that are included in a shift to a global marketing perspective KEY TAKEAWAYS Key Points Domestic marketing strategies are increasingly limited to small- and medium-sized companies in niche markets.… Read More »global marketing strategies

Influence on the Entire Supply Chain Marketing can play a key role in integrating supply chain processes and promoting collaboration between different stakeholders. LEARNING OBJECTIVES Show the impact that marketing has on supply chains, both operational and marketing types KEY TAKEAWAYS Key Points Supply chains are crucial functions that allow brands to translate customer demand… Read More »Marketing can play a key role in integrating supply chain processes and promoting

The Importance of Marketing Societal Role and Nonprofits Non-profit marketing focuses on goals in education, youth development, environmental protection, healthcare, poverty and spirituality. LEARNING OBJECTIVES Identify, from a marketing perspective the societal role of non-profit organizations as stand alone organizations and in collaboration with for profit companies, and how a marketing message can be used… Read More »The Importance of Marketing

The Development of Value-Driven Firms The values of an organization are just as important as the products they sell; having a strong value driven culture is important. LEARNING OBJECTIVES Demonstrate how information guides companies to develop value driven marketing plans and approaches KEY TAKEAWAYS Key Points For a long time, the sole purpose of a… Read More »The Development of Value-Driven Firms

Value-Based Marketing Competition Based on Value Value-based marketing allows organizations to create and sustain differentiating values that enable them to compete within their markets. LEARNING OBJECTIVES State what is important when shifting to a competition based on value marketing perspective KEY TAKEAWAYS Key Points For a firm to deliver value to its customers, they must consider what… Read More »Value-Based Marketing

Branding Concepts and Techniques Proper branding can result in higher sales of not only one product, but on products associated with the brand as well. For example, if a customer loves Pillsbury biscuits, he or she is more likely to try other products offered by the company. Some people distinguish the psychological aspect of a… Read More »Branding Concepts and Techniques

Branding A brand is a name, term, design, symbol, or any other feature that identifies a seller’s good or service. LEARNING OBJECTIVES Review the history of branding, the types, why it is necessary and how it impacts the buyer KEY TAKEAWAYS Key Points Brands in the field of mass- marketing originated in the 19th century… Read More »Branding

Social Marketing Social marketing is the systematic application of marketing to achieve specific behavioral goals for a social good. LEARNING OBJECTIVES Define the concept of social marketing, its application and impact on society KEY TAKEAWAYS Key Points Social marketing can be applied to promote merit goods – or to make a society avoid demerit goods… Read More »Social Marketing

Business Marketing Business marketing is the practice of organizations facilitating the sale of their products or services to other companies or organizations. LEARNING OBJECTIVES Differentiate the characteristics of business marketing from consumer marketing KEY TAKEAWAYS Key Points Demand in business markets exists only because of another demand somewhere in the consumer market. The number of… Read More »Business Marketing

Contemporary Relationship Marketing Relationship Marketing and Management Relationship marketing is a form of marketing that shifts focus away from sales transactions to emphasize customer satisfaction. LEARNING OBJECTIVES Illustrate the basis for and application of relationship marketing in the short and long term KEY TAKEAWAYS Key Points Relationship marketing is cross-functional, in that it is organized… Read More »Contemporary Relationship Marketing

Evolution of the Marketing Orientation Production Orientation Production orientation follows the premise that any product of high quality can be readily sold. LEARNING OBJECTIVES Demonstrate the characteristics of production orientation from an economic and marketing perspective KEY TAKEAWAYS Key Points Prior to the 1950s, the production orientation generally held true due to the growing numbers… Read More »Evolution of the Marketing Orientation

Adding Value Marketing adds value to an organization by communicating relevant positioning and building long-term customer relationships. LEARNING OBJECTIVES Analyze, from a marketing perspective, how the “value” of a business and the products sold is quantified and qualified KEY TAKEAWAYS Key Points Marketing is the science of choosing target markets through market analysis and market… Read More »Marketing Methods Used to Deliver Value

Marketing by Individuals and Firms Marketing by firms compared to marketing by individuals differs greatly in terms of customization level and personal attention. LEARNING OBJECTIVES Distinguish between the process used when deciding on marketing plan for a firm or organization and the process used for an individual KEY TAKEAWAYS Key Points The overall marketing strategy… Read More »Marketing by Individuals and Firms

The Dynamic Environment Since the business environment is constantly changing and customer preferences keep evolving, marketers are required to adapt rapidly. LEARNING OBJECTIVES Contrast the ever-evolving characteristics of a micro and macro marketing environments and how they apply to the proactivity, profitability and viability of a company KEY TAKEAWAYS Key Points The micro-environment includes the… Read More »The Marketing Environment

Relationship Building with Various Stakeholders The key to building a strong stakeholder relationship is communicating effectively with all stakeholders. LEARNING OBJECTIVES Diagram the relationship of stakeholders, both internal and external, to a company including proper methods of communication KEY TAKEAWAYS Key Points Stakeholders are involved in and/or affected (negatively or positively) by the outcome and… Read More »Relationship Building with Various Stakeholders

The Marketing Exchange The act of obtaining a desired object from someone by offering something of value in return is called the exchange process. LEARNING OBJECTIVES Examine the significant elements of the marketing exchange, when a  product or service is offered by a company to a customer in a sales transaction KEY TAKEAWAYS Key Points… Read More »The Marketing Exchange

SIVA: Solution, Incentive/Information, Value, and Access Customer-focused marketing is known as SIVA which provides a demand-centric alternative to the four P’s supply side of marketing management. LEARNING OBJECTIVES Reconstruct the “Four Ps” supply side model (product, price, placement and promotion ) to create “SIVA” (solution, information/incentives, value and access), a customer centric alternative KEY TAKEAWAYS… Read More »SIVA: Solution, Incentive Information, Value, and Access

Product, Placement, Promotion, and Price Product, placement, promotion, and price are four elements of the marketing mix crucial to determining a brand’s unique selling proposition. LEARNING OBJECTIVES Show the characteristics of each of the four elements, or “Four Ps” that make up the “marketing mix. KEY TAKEAWAYS Key Points The term ” product ” is… Read More »Product, placement, promotion, and price are four elements of the marketing mix

Customer Wants and Needs Consumer wants and needs should drive marketing decisions, and no strategy should be pursued until it passes the test of consumer research. LEARNING OBJECTIVES Identify how customers fulfill their wants and needs from a marketing perspective KEY TAKEAWAYS Key Points A need is a consumer ‘s desire for a product ‘s or service… Read More »Customer Wants and Needs & marketing decisions

The Role of Marketing within A Firm The official American Marketing Association definition published in July 2013 defines marketing as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. ” While this definition can help us better comprehend the… Read More »The Role of Marketing within A Firm

Introduction to Marketing Defining Marketing Marketing is the creation, communication, and delivery of value, as well as the management of customer relationships for a lifetime. LEARNING OBJECTIVES Define marketing, its role within a firm, and the competitive advantages it offers. KEY TAKEAWAYS Key Points The set of engagements necessary for successful marketing management includes capturing… Read More »Introduction to Marketing

Looking to open up a new business? In need of an high-potential low-investment new business ideas? Whether you want a more flexible lifestyle, out of work, or looking to earn top dollar, be sure to scan through our 2019 business ideas list. Looking for a no-capital home business to make a little cash on the side? View our… Read More »50 Business Ideas To Start in 2019

What is a business? An entity or an enterprise that is committed to providing goods or services in exchange for some form of payment. In its most basic form, to do “business” is to make a living through commerce. Types of Businesses  Service Business A business whose output/product is not an actual physical or tangible… Read More »PROFITABLE SMALL BUSINESS IDEAS & OPPORTUNITIES

  Introduction to Marketing introduction to marketing the role of marketing within a firm customer wants and needs marketing decisions product placement promotion and price are four elements of the marketing mix siva solution incentive information value and access the marketing exchange relationship building with various stakeholders the marketing environment marketing by individuals and firms… Read More »Marketing communication Strategies and Planning

    Module 1: What Is Marketing? Why It Matters: What Is Marketing? Introduction to Marketing Marketing Defined Introduction to Marketing in Action Marketing in Action Introduction to the Marketing Concept The Marketing Concept Introduction to Marketing and Customer Relationships Marketing and Customer Relationships Introduction to the Way Organizations Use Marketing How Organizations Use Marketing… Read More »Effective marketing techniques

    Introduction to Business What Is a Business? The Business Environment Trends in American Business Introduction to Entrepreneurship Learning Business Topics Economics and Business Introduction to Economic Systems Businesses Under Capitalist Systems Measuring Economic Performance Businesses Under Socialist Systems Businesses Under Communist Systems Businesses under Mixed Economic Systems Organizational Structure Defining an Organization Components… Read More »Small Business and Entrepreneurship

Social Media is the future of communication – a countless array of internet based tools and platforms that increase and enhance the sharing of information. This new media makes the transfer of text, photos, audio, video and information in general increasingly fluid among internet users. Social Media has relevance not only for regular internet users,… Read More »What is Social Media?

Whether you need a business plan to raise capital, entice the participation of a prospective partner, or to engage management to achieve far-reaching goals, you can’t go wrong with an Investor-Quality Business Plan. Even if it never sees the eyes of an Investor, the rigor that it requires will align your business with the ultimate Investor ‘litmus test’. Investors… Read More »Business Plan Benefits

Are you in need of a new or revitalized business plan? I specialize in helping entrepreneurs and business owners in the following areas: Business plan creation, Business plan revitalization, Financial forecasts, and Pitch decks (investor presentations) Business Plans that Deliver. And Deliver. We don’t have an ultimate business plan template that can be all things… Read More »Business Planning

Appendix A – Business Plan Development Checklist and Project Planner Essential Initial Research Societal Level Apply a PESTEL analysis to learn about the overall factors that might affect your business concept Industry Level Apply a Porter’s (1985) Five Forces Model analysis to examine the particular industry in which you intend to operate Market Level Apply… Read More »Business Plan Development Checklist and Project Planner

Chapter 8 – The Business Plan Pitch Learning Objectives After completing this chapter, you will be able to Deliver an effective business plan pitch Overview Writing a good business plan will only get an entrepreneur so far. To achieve their goals, they must be prepared to pitch their plan effectively to targeted investors and other potential stakeholders.… Read More »The Business Plan Pitch

Chapter 7 – Finishing the Business Plan Learning Objectives After completing this chapter, you will be able to Develop the final draft of the business plan Overview The previous stages of business plan development focused on helping the business plan writer (1) start on the plan, (2) develop a reasonably complete and comprehensive first draft… Read More »Finishing the Business Plan

Chapter 6 – Making the Plan Appeal to Stakeholders and Desirable to the Entrepreneur Learning Objectives After completing this chapter, you will be able to Develop the third draft of the business plan by applying revision methods to further improve the realism of the second draft while also making it desirable to the entrepreneur and appealing to targeted investors Describe the… Read More »Making the Plan Appeal to Stakeholders and Desirable to the Entrepreneur

Chapter 5 – Making the Business Plan Realistic Learning Objectives After completing this chapter, you will be able to Develop the second draft of the business plan by applying revision methods to improve the realism of the first draft Overview A first draft of a business plan will inevitably be unrealistic for a host of… Read More »Making the Business Plan Realistic

Chapter 4 – Initial Business Plan Draft Learning Objectives After completing this chapter, you will be able to Develop a comprehensive business plan draft Overview This chapter describes an approach to writing your draft business plan. It also outlines the elements of a comprehensive business plan that can be used as a template for starting… Read More »Initial Business Plan Draft

Chapter 3 – Business Models Learning Objectives After completing this chapter, you will be able to Describe what a business model is Analyze existing and proposed businesses to determine what business models they are applying and what business models they plan to apply Develop and analyze alternative business models for new entrepreneurial ventures Overview In… Read More »Business Models

Chapter 2 – Essential Initial Research Learning Objectives After completing this chapter, you will be able to Apply analytical skills to assess how the nature of the entrepreneurial environment can influence entrepreneurial outcomes Apply the right tools to do impactful analyses at each of the societal, industry, market, and firm levels to evaluate entrepreneurial and… Read More »Essential Initial Research

Chapter 1 – Developing a Business Plan Learning Objectives After completing this chapter, you will be able to Describe the purposes for business planning Describe common business planning principles Explain common business plan development guidelines and tools List and explain the elements of the business plan development process Explain the purposes of each element of… Read More »Developing a Business Plan

Business Plan Development Guide   Main Body Chapter 1 – Developing a Business Plan Chapter 2 – Essential Initial Research Chapter 3 – Business Models Chapter 4 – Initial Business Plan Draft Chapter 5 – Making the Business Plan Realistic Chapter 6 – Making the Plan Appeal to Stakeholders and Desirable to the Entrepreneur Chapter… Read More »Business Plan Development Guide

Service Marketing Mix Extended Marketing Mix Introduction In this article we discuss how the marketing mix for marketing a service is different to selling a product. If you would like to revisit the characteristics of a service click here. characteristics of a service Just like the marketing mix of a product the service marketing mix comprises… Read More »Service Marketing Mix

Chapter 16-Appendix: A Sample Business Plan The following business plan for Frank’s All-American BarBeQue was built using Business Plan Pro software. It is for the purpose of illustration and does not represent the full capabilities of the software. 16.1 Executive Summary Frank’s All-American BarBeQue has operated for decades in the southern Connecticut shore region. With a… Read More »A Sample Business Plan

14.4 Exit Strategies LEARNING OBJECTIVES Understand the importance of an exit strategy. Explain the exit strategies that a small business can consider. The most emotional topic a small business owner will face while building a business—and the hardest decision to make—is when and how to exit the business. This very personal decision should be considered while… Read More »Exit Strategies

14.3 Escapes: Getting Out of the Business LEARNING OBJECTIVES Identify the situations in which an owner may choose to get out of business. Identify and understand the situations that may lead to being forced out of business. Understand the resources that can help an owner make a decision. There are many reasons why an owner might… Read More »Escapes: Getting Out of the Business

14.2 Disaster Assistance LEARNING OBJECTIVE Learn about the sources of disaster assistance for the physical and/or economic losses of small business. Do not assume that all small businesses will qualify for disaster loan assistance or that insurance will cover the costs of all losses. A small business owner may have to depend on other forms of… Read More »Disaster Assistance

14.1 Icebergs LEARNING OBJECTIVES Understand the kinds of disasters that can face a small business. Understand why disaster planning is important to a small business. Describe the process of disaster planning. Describe the sources of disaster assistance for small businesses. A natural or a man-made disaster is but the tip of the iceberg. Planning for the… Read More »Icebergs

Chapter 14-Icebergs and Escapes SoBe Source: Used with permission from John Bello. John Bello and Tom Schwalm founded SoBe Beverages in Norwalk, Connecticut, in 1996. The name is an abbreviation of South Beach, the well-known upscale area in Miami, Florida. John describes SoBe as playfully irreverent, having brand equity with meaning, a cult brand that… Read More »Icebergs and Escapes

13.5 Personnel Efficiency LEARNING OBJECTIVES Understand the importance of meetings. Understand why meetings fail. Understand the importance of an agenda. Learn about behavioral issues in meetings. If you had to identify, in one word, the reason why the human race has not achieved, and never will achieve, its full potential, that word would be “meetings.”“Wanderings: Dave… Read More » Personnel Efficiency

13.4 Going Lean LEARNING OBJECTIVES Understand the basic logic of lean thinking. Understand the sources of waste for a manufactured product. Understand the sources of waste for a service. Learn about the five Ss of lean. Waste is worse than loss. The time is coming when every person who lays claim to ability will keep the… Read More »Going Lean

13.3 Organizational Efficiency LEARNING OBJECTIVES Understand the eight dimensions of product quality. Understand the five dimensions of service quality. Learn about the Deming philosophy of quality management. Learn about the fundamentals of Six Sigma quality management. When considering effectiveness or efficiency improvements on an organizational level, one generally thinks in terms of programs: projects with some… Read More »Organizational Efficiency

13.2 Creativity LEARNING OBJECTIVES Understand the three fundamental innovation strategies. Understand what supports creativity in individuals and businesses. Learn what may repress creativity in individuals. Learn about some tools that may help individuals and organizations become more creative. Money never starts an idea; it is the idea that starts the money.“Owen Laughlin Quotes,” Searchquotes, accessed February 4,… Read More »Creativity

13.1 Personal Efficiency and Effectiveness LEARNING OBJECTIVES Recognize the difference between effectiveness and efficiency. Understand the differences among first-, second-, third-, and fourth-generation time-management systems. Learn how using an activity log to see how time is spent. Learn the dos and don’ts of time management. Open any basic management textbook, and there will always be a… Read More »Personal Efficiency and Effectiveness

Chapter 13 The Search for Efficiency and Effectiveness Carrot Creative Source: Used with permission from Carrot Creative. The small in small business refers only to the number of employees or the volume of sales. It seldom refers to the level of enthusiasm, the amount of creativity, or the ability to innovate. A great example of this is… Read More »The Search for Efficiency and Effectiveness

12.4 People LEARNING OBJECTIVES Understand the complexities of hiring, retaining, and terminating employees. Be aware of the laws that apply to businesses of all sizes and specifically to small businesses of certain sizes. Understand outsourcing: what it is; when it is a good idea; and when it is a bad idea. Describe ways to improve office… Read More »People

12.3 Legal Forms of Organization for the Small Business LEARNING OBJECTIVES Understand the different legal forms that a small business can take. Explain the factors that should be considered when choosing a legal form. Understand the advantages and disadvantages of each legal form. Explain why the limited liability company may be the best legal structure for… Read More »Legal Forms of Organization for the Small Business

12.2 Organizational Design LEARNING OBJECTIVES Understand why an organizational structure is necessary. Understand organizational principles. Explain the guidelines for organizing a small business. Describe the different forms of organizational structure and how they apply to small businesses. Organizing consists of grouping people and assigning activities so that job tasks and the mission of a business can be… Read More »Organizational Design

12.1 Principles of Management and Organization LEARNING OBJECTIVES Understand the functions of management. Explain the three basic leadership styles. Explain the three basic levels of management. Understand the management skills that are important for a successful small business. Understand the steps in ethical decision making. All small businesses need to be concerned about management principles. Management… Read More »Principles of Management and Organization

Chapter 12-People and Organization Unnamed Publisher Source: Used with permission from Unnamed Publisher. The idea for Unnamed Publisher, the publisher of this book, started on a business trip to Chicago in 2006. Co-founders Jeff Shelstad and Eric Frank, who were both working at a large educational publisher at the time, decided they wanted to move away from… Read More »People and Organization

11.3 The Benefits and the Risks of Participating in a Supply Chain LEARNING OBJECTIVES Understand the major benefits to be derived from adopting a supply chain management system. Understand the challenges of creating such a system. Understand the technical and managerial risks associated with supply chain management. Recognize the benefits for a small business in adopting… Read More »The Benefits and the Risks of Participating in a Supply Chain

11.2 A Firm’s Role in the Supply Chain LEARNING OBJECTIVES Learn about the importance of developing new types of relationships with suppliers and customers. Businesses need to strive toward win-win scenarios with their supplier partners. Understand the need for accurate metrics to evaluate the performance of the supply chain management system. Developing New Relationships Game theory is… Read More »A Firm’s Role in the Supply Chain

11.1 The Supply Chain and a Firm’s Role in It LEARNING OBJECTIVES Understand what is meant by the term supply chain management. Understand the four components of supply chain management. Understand the “bullwhip” phenomenon. Recognize the benefits for a small business in adopting supply chain management. No man is an island, entire of itself.John Donne, “XVII. Meditation,” The… Read More »The Supply Chain and a Firm’s Role in It

Chapter 11-Supply Chain Management: You Better Get It Right R. W. Hine Source: Used with permission from R. W. Hine. No business—small, midsize, or large—survives for more than a century without successfully identifying changing customer needs and adapting its processes and technologies. The adoption of new technologies is not limited to advanced manufacturing or web-based… Read More »Supply Chain Management: You Better Get It Right

10.3 Financial Decision Making LEARNING OBJECTIVES Learn the importance of a breakeven analysis. Understand how to conduct a breakeven analysis. Understand the potential power and danger of financial leverage. Learn how changing financial leverage can affect measures of profitability, such as ROA and ROE. Learn how to use scenarios to evaluate the impact of various levels… Read More »Financial Decision Making

10.2 Financial Control LEARNING OBJECTIVES Learn about the importance of cultivating a relationship with a banker. Understand the elements of the CAMPARI approach to evaluating a loan. Relationships with Bank and Bankers One often hears the following standard complaint of small businesses: bankers lend money only to those businesses that do not need the money. The… Read More »Financial Control

10.1 The Importance of Financial Management in Small Business LEARNING OBJECTIVES Understand the difference between accounting and finance for small businesses. Understand the major activities of finance. Understand how finance can affect the selection of a business form. Understand the various sources that can be used to finance the start-up operations of a business. Understand what… Read More » The Importance of Financial Management in Small Business

Financial Management The Notch Store Source: Used with permission from Frank Salvatore. No small business, or for that matter no large business, becomes a landmark and community-gathering place overnight. It takes time along with some very sharp management skills. In the case of the Notch Store, a local legend in Cheshire, Connecticut, it took ninety… Read More »Financial Management

9.3 Financial Ratio Analysis LEARNING OBJECTIVES Understand why the numbers found on a balance sheet and an income statement may not be enough to properly evaluate the performance of a business. Understand the concept of financial ratios and the different categories of financial ratios. Acquire the ability to calculate financial ratios and interpret their meaning. One… Read More » Financial Ratio Analysis

9.2 Financial Accounting Statements LEARNING OBJECTIVES Understand what is measured on a balance sheet. Understand the term depreciation. Understand what goes on an income statement. Understand what is measured in a cash-flow statement. Appreciate the importance of forecasting when developing a cash-flow projection statement. It sounds extraordinary, but it’s a fact that balance sheets can make fascinating… Read More »Financial Accounting Statements

9.1 Understanding the Need for Accounting Systems LEARNING OBJECTIVES Understand why a basic knowledge of accounting is important for a small business. Understand the importance of selecting an accountant to enhance the overall operation of a business. Define the two major approaches to accounting systems: cash versus accruals. The older I get, the more interesting I… Read More »Understanding the Need for Accounting Systems

Chapter 9-Accounting and Cash Flow Simione Consultants LLC Source: Used with permission from Simione Consultants LLC. Health care is the largest single industry in the US economy. Currently, health care represents nearly 17 percent of the gross domestic product, encompassing nearly 600,000 establishments and employing more than 14 million people. The health-care industry covers an… Read More »Accounting and Cash Flow

8.2 The Marketing Plan LEARNING OBJECTIVE Understand the components of a marketing plan. Although there is no universally accepted format for a marketing plan, the requirements can be grouped into the seven sections identified in Figure 8.1 “The Marketing Plan”. The marketing plan can be a stand-alone document or a section of the business plan. If it… Read More »The Marketing Plan

8.1 The Need for a Marketing Plan LEARNING OBJECTIVES Understand why a small business should have a marketing plan. Understand the implications of not having a marketing plan. Let’s face it, as a small business owner, you are really in the business of marketing.John Jantsch, Duct Tape Marketing: The World’s Most Practical Small Business Marketing Guide (Nashville, TN:… Read More »The Need for a Marketing Plan

Chapter 8-The Marketing Plan The New Britain Rock Cats Source: Reprinted with permission from the New Britain Rock Cats official website: http://web.minorleaguebaseball.com/index.jsp?sid=t538. The New Britain Rock Cats were founded in 1983 in New Britain, Connecticut. They are the double-A minor league baseball affiliate of the Minnesota Twins major league baseball club, competing in the Eastern League.… Read More »The Marketing Plan

7.8 Marketing Strategy and Promotion LEARNING OBJECTIVES Understand the role of promotion in the marketing mix and its importance to a company. Understand the different ways that a small business can promote its products or services. Explain the differences and similarities in the marketing communications mix of online and onground businesses. Promotion, the fourth P in… Read More » Marketing Strategy and Promotion

7.7 Marketing Strategy and Place LEARNING OBJECTIVES Understand the role of place in the marketing mix and the importance of place to a company. Understand the different distribution strategies that a small business can follow. Explain the importance of logistics to small businesses. No matter how great a product or a service may be, customers cannot… Read More »Marketing Strategy and Place

7.6 Marketing Strategy and Price LEARNING OBJECTIVES Understand the role of price in the marketing mix and to a company. Understand the different pricing strategies that a small business can follow. Understand price-quality signaling and its importance to the pricing decision. Understand that the price of a product or a service lets customers know what to… Read More »Marketing Strategy and Price

7.5 Marketing Strategy and Product LEARNING OBJECTIVES Understand why product is the key element in the marketing mix. Identify the multiple decisions and considerations that factor into product or service development. Describe the three product layers and explain why small businesses should pay attention to them. Explain the importance of product design to marketing strategy. Understand… Read More »Marketing Strategy and Product

7.4 Differentiation and Positioning LEARNING OBJECTIVES Explain differentiation and positioning. Explain why differentiation and positioning are so important for an online marketing strategy and an onground marketing strategy. Understand that a successful differentiation strategy cannot be copied by competitors. Understand that there are many ways to differentiate a product or a service. Understand that successful positioning… Read More »Differentiation and Positioning

7.3 Segmentation and the Target Market LEARNING OBJECTIVES Explain segmentation and the target market. Explain why segmentation, the target market, differentiation, positioning, and website decisions are so important for a small business. Describe the marketing strategy decision areas for each element of the marketing mix. Whether market segments and target markets are selected on the basis… Read More »Segmentation and the Target Market

7.2 The Marketing Strategy Process LEARNING OBJECTIVES Describe the marketing strategy process. Explain why segmentation, target market, differentiation, positioning, and website decisions are so important for the small business. Describe the marketing strategy decision areas for each element of the marketing mix. The focus of this text is on the management of the small business that… Read More »The Marketing Strategy Process

7.1 The Importance of a Marketing Strategy LEARNING OBJECTIVES Understand how marketing for small businesses differs from marketing for big businesses. Understand the most significant risk factor facing small businesses. Explain marketing strategy and why it is so important for small businesses. Small-business marketing and big business marketing are not the same. The basic marketing principles… Read More »The Importance of a Marketing Strategy

Chapter 7-Marketing Strategy Elegant Touch Source: Used with permission from Anita Bruscino. Anita Bruscino, the sole proprietor of Elegant Touch, began her career as a mechanical engineer. She worked in her family’s manufacturing business until she and her father left because of too many factions in the company. This provided her with the opportunity to start… Read More »Marketing Strategy

6.3 Marketing Research LEARNING OBJECTIVES Understand and be able to explain what marketing research is all about. Explain why a small business should conduct marketing research and why many small businesses do not do it. Define and give examples of the two types of marketing research. Understand the marketing research process. Understand the costs of marketing… Read More »Marketing Research

6.2 The Customer LEARNING OBJECTIVES Explain the difference between a customer and a consumer. Understand the relationship between the customer/consumer and the marketing mix. Define the two types of customer markets. Understand the factors that contribute to consumer behavior. Describe the B2C and B2B buying processes. Understand the differences between B2C and B2B buying behavior. Define… Read More »The Customer

6.1 What Marketing Is All About LEARNING OBJECTIVES Define marketing. Explain why marketing is so important to small business. Explain the marketing concept, the societal marketing concept, and the holistic marketing concept. Define customer value and discuss the role of marketing and delivering it. Explain market segmentation, target market, marketing mix, differentiation, positioning, marketing environment, marketing… Read More »What Marketing Is All About

Chapter 6- Marketing Basics Max and Mina’s Homemade Ice Cream and Ices Source: Used with permission from Max and Mina’s Ice Cream. Growing up in the 1970s, Bruce and Mark Becker loved ice cream. Their Grandpa Max used to create all different kinds of ice cream for Grandma Mina and the boys to try. Grandpa… Read More »Marketing Basics

5.3 Building a Plan LEARNING OBJECTIVES Understand that before starting a business and before writing a formal plan, individuals should ask themselves some specific questions to see if they are ready for the challenges of small business ownership. Understand that any solidly written plan will require information about the competitive environment. There are many publicly available… Read More » Building a Plan

5.2 The Necessity for a Business Plan LEARNING OBJECTIVES Understand that the probability of running a successful business is significantly increased with a formal business plan. Understand that although many small business owners express reasons for not planning, they do themselves a great disservice by not having a formal plan. Understand that businesses that seek to… Read More » The Necessity for a Business Plan

The Business Plan Consolidated Industries’ Hammer Forge Source: Used with permission from Consolidated Industries. Consolidated Industries represents one of the thousands of small manufacturers that exist throughout the United States. It has been in business for more than sixty years, specializing in the forging of ferrous, nonferrous, and exotic materials. Its prime customer base has… Read More »The Business Plan

4.3 E-Commerce Technology LEARNING OBJECTIVES Explain what an e-commerce platform is. Discuss the importance of a CRM solution to a small business. Explain m-commerce and why small businesses should consider incorporating it into their e-commerce strategy. Explain the significance of Web 2.0 to a small business. As discussed in Chapter 1 “Foundations for Small Business”, digital technology… Read More »E-Commerce Technology

4.2 E-Commerce Operations LEARNING OBJECTIVES Explain the issues associated with whether a small business should buy or build its website. Explain some of the legal issues that are relevant to e-commerce. Discuss the need for an ethical website, particularly in terms of security, privacy, and trust. Explain why order fulfillment is such an important part of… Read More »E-Commerce Operations

4.1 E-Business and E-Commerce: The Difference LEARNING OBJECTIVES Define e-business and e-commerce and explain the difference between them. Understand that there are several different types of e-commerce and that a business can be engaged in more than one type at the same time. Explain what a business model is and why the model that is selected… Read More »E-Business and E-Commerce: The Difference

Chapter 4- E-Business and E-Commerce Vermont Teddy Bear Company Source: Used with permission from Vermont Teddy Bear. In 1980, John Sortino got the idea for making teddy bears. He was playing with his young son, Graham, and noticed that none of Graham’s 38 stuffed animals was made in the United States. This inspired John to… Read More »E-Business and E-Commerce

3.2 Family Business Issues LEARNING OBJECTIVE Explain why communication, employing family and nonfamily members, professional management, employment qualifications, salaries and compensation, succession, and ethics are important issues for all family businesses. Looking at the vision and hard work of the founders, family businesses “take on their unique character as new members of the family enter the… Read More »Family Business Issues

Family Businesses Westbrook Lobster Source: Used with permission, Michael Larivere, manager, Westbrook Lobster, Wallingford, CT. In 1957, Westbrook Lobster opened in Westbrook, Connecticut, as a specialized lobster and fish market. As time went on, the company expanded to offer a comprehensive range of fish, shrimp, and prepared foods. In 1989, Larry Larivere, who grew up… Read More »Family Businesses

2.4 The Three Threads LEARNING OBJECTIVES Understand that providing customer value can have a tremendous positive impact on a firm’s cash flow. Understand that determining customer value is critical to the survival of any business. Customer relationship marketing software, which previously was available only to the largest firms, is now priced so that even small firms… Read More »The Three Threads

2.3 Sources of Business Ideas LEARNING OBJECTIVES Understand that creativity and innovation are critical for small businesses. Realize that innovation need not be limited to the creation of new products and services. It may involve seeing new uses for a product, new ways of packaging a product, or new ways of marketing a product. Understand that… Read More »Sources of Business Ideas

2.2 Knowing Your Customers LEARNING OBJECTIVES Understand that in order to provide customer value, firms must be able to listen to the voice of the customer. Comprehend that businesses must attempt to identify those customers’ needs that are not being met by competitors. Understand that businesses should segment their customers to better meet their needs. Understand… Read More »Knowing Your Customers

Chapter 2-Your Business Idea: The Quest for Value Cheshire Package Store Source: Used with permission from Robert Brown. Robert Brown has been the owner and operator of the Cheshire Package Store for 25 years. It is one of several liquor stores in this town of 25,000 people. Some of his competitors are smaller or approximately… Read More »Your Business Idea: The Quest for Value

What Is a Successful Small Business? Ask the average person what the purpose of a business is or how he or she would define a successful business, and the most likely response would be “one that makes a profit.” A more sophisticated reply might extend that to “one that makes an acceptable profit now and… Read More »Foundations for Small Business

Chapter 1: Foundations for Small Business Chapter Introduction Small Business in the US Economy Success and Failure in Small Businesses Evolution Ethics The Three Threads Chapter 2: Your Business Idea: The Quest for Value Chapter Introduction Defining the Customer’s Concept of Value Knowing Your Customers Sources of Business Ideas The Three Threads Chapter 3: Family… Read More »Small Business Management

Introduction Every company designs strategic plans to achieve their set objectives and goals. These plans can be short, medium, or long-term, according to the size and scope of the company. It is very important that the company specifies accurately and carefully its mission. The mission is fundamental since it represents the operative functions that the… Read More »Strategic Marketing Plan

Chapter 10 – The Entrepreneurial Environment Entrepreneurs adopt the ways of the adept and adapt to a changing environment. Actually, entrepreneurs are more entrepreneurs, because they are forever entering into new territory. – Jarod Kintz Entrepreneurship rests on a theory of economy and society. The theory sees change as normal and indeed as healthy. And… Read More »The Entrepreneurial Environment

Chapter 9 – Innovation and Entrepreneurship While the idea of the entrepreneur and entrepreneurship has evolved to include the attributes of innovation, opportunity discovery (or construction) and value creation, my sense of the basic gist of the term continues to focus on this facet of human behavior: initiative taking. The process of entrepreneurship invariably involves… Read More »Innovation and Entrepreneurship

Chapter 8 – Strategic Entrepreneurship However beautiful the strategy, you should occasionally look at the results. – Winston Churchill Strategy is about making choices, trade-offs; it’s about deliberately choosing to be different. – Michael Porter All men can see these tactics whereby I conquer, but what none can see is the strategy out of which… Read More »Strategic Entrepreneurship

Chapter 7 – Business Set-Up, Start-Up, and Growth Twenty years from now you will be more disappointed by the things that you didn’t do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover. – Mark Twain… Read More »Business Set-Up, Start-Up, and Growth

Chapter 6 – Financing Entrepreneurship Money is like gasoline during a road trip. You don’t want to run out of gas on your trip, but you’re not doing a tour of gas stations. – Tim O’Reilly, founder and CEO of O’Reilly Media Chase the vision, not the money; the money will end up following you.… Read More »Financing Entrepreneurship

Chapter 5 – Business Planning Business planning is an important precursor to action in new ventures. By helping firm founders to make decisions, to balance resource supply and demand, and to turn abstract goals into concrete operational steps, business planning reduces the likelihood of venture disbanding and accelerates product development and venture organizing activity. –… Read More »Business Planning

Chapter 4 – Business Models A startup is a temporary organization in search of a scalable, repeatable, profitable business model. – Blank and Dorf (2012, p. xvii) Today countless innovative business models are emerging. Entirely new industries are forming as old ones crumble. Upstarts are challenging the old guard, some of whom are struggling feverishly… Read More »Business Models

Chapter 3 – Evaluating Entrepreneurial Opportunities Since idea generation and screening are relatively less costly stages in the new product development process (in terms of investment in funds, time, personnel, and escalation of commitment), it makes sense to manage the process in the most efficient and effective manner for the organization. – Rochford (1991, p.… Read More »Evaluating Entrepreneurial Opportunities

Chapter 2 – Opportunity Recognition and Design Thinking Entrepreneurs see ways to put resources and information together in new combinations. They not only see the system as it is, but as it might be. They have a knack for looking at the usual and seeing the unusual, at the ordinary and seeing the extraordinary. Consequently,… Read More »Opportunity Recognition and Design Thinking

Chapter 1 – Introduction to Entrepreneurship Whilst there is no universally accepted definition of entrepreneurship, it is fair to say that it is multi-dimensional. It involves analyzing people and their actions together with the ways in which they interact with their environments, be these social, economic, or political, and the institutional, policy, and legal frameworks… Read More »Introduction to Entrepreneurship

Main Body Chapter 1 – Introduction to Entrepreneurship Chapter 2 – Opportunity Recognition and Design Thinking Chapter 3 – Evaluating Entrepreneurial Opportunities Chapter 4 – Business Models Chapter 5 – Business Planning Chapter 6 – Financing Entrepreneurship Chapter 7 – Business Set-Up, Start-Up, and Growth Chapter 8 – Strategic Entrepreneurship Chapter 9 – Innovation and… Read More »Entrepreneurship and Innovation

You figure your product should be just as appealing to Asian Americans, Hispanics and African Americans as it is to mainstream customers. Yet few people from these ethnic groups walk through your doors. Bottom line: You’re missing out on business that could amount to impressive numbers. Research your target market Multicultural marketing will pay off… Read More »Multicultural Marketing

Even if you’ve already got a marketing strategy and an advertising budget, you still need a public relations plan to help your business grow. This Quick-Read includes basic and creative tips for designing your PR campaign. OVERVIEW [top] Public relations (PR) involves activities that promote a positive image, foster goodwill or increase sales. You might engage… Read More »Launching a PR Campaign

 Advertising In one sense, advertising is old-fashioned. It has a long, storied history as a device to sell products. But the way we write and deliver ads today barely resembles the classic print, radio and TV pitches of the past. Advertising is any paid form of nonpersonal communication about a company, product, service or idea… Read More » Advertising and Promotional Channels

UNDERSTANDING THE MAIN COMMUNICATION CHANNELS Advertising. Advertising is any paid form of media communication. This includes print ads in magazines, trade journals and newspapers, radio and TV announcements, Web-based visibility-building, and billboards. Advertising is a nonpersonal promotional activity because the seller has no direct contact with the potential customer during the communication process. Sales Promotions. In-store demonstrations,… Read More »UNDERSTANDING THE MAIN PROMOTIONAL MIX COMMUNICATION CHANNELS 

WHY YOU NEED A PROMOTIONAL MIX If you deliver your message in many different ways, you increase your odds of reaching your target market. Hundreds of messages a day bombard your target market, but only a select few penetrate their consciousnesses. Of those, an even smaller percentage eventually lead them to act. You may want… Read More »WHY YOU NEED A PROMOTIONAL MIX

You drive sales by promoting the benefits of your company’s goods or services to pools of potential buyers. The ways you promote your organization will largely determine whether you successfully plant the right messages in the minds of your target audience. This module explains how you can establish a promotional mix best suited to your… Read More »How to Promotional Mix Work

One of the most ancient techniques of marketing, personal selling was widely used when large scale production was unknown and the market size was limited. But even today, personal selling could an effective tool for companies to target individual prospects more specifically. The American Marketing Association defines personal selling as an “oral presentation in a… Read More »Personal selling – when and how Work

General Discussion Instructions You are required to post to this discussion THREE TIMES, on THREE DIFFERENT DAYS. Please refer to the Discussion Grading Rubric for details regarding how your performance will be assessed. NOTE: Please be certain to read the entire discussion assignment since in some cases there is more than one question you need to discuss,… Read More »Marketing Mix

Putting It Together: Marketing Mix Synthesis In this chapter you have seen how businesses use the marketing mix to gain market share, enhance the value of their brand, and attract and retain customers in order to increase revenue and profit. Let’s take a final look at this from the perspective of the most valuable brand in… Read More »Putting It Together: Marketing Mix

Advantages and Disadvantages of Guerrilla Marketing Guerrilla marketing has several notable advantages. It can be inexpensive to execute—it’s often much cheaper than traditional advertising when you consider the number of impressions and amount of attention generated. It encourages creativity and inventiveness, since the goal is to create something novel and original. Guerrilla marketing is about buzz:… Read More »Advantages and Disadvantages of Guerrilla Marketing

Guerrilla Marketing Tactics: The Usual Suspects As you saw in the example of the lamppost transformed into a McDonald’s coffeepot, all kinds of spaces and urban environments present opportunities for the guerrilla marketer. In fact, guerrilla marketing initiatives can be executed offline or online. Some companies feel that an edgy, unexpected online campaign with creative guerrilla… Read More »Guerrilla Marketing Tactics: The Usual Suspects

When to Use Guerrilla Marketing This edgy marketing approach focuses on two goals: 1) get media attention, and 2) make a positive and memorable connection with your target audience. Many noteworthy guerrilla campaigns, like Nike Livestrong, focus on creating an experience that embodies the spirit of the brand. Often these projects invite people who encounter the campaign to… Read More »When to Use Guerrilla Marketing

Telltale Signs of Guerrilla Marketing Guerrilla marketing campaigns can be very diverse in their approach and tactics. So what do they have in common? Guerrilla marketing often has the following characteristics: It’s imaginative and surprising, but in a very hip or antiestablishment way Doesn’t resemble a traditional marketing initiative, such as a straightforward print or TV… Read More »Telltale Signs of Guerrilla Marketing

Guerrilla Marketing Thinking Outside the Box Guerrilla marketing is a relatively new marketing strategy that relies on unconventional, often low-cost tactics to create awareness of and goodwill toward a brand, product, service, or even a company. The term “guerrilla marketing” itself comes from Jay Conrad Levinson, who coined the term in his 1984 book Guerrilla Advertising.… Read More »Guerrilla Marketing

Advantages and Disadvantages of Social Media Marketing The advantages and benefits of social media marketing focus heavily on the two-way and even multidirectional communication between customers, prospects, and advocates for your company or brand. By listening and engaging in social media, organizations are better equipped to understand and respond to market sentiment. Social media helps organizations identify… Read More »Advantages and Disadvantages of Social Media Marketing

Common Social Media Marketing Tools What’s hot in social media is a moving target, but the following table provides a listing and description of primary social media platforms. Tool Description Blogs Long- or short-form medium for communicating with audiences YouTube Video-hosting social media site Twitter Short-form (140 character) “microblogging” medium that is intended for text… Read More »Common Social Media Marketing Tools

How Social Media Marketing Works Organizations have opportunities to engage in social media for marketing purposes in several ways: paid, earned, and owned social media activity. Paid: Paid social media activity includes advertisements on social media (placed in various locations), sponsored posts or content, and retargeting advertisements that target ads based on a consumer’s previous actions. This type of… Read More »How Social Media Marketing Works

Digital Marketing: Social Media Social Media Marketing Social media marketing is the use of online applications, networks, blogs, wikis, and other collaborative media for communicating brand messaging, conducting marketing, public relations, and lead generation. Social media are distinctive for their networking capabilities: they allow people to reach and interact with one another through interconnected networks. This “social” phenomenon… Read More »Digital Marketing: Social Media

Advantages and Disadvantages of SEO and Content Marketing Internet search is a fact of life in the modern world. It is a critical tool for customer decision making in B2B and B2C markets. Practicing the basic tenets of SEO helps an organization get into the search-engine fray. When marketers do it skillfully, they can easily track the… Read More »Advantages and Disadvantages of SEO and Content Marketing

How Content Marketing Works There is a popular saying among digital marketers: “Content is king.” Good content attracts eyeballs, while poor content does not. Content marketing is based on the premise that marketers can use Web content as a strategic asset to attract attention and drive traffic of target audiences. As a marketer, part of your job… Read More »How Content Marketing Works

Search-Engine Optimization and Content Marketing Search-engine optimization (SEO) is the process of using Internet search engines, such as Google, Bing, and Yahoo, to gain notice, visibility, and traffic from people conducting searches using these tools. SEO works in lockstep with content marketing, which takes a strategic approach to developing and distributing valuable content targeted to… Read More »Search-Engine Optimization and Content Marketing

Advantages and Disadvantages of Web-Site Marketing Web sites have so many advantages that there is almost no excuse for a business not to have one. Effective Web-site marketing declares to the world that an organization exists, what value it offers, and how to do business. Web sites can be an engine for generating customer data… Read More »Advantages and Disadvantages of Web-Site Marketing

Web-Site Marketing Web sites represent an all-in-one storefront, a display counter, and a megaphone for organizations to communicate in the digital world. For digital and bricks-and-mortar businesses, Web sites are a primary channel for communicating with current and prospective customers as well as other audiences. A good Web site provides evidence that an organization is real,… Read More »Web-Site Marketing

Digital Marketing: Web Sites Inform, Entice, Engage Digital marketing is an umbrella term for using a digital tools to promote and market products, services, organizations and brands. As consumers and businesses become more reliant on digital communications, the power and importance of digital marketing have increased. The direct marketing section of this chapter already discussed… Read More »Digital Marketing: Web Sites

Advantages and Disadvantages of Direct Marketing All this data-driven direct marketing might seem a little creepy or even nefarious, and certainly it can be when marketers are insensitive or unethical in their use of consumer data. However, direct marketing also offers significant value to consumers by tailoring their experience in the market to things that… Read More »Advantages and Disadvantages of Direct Marketing

Direct Marketing in Action How does this work in practice? If you’ve ever paid off an auto loan, you may have noticed a torrent of mail offers from car dealerships right around the five-year mark. They know, from your credit history, that you’re nearly done paying off your car and you’ve had the vehicle for… Read More »Direct Marketing in Action

The Key to Effective Direct Marketing The effectiveness of direct marketing activity depends on marketers using databases to capture the information of target customers and the use of this information to extend ever-more-personalized offers and information to consumers. Databases record an individual’s residence, geography, family status, and credit history. When a person moves or makes a… Read More »The Key to Effective Direct Marketing

Direct Marketing Going Straight to the Customer Direct marketing activities bypass any intermediaries and communicate directly with the individual consumer. Direct mail is personalized to the individual consumer, based on whatever a company knows about that person’s needs, interests, behaviors, and preferences. Traditional direct marketing activities include mail, catalogs, and telemarketing. The thousands of “junk mail” offers from… Read More »Direct Marketing

Advantages and Disadvantages of Personal Selling The most significant strength of personal selling is its flexibility. Salespeople can tailor their presentations to fit the needs, motives, and behavior of individual customers. A salesperson can gauge the customer’s reaction to a sales approach and immediately adjust the message to facilitate better understanding. Personal selling also minimizes wasted effort.… Read More »Advantages and Disadvantages of Personal Selling

When to Use Personal Selling Not every product or service is a good fit for personal selling. It’s an expensive technique because the proceeds of the person-to-person sales must cover the salary of the sales representative—on top of all the other costs of doing business. Whether or not a company uses personal selling as part of… Read More »When to Use Personal Selling

Common Personal Selling Techniques Common personal selling tools and techniques include the following: Sales presentations: in-person or virtual presentations to inform prospective customers about a product, service, or organization Conversations: relationship-building dialogue with prospective buyers for the purposes of influencing or making sales Demonstrations: demonstrating how a product or service works and the benefits it… Read More »Common Personal Selling Techniques

Personal Selling Personal Selling: People Power Personal selling uses in-person interaction to sell products and services. This type of communication is carried out by sales representatives, who are the personal connection between a buyer and a company or a company’s products or services. Salespeople not only inform potential customers about a company’s product or services, they also use their… Read More »Personal Selling