ENTRE 122: FINAL EXAM REVIEWER

DEFINITION OF MARKETING
MARKETING is the process by which a product or service is introduced and promoted to potential customers.
MARKETING STRATEGY is simply a clear statement on how a business intends to present a product to the public,
taking into account the target audience, product benefits and marketing methods.
THE 7Ps OF MARKETING:
1. Product
2. Prices
3. Promotion
4. Place
5. Packaging
6. Positioning
7. People
DEVELOPING MARKETING STRATEGIES:
1. Define the Unique Selling Proposition (USP) for the company.
2. Describe the targeted audience for the product.
3. Define the product in detail.
4. Create a pricing strategy for the product.
5. Identify the place where the product will be marketed.
6. Define the promotional techniques that you will use for the product.
MARKETING MIX is the combination of factors that can be controlled by a company to influence consumers to purchase
its products.
4Ps OF MARKETING MIX
1. PRODUCT means the goods-and-services or combination that the company offers to the target market.
2. PRICE is the amount the consumer must exchange to receive a product or service.
3. PLACE includes company activities that make the product available to target consumers.
4. PROMOTION includes all of the activities to inform consumers about the products and to encourage potential
customers to buy these products.

BRANDING: DEVELOP A BRAND NAME

BRAND NAME is a name, term, design, symbol, or other feature that distinguishes an organization or product from its
rivals in the eyes of the customer.

COMMON BRAND-NAMING OPTIONS:

 Use the founder or inventor’s name (Hewlett-Packard)
 Describe what you do (Southwest Airlines)
 Describe an experience or image (Sprint)
 Take a word out of context (Apple)
 Make up a word (Google)

4Ms OF OPERATION
 METHOD: A particular form of procedure for accomplishing or approaching something, especially a systematic
or established one.
 MANPOWER: The number of people working or available for work or service.
 MACHINE: An apparatus using or applying mechanical power and having several parts, each with a defined
function and together performing a particular task.
 MATERIALS: The matter from which a thing is or can be made.
4Ms + 1: The 4Ms plus Management
 MANAGEMENT: The process of reaching organizational (Business) goals by working with people and
organizational resources. The act where the four Ms of operation is handled and controlled/manipulated.
BUSINESS PLAN
A formal statement (document) that describes in detail how a business will reach its goal. This also gives an overview of
the operational and financial managements which enables the business to attain its goals.
COMPONENTS OF BUSINESS PLAN:
1. EXECUTIVE SUMMARY is a concise overview of the business plan. This part allows the reader to learn more
about the company or business.
Executive Summary includes:
 Business name and location
 Products and/or services offered
 Mission and vision statements
 The specific purpose of the plan (to secure investors, set strategies, etc.)
2. COMPANY DESCRIPTION is the part that views and explains the following:
 Legal structure of business (corporation, sole proprietorship. etc.)
 The nature of business
 Overview of products/service, customers and suppliers
 Summary of company growth including financial highlights
 Summary of short- and long-term business goals
3. MARKET ANALYSIS is the part that shows the industry knowledge and conclusions based on through market
research. This part must give a full details about the following:
 The Market Needs
 The Market Trends
 Market Size and Growth
 Evaluation of your competitors
4. ORGANIZATION AND MANAGEMENT STRUCTURE is the outline of your company’s staff and/or
employees. This part composed of:
 Organizational chart (departmental, over-all)
 Employee Profiles
5. PRODUCTS OR SERVICES PROVIDED is the part that clearly describes what the company offers (products),
with a focus on the customers benefits. In General, this section should include:
 A detailed description of your product
 Product advantages over competitors
 Unique Selling Propositions
6. MARKETING PLAN summarizes your sales and marketing strategies, and how you’ll implement them with an
operating plan. This part clearly explains and discusses:
 Pricing
 Promotions
 Distributions
7. FINANCIAL PLAN AND PROJECTIONS is a standard measuring tool used to convey projected revenues and
expenses. This part covers all the financial statements and estimated expenses allocated for the business.
 Historical financial data
 Prospective financial information; balance sheet, income statements, cash flow

BUSINESS RECORDS
A business record is a document (hard copy or digital) that records a business dealing. Business records include meeting
minutes, memoranda, employment contracts, and accounting source documents.
Bookkeeping: The activity or occupation of keeping records of the financial affairs of a business.
IMPORTANT BUSINESS RECORDS
 Production records
 Operation records such as labor, farm inputs, tools and equipment costs
 Cash transactions

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