ADMS 3920 Lecture Notes - Lecture 3: Variable Pricing, Small Business, Marketing Mix

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Chapter 6 Small Business Marketing, Product and Pricing Strategies
Describe Small business marketing
- It consists of numerous activities, including market analysis and determining the
marketing mix
- Three distinct marketing philosophies are the PRODUCTION-ORIENTED, SALES-
ORIENTED, AND CONSUMER ORIENTED PHILOSOPHIES
Explain THE Term MARKET and the different methods of segmenting markets
- A market is a group of customers or potential customers who have purchasing power
and unsatisfied needs
- Markets usually have to be segmented based on differences and segmentation
variables. Variable categories include benefit, geographic, demographic and
psychographic
Identify the components of a formal marketing plan
- Include sections on MARKET ANALYSIS, THE COMPETITON, AND MARKETING STRATEGY
- Four areas of marketing strategy: total product or service, pricing decisions, promotional
decisions and distributional decisions
Explain the product strategy and related concepts
- Six major product strategy alternatives: They are based o the ature of the fir’s
product offering and the number of target markets
Variable pricing, flexible pricing, odd-even, unit pricing, loss leaders, bundling and
price lining
BREAK-EVEN POINT The quantity sold so that total costs equal total revenue
Markup pricing is a generalized cost-plus system of pricing used by intermediaries with many
products
Chapter 7 Distribution and Promotional Strategies
Using Prospecting techniques
Marketing: Strategy, Communication and Analysis
- Planning the marketing mix
- Managing the 4 P’s
- Industry, Market, Competitive, Prospect RESEARCH
- Promotion
- Customer Service
- Product Support
Selling: Where The Rubber Hits the Road
- Networking
- Prospecting and qualifying leads
- Getting orders
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Document Summary

Chapter 6 small business marketing, product and pricing strategies. It consists of numerous activities, including market analysis and determining the marketing mix. Three distinct marketing philosophies are the production-oriented, sales- Explain the term market and the different methods of segmenting markets. A market is a group of customers or potential customers who have purchasing power and unsatisfied needs. Markets usually have to be segmented based on differences and segmentation variables. Variable categories include benefit, geographic, demographic and psychographic. Identify the components of a formal marketing plan. Include sections on market analysis, the competiton, and marketing strategy. Four areas of marketing strategy: total product or service, pricing decisions, promotional decisions and distributional decisions. Six major product strategy alternatives: they are based o(cid:374) the (cid:374)ature of the fir(cid:373)"s product offering and the number of target markets. Variable pricing, flexible pricing, odd-even, unit pricing, loss leaders, bundling and price lining. Break-even point the quantity sold so that total costs equal total revenue.

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