Hs marketing marketing plan

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Unit Test is all Quiz Lessons combined Unit Test is all Quiz Lessons combined in random order.in random order.

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Creating and Implementing Creating and Implementing a Marketing Plana Marketing Plan

Ryan Contreras, M.A.Ryan Contreras, M.A.Educational Transfer PlanEducational Transfer Plan

Special thanks to Cassatt Corporation

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Marketing isMarketing is…………associated with identifying the particular wants associated with identifying the particular wants

and needs of a target market of customers.and needs of a target market of customers.……this involves doing market research on this involves doing market research on

customers, analyzing their needs, and then customers, analyzing their needs, and then making strategic decisions about product making strategic decisions about product design, pricing, promotion and distributiondesign, pricing, promotion and distribution

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A Target Profile isA Target Profile is……

IncomeAge

Political Trends

Location

•Know your Audience.

•Remember that you are selling to people. Organized Groups

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Table of ContentsTable of ContentsThese slides can be used for a stand alone presentation or as a These slides can be used for a stand alone presentation or as a self taught unit.self taught unit.

•• Learning ObjectivesLearning Objectives•• Lesson One: ResearchLesson One: Research•• Lesson Two: Marketing MixLesson Two: Marketing Mix•• Lesson Three: Marketing PlanLesson Three: Marketing Plan•• Lesson Four: Selling Your ProductLesson Four: Selling Your Product

•• VocabularyVocabulary•• Study GuideStudy Guide

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Learning ObjectivesLearning Objectives

Students learn marketing vocabulary and Students learn marketing vocabulary and concepts.concepts.Students learn the importance of having a Students learn the importance of having a Marketing Plan.Marketing Plan.Students will create their own Marketing Plan.Students will create their own Marketing Plan.Students make decisions based off of their new Students make decisions based off of their new knowledge and research.knowledge and research.

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Lesson One:Lesson One:The ResearchThe Research

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Market Research:Market Research:Why Do It?Why Do It?

Marketing research focuses and organizes marketing Marketing research focuses and organizes marketing information. It ensures that such information is timely information. It ensures that such information is timely and permits entrepreneurs to: and permits entrepreneurs to:

•• Identify market opportunities Identify market opportunities •• Develop plans of action Develop plans of action •• Learn how to Introduce Product to MarketLearn how to Introduce Product to Market•• Reduce business risks Reduce business risks •• Spot current and upcoming problems in the current Spot current and upcoming problems in the current

market market

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Lesson One: Market ResearchLesson One: Market ResearchWhat can you learn?What can you learn?

•• Prove or Disprove Thesis.Prove or Disprove Thesis.•• Who are my customers and potential customers? Who are my customers and potential customers? •• What kind of people are they? What kind of people are they? •• Where do they live? Where do they live? •• Can and will they buy? Can and will they buy? •• Am I offering the kinds of goods or services they want Am I offering the kinds of goods or services they want -- at the at the

best place, at the best time and in the right amounts? best place, at the best time and in the right amounts? •• Are prices consistent with buyers view as the product's value? Are prices consistent with buyers view as the product's value? •• Might my promotions work? Might my promotions work? •• What do customers think of my business? What do customers think of my business? •• How does my business compare with my competitors? How does my business compare with my competitors? •• Size of Market/Total Available Market?Size of Market/Total Available Market?

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How to Perform Market ResearchHow to Perform Market Research

Marketing Research Process:Marketing Research Process:1.1. Define Thesis Define Thesis 2.2. Set Objectives, Budget, and Timetables Set Objectives, Budget, and Timetables 3.3. Select Research Types, Methods, and Techniques Select Research Types, Methods, and Techniques 4.4. Design Research Instruments Design Research Instruments 5.5. Collect Data Collect Data 6.6. Organize and Analyze the Data Organize and Analyze the Data 7.7. Present and Use Market Research FindingsPresent and Use Market Research Findings

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Marketing Research Process: Marketing Research Process: Step 1Step 1

Step One: Define Marketing Problems and Opportunities Step One: Define Marketing Problems and Opportunities •• begins with identifying and defining the problems and begins with identifying and defining the problems and

opportunities that exist for your business, such as:opportunities that exist for your business, such as:•• Launching a new product or service. Launching a new product or service. •• Low awareness of your company and its products or services. Low awareness of your company and its products or services. •• Low utilization of your company's products or services. (The Low utilization of your company's products or services. (The

market is familiar with your company, but still is not doing market is familiar with your company, but still is not doing business with you.) business with you.)

•• A poor company image and reputation. A poor company image and reputation. •• Problems with distribution, your goods and services are not Problems with distribution, your goods and services are not

reaching the buying public in a timely manner. reaching the buying public in a timely manner.

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Marketing Research Process: Marketing Research Process: Step 2Step 2

•• Set ObjectivesSet Objectives•• SetSet BudgetBudget•• Set TimetablesSet Timetables

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Marketing Research Process: Marketing Research Process: Step 3Step 3

Determine which type of research you will use: Determine which type of research you will use: •• Primary Research or Original Information gathered for Primary Research or Original Information gathered for

a specific purpose (ex. Survey or Questionnaire and a specific purpose (ex. Survey or Questionnaire and Focus Group)Focus Group)

•• Secondary Research or Information that already exists Secondary Research or Information that already exists somewhere (ex. A Technical Report about the Sales of somewhere (ex. A Technical Report about the Sales of Shoes)Shoes)

•• SurveySurvey will give you more Qualitative Results. will give you more Qualitative Results. Questionnaire Questionnaire will give you more Quantitative Results.will give you more Quantitative Results.

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Marketing Research Process: Marketing Research Process: Step 4Step 4……creating a Questionnairecreating a Questionnaire

•• Identify screener to make sure you get data from Target Market.Identify screener to make sure you get data from Target Market.•• Keep it simple. Keep it simple. •• Include instructions for answering all questions included on theInclude instructions for answering all questions included on the

survey. survey. •• Begin the survey with general questions and move towards more Begin the survey with general questions and move towards more

specific questions. specific questions. •• Keep each question brief. Keep each question brief. •• Design a questionnaire that is graphically pleasing and easy to Design a questionnaire that is graphically pleasing and easy to read. read. •• Remember to preRemember to pre--test the questionnaire. Have someone you know test the questionnaire. Have someone you know

take it. take it. •• Mix the form of the questions (ex. scales, rankings, openMix the form of the questions (ex. scales, rankings, open--ended ended

questions and closedquestions and closed--ended questions.ended questions.•• Create nonCreate non--biased questionsbiased questions

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Marketing Research Process: Marketing Research Process: Step 5Step 5……Collect the DATA!Collect the DATA!

•• To help you obtain clear, unbiased and reliable To help you obtain clear, unbiased and reliable results, do trialresults, do trial--runs before distribution.runs before distribution.

•• Make sure it is from your Target MarketMake sure it is from your Target Market•• Stick to the objectives and rules associated with Stick to the objectives and rules associated with

the methods and techniques you have set in Step the methods and techniques you have set in Step TwoTwo and Step and Step ThreeThree. Try to be as scientific as . Try to be as scientific as possible in gathering your information. possible in gathering your information.

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Marketing Research Process:Marketing Research Process:Step 6Step 6……Organize and Analyze Data Organize and Analyze Data

Some helpful tips for organizing and analyzing your data are lisSome helpful tips for organizing and analyzing your data are listed below:ted below:•• Look for relevant data that focuses on your immediate market Look for relevant data that focuses on your immediate market

needs. needs. •• Rely on subjective information only as support for more general Rely on subjective information only as support for more general

findings of objective research. findings of objective research. •• Analyze for consistency; compare the results of different Analyze for consistency; compare the results of different

methods of your data collection. For example, are the market methods of your data collection. For example, are the market demographics provided to you from the local media outlet demographics provided to you from the local media outlet consistent with your survey results? consistent with your survey results?

•• Quantify your results; look for common opinions that may be Quantify your results; look for common opinions that may be counted together. counted together.

•• Read between the lines. For example, combine U.S. Census Read between the lines. For example, combine U.S. Census Bureau statistics on median income levels for a given location Bureau statistics on median income levels for a given location and the number of homeowners vs. renters in the area. and the number of homeowners vs. renters in the area.

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Marketing Research Process:Marketing Research Process:Step 7...Present and Use Findings Step 7...Present and Use Findings

•• Present findings to the companies decision makers (Present findings to the companies decision makers (ieieCEO, Marketing VP, Sales VP or Director)CEO, Marketing VP, Sales VP or Director)

•• Insert your finding in the market analysis section of Insert your finding in the market analysis section of your business plan. your business plan.

•• Train and familiarize your sales and marketing Train and familiarize your sales and marketing departments with the data.departments with the data.

•• Conduct a companyConduct a company--wide informational training wide informational training seminar using the information. seminar using the information.

•• In summary, the resulting data was created to help In summary, the resulting data was created to help guide your business decisions, so it needs to be readily guide your business decisions, so it needs to be readily accessible to the decision makers.accessible to the decision makers.

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Marketing ResearchMarketing Research

•• Successful marketing requires timely and relevant market Successful marketing requires timely and relevant market information. information.

•• An inexpensive research program, based on questionnaires given An inexpensive research program, based on questionnaires given to current or prospective customers, can often uncover to current or prospective customers, can often uncover dissatisfaction or possible new products or services. dissatisfaction or possible new products or services.

•• Market research will also identify trends that affect sales and Market research will also identify trends that affect sales and profitability. profitability.

•• Population shifts, legal developments, and the local economic Population shifts, legal developments, and the local economic situation should be monitored to quickly identify problems and situation should be monitored to quickly identify problems and opportunities. opportunities.

•• It is also important to keep up with competitors' market It is also important to keep up with competitors' market strategies. strategies.

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Focus GroupsFocus Groups

•• Is an interview with a group of potential Is an interview with a group of potential customerscustomers

•• Get valuable ideas on products or services.Get valuable ideas on products or services.•• Ask the same questions as on a survey or Ask the same questions as on a survey or

questionnaire, but get more inquestionnaire, but get more in--depth discussion depth discussion about a topic.about a topic.

•• Focus Groups are led by a Moderator.Focus Groups are led by a Moderator.•• They are usually recorded so that comments can They are usually recorded so that comments can

be reviewed carefully after the session is over.be reviewed carefully after the session is over.

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Lesson Two:Lesson Two:Marketing MixMarketing Mix

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Lesson Two: Marketing MixLesson Two: Marketing MixThe Four PThe Four P’’ss

The The marketing mix marketing mix is probably the most famous phrase is probably the most famous phrase in marketing. The elements are the marketing 'tactics'. in marketing. The elements are the marketing 'tactics'. Also known as the Also known as the 'four Ps''four Ps', the marketing mix , the marketing mix elements are elements are price,price, placeplace,, product,product, and and promotion.promotion.

ProductProduct ||PlacePlace ||PromotionPromotion| | PricingPricing

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Lesson Two: Marketing MixLesson Two: Marketing MixProductProduct

•• The Product area is concerned with developing The Product area is concerned with developing the right the right ““productproduct”” for the target market. for the target market.

•• Product MixProduct Mix•• FeaturesFeatures•• Branding, packaging, and labelingBranding, packaging, and labeling

ProductProduct ||PlacePlace ||PromotionPromotion| | PricingPricing

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Lesson Two: Marketing MixLesson Two: Marketing MixPlacePlace

•• Place is concerned with all the decisions Place is concerned with all the decisions involved in getting the involved in getting the ““rightright”” product to the product to the target markettarget market’’s place. A s place. A channel of distribution channel of distribution is any series of firms (or individuals) from is any series of firms (or individuals) from producer to final user or consumer. Product:producer to final user or consumer. Product:

ProductProduct ||PlacePlace ||PromotionPromotion| | PricingPricing

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Lesson Two: Marketing MixLesson Two: Marketing MixPromotionPromotion

•• Promotion is concerned with telling the target Promotion is concerned with telling the target market about the market about the ““rightright”” product. Promotion product. Promotion includes personal selling, mass selling, and sales includes personal selling, mass selling, and sales and promotion. and promotion.

ProductProduct ||PlacePlace ||PromotionPromotion| | PricingPricing

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Lesson Two: Marketing MixLesson Two: Marketing MixPricePrice

•• In setting a price, they must consider the kind of In setting a price, they must consider the kind of competition in the target marketcompetition in the target market–– and the cost and the cost of the whole market mix. of the whole market mix.

ProductProduct ||PlacePlace ||PromotionPromotion| | PricingPricing

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Marketing StrategyMarketing Strategy

A marketing strategy identifies customer groups which a A marketing strategy identifies customer groups which a business can better serve than its competitors:business can better serve than its competitors:

•• It tailors product offeringsIt tailors product offerings•• It tailors pricesIt tailors prices•• Its distributionIts distribution•• Its promotional effortsIts promotional efforts•• and its servicesand its services…………toward those market segments. toward those market segments.

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Lesson Two: Marketing MixLesson Two: Marketing Mix

Goals:Goals:•• Select a product mix, product features, and Select a product mix, product features, and

positioning for your good and service.positioning for your good and service.•• Identify channels of distribution for your Identify channels of distribution for your

product or service.product or service.•• Price the products or services your business sells Price the products or services your business sells

using various methods.using various methods.

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Lesson Three:Lesson Three:The Marketing Plan The Marketing Plan

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Top Four Reasons to have aTop Four Reasons to have aMarketing Plan?Marketing Plan?

1.1. Attracting more targeted customers to your Attracting more targeted customers to your store. store.

2.2. Seeing a higher ROI and stronger cash flow Seeing a higher ROI and stronger cash flow from your marketing efforts. from your marketing efforts.

3.3. Being more in control of your businessBeing more in control of your business’’s s direction and where your money to come from. direction and where your money to come from.

4.4. Experiencing better, stronger, and longerExperiencing better, stronger, and longer--term term successes. successes.

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Marketing PlanMarketing PlanHelpful Websites:

United States Small Business Admin.

•http://www.sba.gov/starting_business/marketing/plan.html

•http://www.s-m-a-r-t.com/index.htm

Virtual Enterprise

•http://www.virtualenterprise.org/VirtualLibrary.asp?Section=Intro&Library=StrategicPlans

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Marketing Plan:Marketing Plan:ImplementationImplementation

Background information should summarize how Background information should summarize how the company started, who thought of it, purpose the company started, who thought of it, purpose of being, and should come from a higher up.of being, and should come from a higher up.

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Marketing Plan:Marketing Plan:Analysis of EnvironmentAnalysis of Environment

•• External EnvironmentExternal Environment–– Trends that apply to what is being soldTrends that apply to what is being sold–– Total available marketTotal available market–– Competitor listCompetitor list

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Marketing Plan:Marketing Plan:SWOT AnalysisSWOT Analysis

Internal:Internal:–– StrengthsStrengths–– WeaknessesWeaknesses

External:External:–– OpportunitiesOpportunities–– ThreatsThreats

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Marketing Plan:Marketing Plan:Fundamental Marketing StrategiesFundamental Marketing Strategies

•• Pricing Pricing –– (cost of manufacturing and what market will bear)(cost of manufacturing and what market will bear)

•• Knowledge of the 4 PKnowledge of the 4 P’’ss•• Anything learned from researchAnything learned from research

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Marketing Plan:Marketing Plan:Implementation and ControlImplementation and Control

•• Applies to Large BusinessApplies to Large Business

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Marketing Plan:Marketing Plan:Financial ForecastFinancial Forecast

•• Should include a Income StatementShould include a Income Statement–– Financial statements Financial statements –– Sales ForecastSales Forecast–– Associated Income and Cost AnalysisAssociated Income and Cost Analysis

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Lesson Four:Lesson Four:Selling Your ProductSelling Your Product

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Selling Your Product:Selling Your Product:PromotionPromotion

Promotion: is communicating information Promotion: is communicating information between seller and potential buyers.between seller and potential buyers.

•• Personal SellingPersonal Selling–– Involves direct spoken communication between Involves direct spoken communication between

sellers and potential customers.sellers and potential customers.

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Selling Your ProductSelling Your Product

•• Mass SellingMass Selling–– Is communication with large numbers Is communication with large numbers

of potential customers at the same of potential customers at the same time. time.

•• PublicityPublicity–– Is any unpaid form of nonIs any unpaid form of non--personal personal

presentation of ideas, goods, or presentation of ideas, goods, or services (ex Press Release)services (ex Press Release)

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Seven Sales Steps and TechniquesSeven Sales Steps and Techniques

1.1. The PreThe Pre--ApproachApproach2.2. The ApproachThe Approach3.3. Determining Customer Needs and WantsDetermining Customer Needs and Wants4.4. Making a FeatureMaking a Feature--Benefit PresentationBenefit Presentation5.5. Handling Customer ObjectionsHandling Customer Objections6.6. Closing the SaleClosing the Sale7.7. Suggestion Selling and ReassuranceSuggestion Selling and Reassurance

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The PreThe Pre--ApproachApproach

•• Learn the features of Product or ServiceLearn the features of Product or Service•• Study the customer and their buying motivesStudy the customer and their buying motives

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The ApproachThe Approach

•• Greet the customer with a warm, friendly Greet the customer with a warm, friendly welcome.welcome.

•• Gain the customers confidenceGain the customers confidence•• Direct the customerDirect the customer’’s attention to the product s attention to the product

or serviceor service

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Determine their NEEDS and Determine their NEEDS and WANTSWANTS

•• Ask the customer questionsAsk the customer questions•• Listen to the customers answersListen to the customers answers•• Observe the customers reactionsObserve the customers reactions•• Analyze the customers responses and commentsAnalyze the customers responses and comments•• Select products for the sales presentationSelect products for the sales presentation

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Making featureMaking feature--benefit Presentationbenefit Presentation

•• Translate product features into buyer benefitsTranslate product features into buyer benefits•• Create customer interest in the product or Create customer interest in the product or

serviceservice•• Involve the customer in the presentationInvolve the customer in the presentation•• Get the product into the customers handsGet the product into the customers hands•• Appeal to all of the customers sensesAppeal to all of the customers senses•• Demonstrate the features and benefitsDemonstrate the features and benefits•• Develop the desire for the product or serviceDevelop the desire for the product or service

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Handling Customer ObjectionsHandling Customer Objections

•• Welcome customer objectionsWelcome customer objections•• Answer and overcome each objectionAnswer and overcome each objection•• Provide additional buyer benefitsProvide additional buyer benefits•• Repeat or review major buyer benefitsRepeat or review major buyer benefits•• Develop customer conviction for product or Develop customer conviction for product or

serviceservice

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Closing the SaleClosing the Sale

•• Get agreement from the customerGet agreement from the customer•• Watch for buying signalsWatch for buying signals•• Attempt trial closesAttempt trial closes•• Assist the customer in making buying decisionsAssist the customer in making buying decisions

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Suggestion Selling and Suggestion Selling and ReassuranceReassurance

•• Suggest items to go with the purchaseSuggest items to go with the purchase•• Demonstrate use of suggested itemsDemonstrate use of suggested items•• Reassure the customer that a wise buying Reassure the customer that a wise buying

decision was madedecision was made•• Thank the customer and invite the customer to Thank the customer and invite the customer to

returnreturn

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Types of CustomersTypes of Customers

•• Decided CustomersDecided Customers•• Undecided Customers Undecided Customers •• Just Looking CustomersJust Looking Customers

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Be an observerBe an observer

LearnLearn……•• which approach to take.which approach to take.•• how to serve them.how to serve them.•• if they are in a hurry.if they are in a hurry.•• do they pick up the same item a few times?do they pick up the same item a few times?

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KnockKnock’’emem DeadDead

Key ingredients to do well in the Marketing Plan Key ingredients to do well in the Marketing Plan Presentation:Presentation:

•• Be CrispBe Crisp……know your knowledgeknow your knowledge–– The four PThe four P’’ss–– Know your Target MarketKnow your Target Market–– Value PropositionValue Proposition–– Why buy productWhy buy product–– Dif physical need and emotional needDif physical need and emotional need

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Study Guide:Study Guide:•• Terms: see VocabularyTerms: see Vocabulary•• Two type of Marketing Research and the doTwo type of Marketing Research and the do’’s and dons and don’’tsts•• Understand the four PUnderstand the four P’’s of Marketing.s of Marketing.•• Know the components of a Marketing Plan.Know the components of a Marketing Plan.•• Understand Understand ““Target MarketTarget Market”” and how it can help you.and how it can help you.

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Works CitedWorks Cited

SellingSelling. 2nd ed. Chicago, IL: Southwestern, 1990.. 2nd ed. Chicago, IL: Southwestern, 1990.

Entrepreneurship Ideas in ActionEntrepreneurship Ideas in Action. 3rd ed. Mason, OH: Southwestern, . 3rd ed. Mason, OH: Southwestern, 2005. 2005.

Basic MarketingBasic Marketing. 11th ed. Homewood, IL: Irwin, 1993.. 11th ed. Homewood, IL: Irwin, 1993.

United States Small Business AdministrationUnited States Small Business Administration. 16 June 2005. 8 Aug. 2005. 16 June 2005. 8 Aug. 2005<http://www.sba.gov>.<http://www.sba.gov>.

Great Ideas in Teaching MarketingGreat Ideas in Teaching Marketing. Fall 2003. Southwestern Learning. 8 . Fall 2003. Southwestern Learning. 8

Aug. 2003<http://Aug. 2003<http://www.swlearning.com/marketing/gitm/gitm.htmlwww.swlearning.com/marketing/gitm/gitm.html>.>.