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The Importance of Marketing in a Small Business
Marketing Is All Around Us MARKETING He who excels at resolving difficulties  does so before they arise. He who excels  in conquering his enemies triumphs  before threats materializeโ€” Sun Tzu, The Art of War  MARKETING IS YOUR WAR AGAINST YOUR COMPETITION Success is never final-   Winston Churchill
What Is Marketing? ,[object Object]
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Marketing is based on Exchange  ,[object Object]
EXCHANGE When the producer is someone other than the consumer, some form of exchange takes place. An exchange takes place every time something is sold in the marketplace.
Functions of Marketing  ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Distribution   Deciding where and to whom products need to be sold to reach the final users.
Financing   Getting the money necessary to operate a business.
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Marketing Information Management   Getting information to make sound business decisions.  Usually obtained through marketing research
For example, after a stay at a luxury hotel, you fill out a form rating the service and accommodations.
Pricing  How much to charge to maximize profits.
Promotion  Communicating with potential customers to inform, persuade, or remind them about a businessโ€™s products
Selling   Planned, personalized communication that influences purchasing decisions
MARKETING Everything it takes from the creation of the product or service to the final sale and the PROFIT

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M8 L1 Importance of Marketing

  • 1. The Importance of Marketing in a Small Business
  • 2. Marketing Is All Around Us MARKETING He who excels at resolving difficulties does so before they arise. He who excels in conquering his enemies triumphs before threats materializeโ€” Sun Tzu, The Art of War MARKETING IS YOUR WAR AGAINST YOUR COMPETITION Success is never final- Winston Churchill
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  • 8. EXCHANGE When the producer is someone other than the consumer, some form of exchange takes place. An exchange takes place every time something is sold in the marketplace.
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  • 10. Distribution Deciding where and to whom products need to be sold to reach the final users.
  • 11. Financing Getting the money necessary to operate a business.
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  • 13. Marketing Information Management Getting information to make sound business decisions. Usually obtained through marketing research
  • 14. For example, after a stay at a luxury hotel, you fill out a form rating the service and accommodations.
  • 15. Pricing How much to charge to maximize profits.
  • 16. Promotion Communicating with potential customers to inform, persuade, or remind them about a businessโ€™s products
  • 17. Selling Planned, personalized communication that influences purchasing decisions
  • 18. MARKETING Everything it takes from the creation of the product or service to the final sale and the PROFIT