Business Exploring Business Marketing and Entrepreneurship What is

Business Exploring Business, Marketing, and Entrepreneurship

What is business?

Business in it’s simplest form is. . . • The purchase and sale of a good or service in an attempt to create a profit. • This changes as a business becomes more organized and profitable.

What is Common Purpose Refers to when a business leader is able to align members of an organization with a goal. Goal could be based on the following; • Increase Profit • Lower product price • Increase customer interest • Safety issue

Business Structure • https: //youtu. be/n. O 1 UPU 51 YKs

Primary purpose of business is… The Customer

Activity 1 Locate a business online that may be of interest to you and evaluate searching for the three elements that all businesses have in common. Write your findings on a sheet of paper to be turned into Mr. Burgess for a grade.

Customer is defined as…… An individual or business that purchases the goods or services produced by a business. Customer satisfaction is a big determining factor of whether a business succeeds or fails

There are four types of customers…. Business to Business Shopkeeper uses services of accountant for tax purposes Business to Customer A candy shop sells gumdrops to a student Customer to Business A customer sells a gold watch to a jewelry shop Customer to Customer Evelyn sells a mountain bike to Stacy using Ebay

The Basic Functions of Business Are…. Marketing and Innovation

Marketing Is…… Marketing is 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.

Product A product is an idea, object, or service created as a result of a process to satisfy a customer’s needs or wants.

Advertising • To call the public's attention to your business, usually for the purpose of selling products or services, through the use of various forms of media, such as print or broadcast notices. Television Commercial https: //youtu. be/3 Q 6 Ti 9 x. CX_M

Digitally Printed Advertisement

Pricing and Positioning • Pricing is a per unit cost associated with a product that will be paid by a customer for purchase. • Pricing is based on the cost to make the product and preparing it to be sold. Positioning is a strategy associated with marketing that aims to make a brand occupy a distinct position, relative to competing brands in the minds of customers.

Business Branding • Simply put, your brand is your promise to your customer. It tells them what they can expect from your products and services, and it differentiates your offering from your competitors‘ • The foundation of a brand is the “Logo” • https: //youtu. be/ear. Tl 3 C 3 WQc

The Key Things For “Branding” Consideration

Logo Examples

Business “Segmentation” Segmentation is the process of dividing a target market group into sub-sections that can then be communicated with through specific communication channels and key messages. Business can be segmented in a variety of ways depending on the marketer's overall objectives and product and service offerings.

Promotion is a general term that applies to all the ways available to make a product and service known to and purchased by customers

Marketing “Placement” A advertising technique used by companies for product promotion through a non-traditional advertising technique through appearance in film, television, and other media.

Innovation Is……. . Innovation generally refers to changing or creation of more effective processes, products and ideas to increase the likelihood of a business succeeding. The foundation of a brand is the “Logo”