Marketing for Entrepreneurs 4850 Professor Marquit Actual Prediction True Positive Outcome False Positive Outcome False Negative Outcome True Negative Outcome First In First person to start a type of business risk takers Second In Relies on tried and true products to start a business Broad Line Sells anything ex Sears and Macys Narrow Line Sells specifics items specialty stores ex PetSmart and Kay s Jewelry Bargain Basement Discount stores sells prices ex Walmart Boutique Small specialty department Always start your businesses locally then once it starts growing move it to a regionally then Geography nationally level Leaders do the right thing Managers do the things right The keys to any businesses as a marketer are to Attract Retain and to Develop customers Brand Name Term Symbol Logo that differs and competes with other brands When opening a business you need to build brand loyalty o You build brand loyalty by customer services Every business needs to create an image o Quality product reliable integrity will lead to brand loyalty A strong brand will usually have a higher margin If you build a strong brand then your product will be inelastic when it comes to the price In a B2B business a strong brand will better the relationship with other business The bigger and stronger the brand the better and stronger relationship with employees o Ex People want to work for Disney because the brand means a lot to the employees The stronger the brand the better the return financially The brand has to be protectable people associate the product with the brand s name so How to build a great brand Catchy name memorable short meaningful o Ex Curl Up Dye Hair Salon sell quality Customers will ask o Does the brand offer m something Good service Reliable Good price Make sure that your business has already identify a competitive advantage Homework when you watch an ad pay attention to how many times the ad shows or say the brand company name
View Full Document