Legal
4 main forms of ownership
Solo
Partnership
Corporations
LLC
The Evolution of Marketing Concept (Explain each stage)
1.Production Orientation (Late 19th - Early 20th Century) •Focuses on Production efficiency and product availability
2.Product Orientation (Early 20th Century) - Product quality and innovation
3.Sales Orientation (1920s - 1950s) - Persuasion and aggressive sales techniques.
4.Marketing Orientation (1950s - 1980s) - Focuses on Meeting consumer needs and desires
5.Societal Marketing Orientation (1970s - Present) - Focuses on Balancing consumer needs, company goals, and societal well-being
6.Relationship Marketing (1980s - Present) - •Focuses on long-term relationships and customer loyalty
7.Digital and Social Media Marketing (2000s - Present) - •Focuses on Leveraging digital technologies and social platforms
Traditional Media Chanels
1.Traditional Media Channels: TV, Radio, Mail.
2.Direct Communication: Door to door, Cold calling.
3.Events and Sponsorships: Sponsoring big events such as super bowl, attending relevant summits and conferences*
4.Media Relations: Sponsored content in new paper, interviews.
5.Advertising: News paper ads, promotions.
4 Management Functions
Management: the process of planning, organizing, leading, and controlling resources to achieve specific goals.
Plan enables you to take your business concept beyond the idea stage.
Organize: Get the work done, put people and other resources in place to make things happen. And
Lead: Motivation, encouragement, ensuring tasks and goals are met
Control: Monitor performance, making correction, giving feedback, evaluate the outcome.
3 Financial Statements
•Balance Sheet
•Income Statement
•Cash Flow Statement
The Majority of Businesses (72%) are .....
The majority of business revenue (82%) come from .....
The Majority of Businesses (72%) are solo proprietorship
The majority of business revenue (82%) come from corporation
4 Marketing Utilities (Explain Each)
1. Form utility: utility created by converting production inputs into finished products
2. Place utility: utility created by making a product available at a location where customers wish to purchase it
3. Time utility: utility created by making a product available when customers wish to purchase it
4. Possession utility: utility created by transferring title (or ownership) of a product to a buyer
What determine Algorithm?
What determines Algorithm (5 factors)
1- Interactions: Who a user interact with/ popularity at the time
2- Who: Who the person is
3- Popularity: Reaction, Likes, Shares, Comments…etc
4- Type: Videos, links, live*
5- Timeliness: New posts feature, Time of the day**, duration
•At some point, videos that exceeded 10 minutes were viewed more favorably by the algorithm. However, Algorithm today prefer shorter videos (tik tok length videos)
•For time of the day, studies found the videos posted between 3 to 5PM gain the most engagement because this is the time when people come back from work.
•Keep in mind this might change in the future, depending on current legislations. It is always a great idea to keep up with technology news.
Goal Vs Objective
Goal --> Long term, Broad, Achievable
Objective --> More specific, measurable, help achieve the goal
Example of complementary and substitute goods
Substitute: Coffee and Tea
Complementary: Bread and butter
How is each form taxed?
Solo, Partnership, LLC --> Single Tax
Corporation --> Tax on earned income and dividend
Types of B2B Market
•Producer markets – consist of individuals and business organizations that buy certain products to use in the manufacture of other products
•Reseller markets – consist of intermediaries, such as wholesalers and retailers, who buy finished products and sell them for a profit
•Governmental markets – consist of federal, state, county, and local governments that buy goods and services to maintain internal operations and to provide citizens with such products as highways, education, and national defense
•Institutional markets – include churches, not-for-profit private schools and hospitals, charitable organizations, and foundations
DBMS VS ERP
•Database management system (DBMS): A software where you can quickly and easily enter, store, organize, select, and retrieve data in a database.
•Enterprise resource planning (ERP): systems that bring together human resources, operations, and technology are becoming an integral part of business strategy
Vision VS Mission VS Values
Mission: Mean for achieving the goal
Vision: Roadmap to the goalValues: Company priorities
Board of Directors VS Executive officers
Board of Directors: a group of people (primarily from outside the corporation) who are legally responsible for governing the corporation, but not for the daily operations. The board oversees the major policies and decisions made by the corporation, sets goals and holds management accountable for achieving them.
Executive Officers: Responsible for governing day-to-day operation
S corporation requirements
1- Domestic Corporation
2- No more than 100 shareholders
3- Have only one class of stock
4 Ps "Marketing Mix"
1.Product: The goods or services offered by a business to meet the needs and wants of customers.
2.Price: The amount of money customers must pay to acquire the product.
3.Place: The distribution channels and locations where the product is available to customers.
4.Promotion: The activities undertaken to communicate and persuade customers to buy the product.
Public Relations vs Marketing
•Marketing is more squarely focused on driving sales, promoting products or services, and ensuring financial success.
•Public relations is more focused on managing the reputation of a company or brand.
SWOT Analysis
•SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and so a SWOT analysis is a technique for assessing these four aspects of your business
How Marketers do research?
•Marketers generally begin by looking at secondary data—information already collected, whether by the company or by others, that pertains to the target market.
•With secondary data in hand, they’re prepared to collect primary data—newly collected information that addresses specific questions.
Merge vs Acquisition
•A merger occurs when two companies combine to form a new company.
•An acquisition is the purchase of one company by another.
New 4 Ps "Marketing Mix"
1.Consumer replaces Product: Products solve a need for a customer; by focusing on the consumer in the 4 C’s model, the point of view changes to a customer-based perspective and also allows for the inclusion of services, which are purchased about as often as physical products.
2.Convenience rather than Place: Both words speak to the same point—where can my customers obtain my product or service? But in an age where so many products and services are sourced online, the word “convenience” incorporates more than just a physical location, as was implied by the word “place.”
3.Cost takes the place of Price: From the standpoint of the buyer, the price charged by the seller becomes their cost. Moving to the word “cost” results in seeing things from the perspective of the customer, consistent with other aspects of the model.
4.Communication replaces Promotion: In its most basic form, promotion is about informing potential customers so that they will recognize the value in a product or service and part with the funds necessary to obtain it. However, the word “promotion” also has taken on the context of a deal or discount. By moving to the word “communication,” the new model incorporates all forms of reaching customers, whether through advertising, coupons, social media campaigns, and many others.
PEARL Analysis
PEARL Analysis for crisis:
•P – People: What people are impacted? They come first.
•E – Environment: Is there an environmental impact?
•A – Assets: How does this crisis affect the company’s assets?
•R – Reputation: How can the team manage the impact on the company’s reputation?
•L – Learnings: Afterwards, it’s important to look at any learnings
The 3 C's
•Concern
•Control
•Commitment
4 types of plans
In this section we will discuss several types of plans
1.Strategic Planning
2.Tactical Planning
3.Operation Planning
4.Contingency Planning
Which type of leader is this:
What should we do?
Do this or that as you see fit
Do this!
Autocratic: Do this!
Laissez Faire: Do this or that as you see fit
Democratic: What should we do?