by TheBusinessProfessor | Feb 23, 2025 | Principles of Marketing
What is The Mission Statement? The mission statement lays out the overarching purpose of the business plan. It is a general answer to the question, what do we do and why? The answer should express your value proposition and what you hope to accomplish. You mission...
by TheBusinessProfessor | Feb 23, 2025 | Principles of Marketing
What are Marketing Objectives and Goals? Under the objectives and goals portion, you should be as specific as possible about your short-term and long-term goals. Here are some of the goals for which you should establish realistic, quantifiable metrics: Where do we...
by TheBusinessProfessor | Feb 23, 2025 | Principles of Marketing
What is the Marketing Mix? The marketing mix is made up of the 4 Ps of marketing. These include: Product – The value proposition being offered Price – The price charged for the product Place – Where the product will be offered and how it will be...
by TheBusinessProfessor | Feb 23, 2025 | Principles of Marketing
What are the Characteristics of a Product in the Marketing Mix? This section refers to all of the features, advantages and benefits that your customers can enjoy from buying your goods or services. Key attributes of a product development include:...
by TheBusinessProfessor | Feb 23, 2025 | Principles of Marketing
What is Price? The amount of money needed to buy products. Restated, it is the total sum of everything that is given in exchange for a good or service. The considerations for setting a price are discussed below. Considerations in setting Price What is the consumer...
by TheBusinessProfessor | Feb 23, 2025 | Principles of Marketing
What is Market Research?You now understand the litany of information that is important in determining whether a business idea is a feasible opportunity. The information you acquire when conducting the feasibility analysis is not lost at the time you decide to...
