Unit 4: Chapter 18

The term “Marketing” is a broad term, covering many things related to the public appearance of a business. At its core, marketing is improving the way that customers see your business. Marketing is an essential part of business, and is usually comprised of a team of employees. A good first step when it comes to marketing is to make a marketing plan. A marketing plan is a guide that lays out marketing goals and strategies. A goal is something that you want marketing to achieve, and a strategy is something that will help achieve it. Every business will have its own unique goals and strategies due to the variety of business types.

Marketing goals should be specific and achievable. Thinking about marketing goals with numbers can be helpful. Marketing goals should also have a time set when they should be achieved. Goals can range from being plans for the end of the year, to plans for the next 20 years. Separating goals based on timeframe can help organize what needs to be done now. Having a motive behind your goals can also be beneficial, as it can help determine the importance of a goal. Goals should also be consistent and make sense. Last but not least, goals should be affordable. Some risk is okay, but it should be within reason.

In marketing, there are five main strategies, known as the 5 P’s: People, Product, Place, Price, and Promotion. In marketing, People are the customers that use your product or service. Product is the uniqueness of your product/service. Place is where your business is located (and delivery if applicable). Price is the cost of your product compared to the competition. Promotion is the method used to market your product. Each company places different amounts of value on each of these strategies. Making a proper marketing plan using realistic goals and marketing strategies is essential for growing and maintaining your business.

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