Enterprise Marketing

About this unit

A good product earns money only when customers know about it, want it and can buy it easily. This unit explains how a new enterprise reaches and keeps customers. It covers marketing and sales strategy, building a brand identity through a brand name, logo and tagline, and choosing the right mix of promotion methods. Small enterprises have limited budgets, so the unit stresses careful targeting and low-cost, effective methods.

Key ideas

• Marketing mix: product, price, place and promotion (the 4 Ps).
• Segmentation, targeting and positioning of the product.
• Pricing approaches such as cost-plus, penetration and skimming.
• A brand is a name, term, sign, symbol or design that identifies a seller's product.
• Logo is the visual symbol; tagline is a short memorable phrase.
• Promotion mix: advertising, personal selling, sales promotion and public relations, plus digital methods.

How to prepare

• Learn clear definitions and one example for each element of the marketing and promotion mix.
• Know the qualities of a good brand name and the difference between penetration and skimming pricing.
• Expect situation-based questions that describe what a firm did and ask you to name the strategy.