Essentials of Business and Entrepreneurship Summary Chapter 1,16,18

• Part

 3

  • Defining

 Marketing

 for

 SMEs

  • 1.1

 SMEs-­‐their

 importance

 to

 society

  • 99%

 of

 all

 companies

 are

 small

 and

 medium

 sized-­‐

 21million

 SMEs

  • SMEs

 defined

 by

 EU

 based

 on

 combinations

 of

 head-­‐count,

 balance

 total

 and

  revenues

  • 90%

 of

 Europe’s

 SMEs

 are

 micro

 businesses,

 less

 than

 10

 people

 working

  there

  • 1.2

 Marketing-­‐

 a

 bird’s

 eye

 view

  • marketing

 definition-­‐

 the

 activity,

 set

 of

 institutions,

 and

 processes

 for

  creating,

 communicating,

 delivering

 and

 exchanging

 offerings

 that

 have

 value

  for

 customers,

 clients,

 partners

 and

 society

 at

 large

  • strategic

 side

 of

 marketing

 involves

 the

 organizational

 issues

 and

 element

 of

  value

 towards

 stakeholders

  • 4

 p’s

 of

 marketing-­‐

 product,

 price,

 place,

 promotion

  • 1.2.1

 Product

  • what

 a

 product

 is-­‐

 anything

 from

 a

 physical

 product

 to

 a

 service,

 experience,

  event,

 person,

 place,

 etc.

 that

 can

 be

 offered

 to

 a

 market

 to

 fulfill

 a

 need

  • different

 levels

 to

 a

 product:

 the

 level

 of

 the

 basic

 product

 is

 what

 it

 is,

 it

  involves

 the

 4

 p’s

 of

 marketing

  • the

 next

 three

 levels

 have

 to

 do

 with

 the

 expectations

 a

 customer

 has

  concerning

 a

 product

 (do

 i

 get

 a

 refill

 with

 my

 coffee?

 how

 hot

 is

 it?

 etc.)

  • The

 5

 levels

 of

 a

 product:...