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Marketing & Business Fundamentals

1. The Marketing Mix (4Ps)

  • Product – What you sell (features, benefits, branding).

  • Price – How much it costs (skimming, penetration, psychological).

  • Place – How it gets to the customer (retail, e-commerce, distribution channels).

  • Promotion – How you advertise (ads, PR, sales promos, personal selling).

2. Market Segmentation

  • Demographics – Age, gender, income, education.

  • Psychographics – Lifestyle, values, interests.

  • Geographics – Location-based targeting.

  • Behavioral – Brand loyalty, usage rate.

3. Types of Promotion

  • Advertising – Paid media (TV, social media, billboards).

  • Public Relations – Free media coverage, press releases.

  • Sales Promotion – Coupons, discounts, loyalty programs.

  • Personal Selling – Direct interaction (sales reps, consultations).

4. Pricing Strategies

  • Penetration Pricing – Low price to enter the market.

  • Skimming Pricing – High initial price, lower over time.

  • Psychological Pricing – $9.99 instead of $10.

  • Competitive Pricing – Pricing based on competitors.

5. Business Ownership Types

  • Sole Proprietorship – One owner, unlimited liability.

  • Partnership – Two or more owners, shared liability.

  • Corporation – Separate legal entity, limited liability.

  • LLC (Limited Liability Company) – Hybrid of partnership & corporation.

Business Management & Administration

6. Functions of Management (POLC)

  • Planning – Setting goals & strategies.

  • Organizing – Assigning tasks, structuring teams.

  • Leading – Motivating and directing employees.

  • Controlling – Monitoring performance and making adjustments.

7. Leadership Styles

  • Autocratic – One person makes all decisions.

  • Democratic – Team collaboration in decision-making.

  • Laissez-Faire – Hands-off approach, employees work independently.

  • Transformational – Inspires and motivates for big changes.

8. Business Law Basics

  • Contract – Legal agreement between parties.

  • Liability – Legal responsibility for actions.

  • Intellectual Property – Trademarks, patents, copyrights.

  • Employment Law – Hiring, wages, discrimination policies.

9. Business Communication

  • Verbal – Meetings, presentations, phone calls.

  • Nonverbal – Body language, tone of voice.

  • Written – Emails, reports, business letters.

  • Listening – Active engagement with feedback.

10. Risk Management

  • Insurance – Protects against financial losses.

  • Crisis Management – Plans for handling emergencies.

  • Contingency Planning – Backup plans for unexpected events.