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Budgeting is  the process of creating a plan to spend your money .  A budget is  an estimation of revenue and expenses over a specified future period of time  and is utilized by governments, businesses, and individuals. Budget could be of three types –  Balanced budget Surplus budget Deficit budget . 5 Steps to Creating a Budget Step 1: Determine Your Income. This amount should be your monthly take-home pay after taxes and other deductions. ... Step 2: Determine Your Expenses. ... Step 3: Choose Your Budget Plan. ... Step 4: Adjust Your Habits. ... Step 5: Live the Plan. There are four common types of budgets that companies use:   (1) incremental (2) activity-based (3) value proposition (4) zero-based .  As a future business person when do you think its good timing to do budget and its plan and tell me if have ever done budgeting and how so far it has helped you....???

Marketing Strategy is the logic by which the company hopes to create customer value and achieve profitable customer relationships. The 4 Ps of marketing are: place price product promotion First Steps to a Marketing Strategy Set Objectives. Start with setting marketing objectives.  Do Your Research. The market research you do will drive the decisions you make when deciding upon your marketing strategy.  Make Decisions. Write It Down.  Summary. Positioning is a marketing strategy, also referred to as product positioning, which  refers to how a brand wants to be perceived in the mind of customers relative to competing brands . The objective of a positioning strategy is to establish a single defining characteristic of a brand in the mind of the consumer. A focus strategy is  a method of developing, marketing and selling products to a niche market , which could be a type of consumer, product line or geographical area. A focus strategy would center on the expansion of...

A sales promotion is  a marketing strategy in which a business uses a temporary campaign or offer to increase interest or demand in its product or service.  Types of Sales Promotion – 4 Important Types: Consumer Sales  Promotion Dealer Promotion Business Promotion  Public Relations . Some great sales promotion ideas include: Competitions and giveaways.  Flash sale or limited-time price reduction. Bundling of products or services.  Free trial or demo. Limited-time free shipping or transfer between platform or services.  Limited-time freebies. First purchase coupon.  Buy one, get one free. Ladies and gentlemen do you think sales promotion is important while marketing your products and when introduced in the market do you think it will affect the profits of the business..???

Pricing is  a process of fixing the value that a manufacturer will receive in the exchange of services and goods . Six steps on how to price the products and services  Step 1: Selecting the pricing objective. Step 2: Determining demand.  Step 3: Estimating costs – ensuring profits.  Step 4: Analysing Competitors' Costs, Prices, and Offers.  Step 5: Choosing your pricing method.  Step 6: Determining the final price. What's the best way to price your new product or service in the market which may bring the publics into your market....???

Advertising  is   a notice or announcement in a public medium promoting a product, service, or event or publicizing a job vacancy. What are the 4 types of Advertising Display Advertising. Video Advertising. Mobile Advertising. Native Advertising.  Advertising offers the following advantages. (1) Introduces a New Product in the Market (2) Expansion of the Market (3) Increased Sales (4) Fights Competition (5) Enhances Good-Will (6) Educates The Consumers (7) Elimination of Middlemen (8) Better Quality Products Some examples of advertising include: Newspaper. Newspaper advertising can promote your business to a wide range of customers. Magazine. Advertising in a specialist magazine can reach your target market quickly and easily. Radio. Television. Directories.  Outdoor and transit.  Direct mail, catalogues and leaflets.  Online. Ladies and gentlemen is advertising so much important while you are a business person or a business can still survive to reach your ...

Franchise is a method of distributing products or services involving a franchisor, who establishes the brand's trademark or trade name and a business system and a franchisee, who pays a royalty and often an initial fee for the right to do business under the franchisor's name and system. Benefit of Franchising  The franchisee pays an initial franchise fee to the franchisor for the rights to use their brand in addition to ongoing franchise fees for marketing, royalties and more. Examples of franchisee are food chains like Dominos, KFC and McDonalds   Chain Stores refers to one series of shops owned by one firm and selling selling the same goods. Benefits of Chain stores The principal advantages of chain stores includes the ability of the central purchasing unit to buy on favorable terms, lower operating costs, the ability to place advertising for all selling units at one time and the freedom to experiment in one selling unit without risk to the whole operation.   ...

  IMC can be defined as the process used to unify marketing communication elements, such as public relations, social media, audience analytics, business development principles, and advertising into a brand identity that remains consistent across distinct media channels.   How is IMC different from marketing?? The aim of marketing is to create awareness of a brand and generate sales. Otherwise, IMC aims to integrate the various promotional tools and approaches used by a company to ensure that consistent messages are delivered that creates a more powerful impact on the minds of the consumers.  What is an IMC message? IMC is an approach to promoting a message through multiple strategies that work together and reinforce one another. For instance, a company may promote a new logo, slogan or strategy through multiple media such as print, television, web and social networks.  Between IMC and Marketing which one is the best in promoting a company products and services??...

 E-commerce is commercial transactions conducted electronically on the internet. HOW TO START AN E-COMMERCE BUSINESS step 1: Research the e-commerce space and find your nice step 2:  Select your business name and choose a legal structure step 3: Apply for an Employer Identification Number (EIN) step 4: Obtain business permits and licenses step 5: Choose an ecommerce platform and create your website step 6: Source or develop (and list) products step 7: Market your e-commerce business So as a business person or a future business person do you think E-commerce is important in business and how is it important?? 

What is Marketing?? Marketing is 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. What are Product and Services??? A product is a tangible item that is put on the market for acquisition, attention or consumption. A service is an intangible item, which arises from the output of one or more individuals. How important is the products and services section of a business?? While other sections of your business plan are important, the products and services section is the essence of your business and the point around which every other part of the business plan is built.  How do we market our products and services??? You can market a product or services effectively by making sure that you are focusing on the problem or pain point that is solved and being clear on the deliverables that you are offering. Set the expectations ahead of time, this builds trust an...