Week 7 — Who Buys and at What Price: Marketing, Products & Pricing
Welcome to your Week 7 Start Here page.
Why this matters
Whether you staff a gym's front desk or sell coffee from a cart, you need to know who your buyers are and how many sales cover your costs.
In plain language
A business can make a great product and still fail if nobody wants it or the price does not cover the costs. Marketing (finding out what buyers want and getting it to them at a price that works) is how a business answers both questions. This week you will choose whom a business serves and build its marketing mix (the four big decisions about the product, its price, how it reaches buyers, and how buyers hear about it). Then you will find the break-even point (the number of sales a business needs before it earns any profit). Last, you will see why a lower price can make that number go up, not down.
- Already covered: Week 6, Making the Product, found the cart's bottleneck.
- This week: marketing, the four Ps, and the break-even point.
- How they connect: the cart's costs now meet its price.
- Where we're going next: Week 8, Midterm Review & the Growth Question.
Focus
Who should a business serve, and how many sales does its price need to cover the costs?
By the end of this module, you should be able to:
- [ ] segment a market and choose a target market
- [ ] build a marketing mix with the four Ps
- [ ] compute a break-even point
- [ ] compare markup with margin and skimming with penetration
To-do
Plan your week
- Read Chapter 7 (about 40 minutes), then the lecture and slides.
- Work the lecture tutorial (60–90 minutes) and the practice set (about 20 minutes).
- Do the Business Case Workshop (about 90 minutes), the discussion, and the assignment.
- Take the quiz.
This week's checkpoint: find the cart's break-even at 5 dollars and at 4 dollars.
You've got this
Take it in order, and ask your instructor if a step snags.
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