Also The 2 small wires that come off the back are usually power out to the warning lamp and power in to the voltage regulator. It needs power to excite it. You may have a broken wire leading into the alternator. So it's not exciting itself. Make sure that small wire has key on power also.
Some Hot rods and boats use 1 wire self exciting alternators the 2 small wires are missing Posted from my iPhone/Mobile device
Because I am anal, I took a photo before I took off the Mercruiser original part. There was only two wires. One red/orange wire at top that I assume was power and one black ground wire.