The Basics M01
The four P's
Product, Price, Promotion, Place
A market structure with one dominant seller
What is a Monopoly?
To understand consumer needs and market conditions
What is the purpose of market research in product/service planning?
To get the mailing addresses
The point of giving a low cost offer to people who come to your website?
Some startup expenses for a food truck?
Kitchen appliances and other equipment needed to conduct business
The process of creating, communicating, delivering, and exchanging offerings that have value for customers.
What is Marketing
A unique feature that allows a company to outperform its rivals
What is a competitive advantage?
The final stage of product development?
What is Market Entry?
An example of "lumpy mail".
What is mailing a promotional pen?
Someone who creates, owns and potentially runs a business.
What is an entrepreneur?
A customer’s subjective assessment of benefits relative to costs in determining the worth of a product.
Value
A strategy involves setting lower prices to drive competitors out of the market
What is Predatory pricing?
The area employs millions of workers within the marketing field.
What is sales?
The primary goal of integrated marketing communications (IMC)
What is to create a consistent message across all marketing channels.
The features and benefits that make the product or business unique.
What is value proposition?
A specific group of customers on whom an organization focuses its marketing efforts.
Target Market
To evaluate a company’s strengths, weaknesses, opportunities, and threats.
What is the purpose of a SWOT analysis?
The career path are some workers outplaced from large corporations choosing
What is the entrepreneurial path?
Advertising, Sales Promotion, Public Relations, Personal Selling, Direct Marketing, Content Marketing.
What is the promotion mix?
Briefly share the most important information about your business to people in an engaging way.
What is a business pitch?
A group of people with similar needs and wants
A market
A long-term view or vision of what the organization wants to become.
What is a mission statement?
Using recyclable material or less toxic products
Examples of societal marketing orientation.
A rewards system designed to encourage repeat business.
What is a loyalty program?
A way to begin saving startup capital.
Set aside a portion of your income over time.
Employee training programs
Amarketing strategy for building relationships
Outline of how the company will achieve its objectives
What are marketing strategies?
Market Entry
What is the final stage of product development
To create a consistent message across all marketing channels
What is the primary goal of integrated marketing communications?
Demographics
What is part of a consumer profile?