Marketing Plan
The BHS School store had a good Marketing Plan last year? True or False.
What is False.
True or False? Marketing is a set of activities related to creating, communicating, delivering, and exchanging offerings that have value for others
What is True.
What is a buyer and a seller.
What is one who organizes, manages, and assumes the risks of a business or enterprise?
What is a Entrepreneur
What is a type of business that has two or more individuals in charge of the company?
What is a Partnership
What is a company profile?
What is Basic information about the organization, its offerings, and competitive set
What is branding?
What is
Branding is the process of “creating a unique name and image for a product in the consumer’s mind”
Marketing builds brands, and branding is an important strategic consideration in marketing, but marketing is broader than branding
Describe a low-involvement decision.
What is
Straightforward
Require little risk
Are repetitive and often lead to a habit
Not very important to the consumer
What are two reasons to be a Entrepreneur?
What is
1. Opportunity to make an impact.
2. Ability to live by your own rules, from values and culture to dress code, work environment and location.
3. Membership in an elite group of leaders and doers.
4. No bench time or waiting to be chosen
5. Opportunity based on performance rather than degrees
6. Relative freedom from discrimination
7. The thrill of creation and the ongoing challenges of growth
True or False. The main type of corporation we talked about in class was a C Corporation?
What is True
What is a SWOT Analysis?
What is to find out a companies Strengths, Weaknesses, Opportunities, and Threats.
What is the Sales Concept in regards to the company orientation?
What is
Success depends on a good sales team with the right tools and incentives.
What are some things included in Demographics?
What is Age, Race, Religion, Ethnicity, How much money you make... etc.
Name two advantages of having a small business?
What is
Starting a small business is a matter of self-selection and self-determination
A small business owner has an extreme amount of latitude in both business and lifestyle choices
The benefits – measured in impact, revenue, and infrastructure – are essentially unlimited
Freedom to choose your business’s purpose and goals
What is a sole proprietorship?
What is a company in which is owned and run by one person.
What is a Executive Summary?
What is Summary of key points from the marketing plan and what it will accomplish
What is Customer Lifetime Value?
What is predicts how much profit the company will make from the customer during his or her lifetime relationship with the company
What is the difference between a B2B and B2C marketing decision?
What is
B2B is a business to business decision while a B2C is a business to consumer decision.
Why do some businesses fail?
What is
Inability to execute on the business concept
Lack of or insufficient market demand
Lack of product or service (competitive) differentiation & other marketing is
sues (the four Ps of marketing)
Lack of awareness of and/or ability to respond to emerging trends, relevant developments (technology, regulatory, geo-political, environmental) and competitive actions
Overdependence on a single customer
Inability to manage growth
Name two disadvantages of a Sole Proprietorship?
What is
Unlimited personal liability for the sole proprietor
Difficulty raising capital
Limited managerial expertise
Trouble finding qualified employees
Personal time commitment
Unstable business life
Losses are the owner’s responsibility
What is a target market?
What is a particular group of consumers at which a product or service is aimed.
What are the three roles of marketing?
What is to identify customers, satisfy customers, and retain customers.
What is a reference group? and what can they influence?
What is
Reference groups are formal or informal groups with opinion leaders
Can influence an individual in several ways:
Role expectations
Conformity
Group communications through opinion leaders
Word of mouth influence
True or False? Small businesses employ 46.5% of all United State Employees
What is False.
What are two advantages of a C Corporation?
What is
Limited liability: shareholder’s personal assets are protected. Shareholders can generally only be held responsible for their investment in stock in the company
Ability to generate capital through sale of stock
Corporate tax treatment: Corporations file taxes separately from their owners.
Attractive to potential employees