Marketing Basics
What is marketing?
The activity of creating, communicating, and delivering value to customers.
What is an opportunity?
A chance to create value by solving a problem or meeting a need.
What is a target market?
A specific group of customers a business focuses on.
What is environmental scanning?
Looking for trends and changes that can create opportunities.
What is physical evidence?
For service-based ventures, physical evidence provides tangible proof of the service's quality, such as ambiance or branding.
Name one of the 5Ps of marketing.
Product, price, promotion, place, or people.
Name one characteristic of a good opportunity.
It creates value, is profitable, or is sustainable.
Why is understanding customer needs important?
It helps create products or services that customers will buy.
Name one external force affecting marketing.
Social, economic, technological, competitive, or regulatory forces.
What is value-driven pricing?
Pricing decisions based on market demand, perception, and competitive forces enhance brand credibility.
What is the purpose of marketing?
To create and retain satisfied customers.
What is a niche market?
A small, specific segment of customers with unique needs.
What is market segmentation?
Dividing customers into groups with similar needs or behaviors.
What is eco-consciousness?
Awareness of the environmental impact of consumption.
What is promotion?
Promotion refers to how businesses communicate the value of their products or services through advertising, public relations, direct marketing, and personal selling.
What is the difference between selling and marketing?
Marketing focuses on satisfying customer needs, while selling focuses on pushing products.
What are the 3 ways opportunities can emerge?
Recognition, discovery, and creation.
What is the "voice of the consumer"?
Feedback from customers to understand their needs.
What is deregulation?
Reducing government restrictions to encourage competition.
What is the 8Ps?
The 8Ps expand the traditional 5Ps by adding people, process, and physical evidence, essential for service ventures.
Why is customer satisfaction important?
It leads to loyalty and repeat business.
How do entrepreneurs validate opportunities?
By testing ideas with potential customers.
Why is customer loyalty valuable?
It ensures long-term business success.
Why is understanding trends important?
It helps identify new opportunities.
What is process?
Process ensures the delivery of consistent, high-quality experiences for customers in service-based ventures.