Basics of Marketing
Name all the P's in marketing
Product, Price, Place, Promotion
What is B2B and B2C?
Business to Business and Business to Consumer
What is primary research?
Information gathered by the company or an outside company that is hired
Ex. Surveys you conduct, focus groups, interviews etc.
What does it mean to be an entrepreneur?
To take risks, be creative, and to start a business with the aim of making profit
What is a risk of being an entrepreneur?
*Answer varies but preferably Financial Instability
What is a need? What is a want?
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, and Threats
What is secondary research?
Information gathered by external sources
Ex. US Consensus Data, Interviews conducted by another company
What is a distribution channel?
A pathway for a products journey
What should one research before creating a product?
What is required to make the product
What is a good? What is a service?
The tangible product and the intangible experience
Why is marketing important?
*Answer Varies
What is the difference between Quantitative data/research and Qualitative data/research?
Quantitative is all about the data/numerical statistics while qualitative is all about the "why" or humanizing the data
Define CEO, COO, and CFO
CEO is Chief Executive Officer, COO is Chief Operating Officer, and CFO is Chief Financial Officer
What is the difference between private and public enterprise?
Private is owned and operated by individuals and public is government owned and operated.
What is a target market?
The specific group of consumers you are looking to sell too
What are all four types of segmentation?
Demographic, Geographic, Behavioral, and Psychographic
What is Market Research?
The action or activity of gathering information about consumers' needs and preferences to understand and strategize
What is the equation for equity?
E=A-L
What intellectual property protect Mr. krab's secret formula from being stolen or replicated by competitors?
Trade Secret
What is the difference between the consumer and the customer?
The consumer is who uses the product while the customer is who buys it, sometimes the same person but it can be different.
Ms. A suddenly became a billionaire and provides $1million for each of you to use with the sole purpose to help fund your business, in exchange for 2% equity in the company. In this scenario, Ms. A would be ______
An Angel Investor
Why is market research important in marketing?
*Answer Varies but something along the lines of gives you better intel on your consumers preferences and behaviors
According to SWOT analysis, an increase in weddings expected as COVID restrictions ease would be a(n)....
Opportunity
Entrepreneurship and Small Business