ROLE & IMPACT OF MARKETING
____________ is the process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
What is marketing?
What are the two major marketing concepts?
Product Concept and Market Concept.
What are the Two Cs of marketing?
What are Customer and Competition?
What does AIDA stand for?
What is Attract attention, Build Desire, Gain Interest, Action?
List two types of entrepreneurial characteristics.
What are Risk-taking, Persistence, Perception, Curiosity, Imagination, Goal-Setting, Hardworking, Self-Confident, Flexible and Independence?
__________ is the perceived value a brand adds to a product, allowing companies to charge a premium for it.
What is brand equity?
____________ is the percentage of a market accounted for by a specific entity.
What is market share?
_________ is a unique feature that differentiates a product from its competitors?
What is Unique Selling Proposition (USP)?
__________ are messages (billboard or transit ads) that the consumer is supposed to receive while not at home.
What are out-of-home advertisements?
Differentiate between Invention and Innovation.
What is Invention is the creation of something new; innovation is the application of new ideas?
__________ gives a product an identity, assurance of product quality, and assurance of product consistency.
What is branding?
Profit Maximization, Sales Maximization, and Target Return are examples of what?
What are pricing objectives?
How do you segment a market to find a target market?
What is using Demographics and Psychographics?
Name the four elements of promotion.
What are Personal Selling, Advertising, Sales Promotion, and Public Relations?
Name three types of entrepreneurial skills.
What are
Research skills
Management skills; and
Relationship skills
Name the four stages of a traditional product life cycle.
Introduction, Growth, Maturity, Decline.
Explain the elements of the product mix.
What are Quality, Design, Features & Options, and Benefits?
Differentiate between Direct and Indirect Competition.
What is Direct competition involves similar products, while indirect competition involves different products that satisfy the same need?
Compare personal and non-personal promotion.
What is Personal promotion involves direct interaction (salesperson), while non-personal is indirect (advertising)?
What are the 3 important criteria for venture evaluation?
What is Feasible, Marketable and Profitable?
Explain the difference between tangible parts of a brand.
Tangible parts include physical elements like name, logo, and slogan.
In the scenario where Charlie purchases an Apple iPad at Best Buy, what type of distribution channel is Apple using?
What is Indirect Channel?
Define Price Competition.
What is Price competition occurs when companies try to outdo each other by lowering prices?
Define the term "Reach" in advertising.
What is the number of people exposed to an advertisement?
Discuss the types of entrepreneurial opportunities: Idea Driven vs. Market Driven.
What is Idea-driven entrepreneurs start with a product idea; market-driven entrepreneurs identify market needs first?