Marketing Basics
What does the first “P” in the Marketing Mix stand for?
Product
What are fixed costs?
Costs that don’t change based on sales — e.g., rent, salaries
What’s one characteristic of an entrepreneur?
Risk-taking, innovation, problem-solving, leadership
CR:001 — What is a brand promise?
A company’s commitment to customers about what they will consistently deliver
What’s the purpose of market segmentation?
To divide a broad target market into subsets based on shared characteristics.
What’s the formula for profit?
Revenue – Expenses
What is a USP and why is it important?
Unique Selling Proposition, it helps differentiate the product from competitors
CR:008 — What role does management play in customer relations?
They train staff, set expectations, and model customer service standards
What’s one benefit of brand loyalty for a business?
Repeat sales/customer retention/lower marketing cost
In the suitcase rental case, what are 2 startup costs the founder should consider?
Inventory (suitcases), storage, delivery platform, website
In the Innovation Plan event (EIP), what should the pitch focus on most?
Solving a clear problem in a new and valuable way
FI:093 — Why is analyzing cost-benefit important when deciding on business resources?
Helps evaluate if the investment is worth the return
Define a promotional mix.
The combination of tools a business uses to communicate with its audience — e.g., advertising, PR, sales promotion, personal selling, social media
What is break-even analysis used for?
To determine when a business will start making a profit
Your friend wants to open a sustainable café. What’s one way they could prove their idea is feasible?
Market research, cost projections, competitor analysis
OP:003 — What’s one way a startup can improve workflow efficiency?
Use automation tools, delegate tasks, or create SOPs
A new rental business wants to use influencer marketing. Which type of promotion is this?
Public relations or sales promotion, depending on execution
In the 3D planter roleplay, why would a business lease a 3D printer instead of buying it?
Lower upfront cost, more flexibility, preserved cash flow
In a written event like ESB, what financial documents should be included in the pitch deck?
Startup costs, projected income statement, break-even analysis
SEOR Event — How can customer feedback influence a company’s CSR strategy?
Helps align efforts with what customers value, builds trust and loyalty