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What is bootstrap marketing?
Marketing done with limited or no budget, relying on creativity and resourcefulness.
What is a target market?
A specific group of customers a business aims to serve.
A customer’s perception of value has no influence on the price they are willing to pay
False
A customer’s perception of value is the single most important factor in determining the “right” price. It’s shaped by past prices, competitors' pricing, and the product’s cost.
Name one platform where you can promote a business for free
Instagram, TikTok, Facebook...
Which of the following is NOT one of the three main strategies for pricing new products?
A. Price Lining
B. Penetration
C. Skimming
D. Life Cycle
Price Lining
Price lining is used for existing products. The three main strategies for new product pricing are penetration, skimming, and life cycle.
DRAW: we give you a word and someone from the team draws it while the rest of the team guesses (1 minute)
Influencer Marketing
Usually large companies execute faster on guerilla marketing campaigns than smaller businesses/start-ups
false, they usually execute slower due to extensive planning, legal risk evaluation etc
Give 2 examples of guerrilla marketing tactics
Flash mobs, sidewalk chalk art, sticker bombing, pop-up events
How can you measure the impact of a marketing campaign with no budget?
Track foot traffic, social media engagement, word-of-mouth mentions, QR code scans.
Who is Justin Bieber's wife?
Hailey Bieber
Explain the difference between branding and marketing
Branding is who you are (identity); marketing is how you tell people
TRUE OR FALSE:
Most modern guerilla marketing campaigns are low cost.
false, in most cases they require extensive planning including legal advisors to pull necessary permits and directors/producers for the campaigns themselves
A service business wants to avoid vague pricing and improve profitability. What is the most appropriate pricing method they should use?
A. Suggested Retail Pricing
B. Cost-Plus Pricing
C. Going Rate Pricing
D. Captive Product Pricing
Cost-Plus Pricing
Service firms should price based on actual costs (labor, materials, overhead) plus a profit. Going rate pricing is risky without cost knowledge.
Come up with a slogan for a vegan café in 15 seconds
we decide if we like it
Name the 5 original band members of one direction
Harry Styles, Liam Payne, Louis Tomlinson, Niall Horan, Zayn Malik
The three key characteristics of the Guerilla marketing concept (Hutter & Hoffmann) are?
Diffusion effect, low-cost effect, surprise effect
You’re launching a new online service platform for students and freelancers. You plan to offer both a €25/month subscription and an option to pay per use.
How would you set your price using an appropriate strategy and method? Explain your logic based on your business model.
Strategy: Penetration (to attract users quickly in a competitive market).
Method: Service-based pricing (calculate hosting, support, development costs + profit).
Why: Subscription builds recurring revenue. Penetration helps gain market share. Service pricing ensures you cover operational costs.
In the chapter, what is suggested to be more powerful than traditional advertising for small businesses?
Word-of-mouth and customer referrals
The three cycles of unintended negative Guerilla marketing consequences are?
Consumer outcomes, market outcomes, societal outcomes
Name all the Kardashian-Jenner siblings
Kim, Kourtney, Khloe, Rob, Kendall & Kylie (+Kris)