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Questions and Answers
What is advertising?
The process of buying advertisements to promote your business.
What is marketing?
Finding out what people want and giving it to them.
Advertising is a ___ of marketing.
subset
Which approach focuses on discovering the product people want?
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Once you stop advertising, your business will continue to thrive.
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What are the four main pillars of marketing?
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Finding low-cost advertising channels that aren't saturated is a successful ___ strategy.
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Study Notes
Marketing vs. Advertising
- Advertising is the process of buying ads to promote your business
- Marketing is a broader concept that involves understanding the market, customer needs, and delivering products/services they want.
Advertising
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Key characteristics:
- Purchases ads on media outlets
- Promotes your business
- Success relies on consistent ad spending
- Transactional nature, hoping for a return on investment
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Benefits:
- Can effectively grow sales revenue
- Low-cost platforms available, like Facebook ads
- Provides opportunities for exposure
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Risks:
- Business becomes dependent on advertising platforms
- Ad costs can be high, especially in competitive markets
- Media prices can fluctuate due to competition
Marketing
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Key characteristics:
- Focuses on understanding customer needs
- Delivers the product/service that customers want
- Determines the right price point for customers
- Positions the business in front of the target audience
- Involves content creation and advertising
Textbook Definition
- Advertising is a subset of marketing
- Marketing encompasses product, pricing, placement, and promotion
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Description
This quiz explores the distinctions between marketing and advertising. Learn about the characteristics, benefits, and risks associated with each concept. Understand how advertising focuses on ad purchases, while marketing encompasses a broader strategy focused on customer needs.
