Podcast
Questions and Answers
What is the purpose of testing a business idea?
What is the purpose of testing a business idea?
- To evaluate the business model
- To develop a minimum viable product
- To implement design thinking
- To obtain positive outcomes (correct)
What is included in the introduction of a business plan?
What is included in the introduction of a business plan?
- Vision, mission, and goals
- Funding requirements and source
- Market analysis and competition
- Proposed name of the business and address (correct)
What is the purpose of an executive summary?
What is the purpose of an executive summary?
- To outline the vision, mission, and goals (correct)
- To evaluate the market position
- To describe the business model
- To outline the business and product position
What does design thinking involve?
What does design thinking involve?
What is the purpose of a minimum viable product?
What is the purpose of a minimum viable product?
What is included in evaluating the benefits of market position?
What is included in evaluating the benefits of market position?
What is the purpose of funding requirement and source?
What is the purpose of funding requirement and source?
What is the purpose of a business plan?
What is the purpose of a business plan?
What type of marketing involves targeting a specific individual or small group?
What type of marketing involves targeting a specific individual or small group?
What is the primary goal of market positioning?
What is the primary goal of market positioning?
What is the purpose of a business plan?
What is the purpose of a business plan?
What type of marketing involves targeting a large audience with a single message?
What type of marketing involves targeting a large audience with a single message?
What is a key aspect of market positioning?
What is a key aspect of market positioning?
What type of marketing involves targeting a specific segment of the market?
What type of marketing involves targeting a specific segment of the market?
What is the purpose of determining the market position?
What is the purpose of determining the market position?
What is the outcome of market positioning?
What is the outcome of market positioning?
What type of pricing allows customers to decide what to buy?
What type of pricing allows customers to decide what to buy?
What is the main purpose of Broad Price Policy?
What is the main purpose of Broad Price Policy?
What is the primary goal of a Skimming Pricing strategy?
What is the primary goal of a Skimming Pricing strategy?
What type of distribution channel involves the transfer of goods and services from the producer to the consumer?
What type of distribution channel involves the transfer of goods and services from the producer to the consumer?
What is the purpose of a Price Adjustment?
What is the purpose of a Price Adjustment?
What type of pricing strategy involves setting a low initial price to attract customers?
What type of pricing strategy involves setting a low initial price to attract customers?
What is the main characteristic of a product?
What is the main characteristic of a product?
What is the primary goal of a product?
What is the primary goal of a product?
What is the primary difference between needs and wants?
What is the primary difference between needs and wants?
What is the role of people in the marketing mix?
What is the role of people in the marketing mix?
What is branding referred to in the context of marketing?
What is branding referred to in the context of marketing?
What is the primary purpose of promotion in marketing?
What is the primary purpose of promotion in marketing?
What is an example of a common distribution channel?
What is an example of a common distribution channel?
What is an example of a promotion strategy?
What is an example of a promotion strategy?
What is the primary goal of building a strong brand?
What is the primary goal of building a strong brand?
What is quality assurance related to in the context of marketing?
What is quality assurance related to in the context of marketing?
What is the concept of flexible pricing based on?
What is the concept of flexible pricing based on?
What is the main idea behind prestige pricing?
What is the main idea behind prestige pricing?
What is the purpose of a leader pricing strategy?
What is the purpose of a leader pricing strategy?
What is the concept of price quality association based on?
What is the concept of price quality association based on?
What is the main goal of the buying decision process?
What is the main goal of the buying decision process?
What is the purpose of multiple-unit pricing?
What is the purpose of multiple-unit pricing?
What is the main idea behind price bundling?
What is the main idea behind price bundling?
What is the marketing mix primarily concerned with?
What is the marketing mix primarily concerned with?
Flashcards are hidden until you start studying
Study Notes
Environmental Factors
- Cultural factors influence consumer buying decisions
- Social factors, such as social class, personality traits, and lifestyle, affect consumer behavior
- Personal factors, including knowledge and awareness, influence consumer decisions
Buying Decision Process
- Recognition of needs and wants
- Search for relevant information about the product
- Evaluation of alternatives
- Purchase decision
- Post-purchase decision
Marketing Mix
- Refers to the tools used by entrepreneurs to position their product in the target market segment
- Includes individual or one-on-one marketing, differentiated or concentrated marketing, and mass or undifferentiated marketing
- Segmentation is based on demographic, behavioral, and psychographic factors
Price Strategy
- Flexible pricing: customer negotiation power
- Odd pricing: prices set below usual values
- Price-quality association: high price = high quality, low price = low quality
- Prestige pricing: high prices for luxury products
- Leader pricing: selling key items at low prices to gain consumer loyalty
- Multiple-unit pricing: discounts for bulk purchases
- Price lining: selling two models of different quality and features at different prices
- Price bundling: offering a basic product, options, and customer service for one total price
Market Positioning
- Process of determining the place of the business in the industry
- Involves evaluating the advantages and benefits of every possible market position
- Deciding on the market position
Business Plan
- A roadmap for a new business, providing direction and clarity
- Includes an introduction, executive summary, and major parts
- Evaluates the benefits of every possible market position
Product
- Refers to tangible goods or intangible services offered by the business to target consumers
- The product must satisfy the need or want better than competing products
Price
- Broad price policy: ensures pricing decisions are coordinated with other sellers
- Price strategy: ways to accomplish the company's goals and objectives
- Price adjustment: changes in cost, competitive conditions, and consumer demand
Place
- Refers to a physical or virtual location where consumers are willing to buy the product
- Includes direct distribution channels and common distribution channels (direct styles, OEM, manufacturer's representative, wholesalers, retailers, brokers, and direct mail)
Promotion
- Refers to the mode of conveying the presence and attributes of the product to target consumers
- Includes advertising, publicity, personal selling, sales promotion, and direct marketing
People
- Refers to individual employees or workers involved in production, marketing, and sale of the product or service
Branding
- Refers to the name, design, color, symbol, quality, features, or a combination of elements used in promoting a product among consumers
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
