Business Exam

Question 1

Product

Answer 1

Actual product you offer for sale.
Do I have a product worth buying?
Does your product solve a problem? (physical, mental, or emotional)
1. What problem am I solving?
2. What makes my product unique?

Question 2

Price

Answer 2

How much you charge for a product or service
Is my product priced appropriately?
1. pricing strategy- Your personal costs and the adding a mark-up you deem necessary
2. Competitive pricing- Setting your pricing based on what your competition charges
3. Value- Based pricing- Setting your price based on how much your customer is willing to pay
4. Penetration pricing- Setting your price low to enter the market and raising it later
–Make sure the target audience is willing to pay the price you set
–The price you set is profitable considering costs, marketing, and sells

Question 3

Place

Answer 3

The location where you sell your product.
Can my target audience be found where I choose to sell my product?
Go where your audience is
place can be online or offline
Where are my customers?
Where are my competitors?

Question 4

Promotion

Answer 4

The action you take to drive awareness and, ultimately, sales for your business (actions to boost sales + awareness)
Promotions should consider advertising (most popular), email marketing, and media management and consider actual promotions like discounts and coupons
Where does your target audience spend their time online and offline?
What type of promotions or messages your audience responds to best?

Question 5

Marketing mix

Answer 5

another name for the 4 P’s of marketing