Chapter 15: Engaging Customers through Marketing

Question 1

What are the 7Ps of marketing?

Answer 1

1. Product
   Ensure product features align with customer needs and expectations
2. Price
   Use strategic pricing to balance value and competitiveness
3. Place
   Focus on distribution channels to maximize accessibility
4. Promotion
   Develop strategies to increase product awareness
5. People
   Train employees to provide excellent customer service
6. Packaging
   Design attractive, functional packaging to enhance brand image and user experience
7. Positioning
   Differentiate your product in the market through unique features and value propositions.

Question 2

What are the types of entrepreneurial marketing?

Answer 2

1. Guerrilla Marketing
2. Social Media Marketing
3. Influencer Marketing
4. Email Marketing
5. Low-Cost Experimentation

Question 3

What is guerrilla marketing?

Answer 3

Creative, attention-grabbing campaigns that maximize impact with minimal budget. Using low-budget, unconventional tactics.

Question 4

What is low-cost experimentation?

Answer 4

Test multiple strategies (digital ads, direct mail, radio) on a small scale to measure effectiveness before scaling.

Question 5

What are some digital marketing tools?

Answer 5

1. SEO (Search Engine Optimization)
2. Pay-Per-Click (PPC) Advertising
3. Content Marketing
4. Analytics Tools

Question 6

Digital Marketing - SEO

Answer 6

Optimize content for search engines to drive organic traffic.

Question 7

Digital Marketing - Pay-per-click

Answer 7

Paid ads on search engines or social media platforms for targeted reach.

Question 8

Digital Marketing - Content Marketing

Answer 8

Create valuable content such as blogs, videos, or eBooks to engage customers.

Question 9

Digital Marketing - Analytical Tools

Answer 9

Use platforms like Google Analytics or social media insights to track campaign performance and customer behavior.

Question 10

What are the 3 tools for customer retention? + explain

Answer 10

1. Customer Relationship Management (CRM)
   Use CRM tools to track interactions, preferences, and buying patterns.
2. Loyalty Programs
   Reward repeat customers with discounts, points, or exclusive offers.
3. Customer Support
   Provide excellent after-sales service to build trust and satisfaction.

Question 11

What are 4 metrics to measure success?

Answer 11

1. Customer Acquisition Cost (CAC)
   How much does it cost to acquire a customer?
2. Customer Lifetime Value (CLV)
   The total revenue expected from a customer over their relationship with the business.
3. Conversion Rates
   % of leads or visitors who complete a desired action (purchase)
4. Retention Rate
   % of customers who return for a repeat purchase

Question 12

What is the S.A.V.E. model?

Answer 12

This model shifts focus from traditional marketing 4P’s to a customer-centric approach.

Solution
Access
Value
Education

Question 13

Explain each component of the S.A.V.E. model

Answer 13

Solution
Focus on solving customer problems rather than offering a product

Access
Ensure the product/service is easily accessible to customers.

Value
Highlight the value created by the product rather than focusing on the price alone.

Education
Inform customers about the product, its benefits, and how to use it.