Chapter 15: Marketing

Question 1

Define marketing.

Answer 1

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Question 2

Define marketing mix.

Answer 2

A framework that helps define a brand or company and differentiate it from the competition. This framework helps companies crystalize their offering and how they intend to take it to market.

Question 3

What are the 4 p’s?

Answer 3

1. Product: tangible or intangible goods offered by the company.
2. Price: cost of the product/service, its perceived value, and how much the cost can be adjusted.
3. Promotion: various ways companies communicate with their customers.
4. Place: where the product or service is distributed to the market.

Question 4

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

Answer 4

1. Solution: Market the product based on how it solves a customer’s problems/needs, rather than focusing on tech specs and features.
2. Access: Focus on customer journey and where customers get advice and support, rather than an exact location. the focus is on how accessible your company is to your target customer.
3. Value: Focus on demonstrating superior value over competition rather than just the price.
4. Education: Build trust and provide up to date information rather than just send ad messages.

Question 5

Define entrepreneurial marketing.

Answer 5

A set of processes adopted by entrepreneurs based on new and unconventional marketing practices to gain traction and attention in competitive markets.

Question 6

What are the 5 characteristics of entrepreneurial marketing?

Answer 6

1. Resource constraints: money, people and time. But now, word of mouth is social media.
2. Speed and experimentation: rapid decisions, try different tactics, iterate on marketing decisions based on feedback and real-time data.
3. Integrated communications: consistent messages across channels to create unified brand message.
4. Brand building: build the story and loyalty of the brand with value proposition that resonates with audience.
5. Growth and scale: marketing’s goal is to increase market share to scale the start up.

Question 7

Define branding and why it’s important.

Answer 7

Branding is the process of creating a name, term, design, symbol, or any other feature that identifies a product or service and differentiates it from others. Branding is important because people are more likely to invest in brands that they have an emotional connection to, are trustworthy, are worth spending money on, are fashionable, and are adept at meeting their needs.

Question 8

Define digital marketing.

Answer 8

Digital marketing is the use of digital or social channels to promote a brand or reach customers. Such channels include the internet, social media, search engines, mobile devices, and anything else digital.

Question 9

What is influencer marketing?

Answer 9

Influencer marketing is a type of social media marketing where brands collaborate with influencers to promote products or services. It has become one of the most powerful marketing strategies for brands to engage their target audience.