Chapter 8

Question 1

In addition to identifying competition and determining growth and profit potential, a good market analysis will need to identify what?

Answer 1

The Total available market and the serviceable available market.

Question 2

What is the total available market?

Answer 2

It is the total perceivable demand for a product or service within the market place.

Question 3

What is the serviceable available market?

Answer 3

It is the portion of the market that your business can serve based on your products, services, and location.

Question 4

What is the definition of segmenting, and what is the step after it.

Answer 4

It means you are separate the total population by homogeneous groups of people that have similar taste, backgrounds, lifestyles, demographics, and even culture. The step after it is targeting.

Question 5

What is the definition of targeting, and what is the step after it?

Answer 5

Selecting a target based on their ability and willingness to buy. The step after is positioning.

Question 6

What is a target market?

Answer 6

It serves to specify which group of the total market you will serve and how you will position yourself to distinguish your company or product from your computer.

Question 7

What is the definition of positioning?

Answer 7

it is a statement of how you want the customer to perceive your company, goods, or services.

Question 8

Mod cloth is an online indie brand that sells vintage, trendy, and fun clothing. Why are they an example of positioning?

Answer 8

This is due to them positioning themselves to the global consumer that wants to be stylish.

Question 9

What are some of the different marketing techniques?

Answer 9

Guerilla Marketing, Relationship marketing, Expeditionary marketing, Real time marketing, Viral marketing, Digital marketing, and Word of mouth marketing.

Question 10

What is the Word of mouth Marketing technique? Why is it important?

Answer 10

This occurs when a satisfied customer tell others about their positive experience with a good or service.

Question 11

What is the Viral Marketing technique? What is the most important element in this technique?

Answer 11

This is a technique that uses engaging content in hopes that viewers will share it on their networks The most important element in this technique is developing content that is not only engaging but people will also want to share.

Question 12

What is the Digital Marketing technique? Why is it important?

Answer 12

Refers to all digital marketing efforts, which can include social media, email communications, websites, blogs and vlogs, and search engine optimization. This is important because it helps entrepreneurs how to leverage digital channels and online

Question 13

What is the Real time Marketing? Why is this helpful to entrepreneurs?

Answer 13

This marketing technique attempts to turn immediately available sales data into actionable and timely strategies that target the shifting of consumer taste and trends. This is helpful for entrepreneurs because it helps them set up strategies that focus on providing the customer what it needs in today’s society.

Question 14

What is the Expeditionary Marketing? Why is this technique both good and bad?

Answer 14

This is a strategy that is aimed at at moving established companies and their products into new markets and territories.

Question 15

What is Relationship Marketing?

Answer 15

This strategy seeks to create customer loyalty through personal interactions and long-term engagement strategies.

Question 16

What is Guerilla Marketing?

Answer 16

This strategy refers to creative approaches to marketing that seek to gain maximum exposure through unconventional means.

Question 17

What is customer focused branding?

Answer 17

This can include advertising, public relations, customer service, and sales promotions.

Question 18

What is a common branding strategies?

Answer 18

Taglines. This is a short and catchy positioning statements that quickly communicate the main aspect of the brand to the consumer.

Question 19

What is a brand advocate?

Answer 19

This is someone who likes your products and passes on the word to others.

Question 20

What is the marketing strategy?

Answer 20

This is meant to describe how a company will reach consumers and convert them into loyal paying customers.

Question 21

What is a marketing plan?

Answer 21

This is a formal business document that is used as a blueprint or guide for how company will achieve its marketing goals.

Question 22

What is the executive summary?

Answer 22

This is a clear and detailed summary of the major points of your marketing plan. This is written last.

Question 23

What is the situation analysis?

Answer 23

This is an examination of the internal and external circumstances relevant to your business and product.

Question 24

What is a jingle?

Answer 24

It is a short song or sound to brand a product or company.

Question 25

What is a brand strategy?

Answer 25

It is a image which the firm promotes. This can include advertising, public relations, customer service, and sales promotions.

Question 26

What is a tagline?

Answer 26

It is a short, catchy statement to position the firm.

Question 27

What is a sales strategy?

Answer 27

It is a plan that the entrepreneur uses to identify and engage a consumer, from prospecting to securing the sale.

Question 28

What does the six step sales strategy include?

Answer 28

Prospecting and Preparing, Making the sales call, Presenting the proposals, Handling objections, Closing the sale, and Fulfilling orders fostering relationships and asking for referrals.

Question 29

What is Prospecting and Preparing?

Question 30

What is Sales call?

Question 31

Does the six-step sales process end with the sale?

Answer 31

No it does not. It instead ends with a positive customer relationship.

Question 32

What is Presenting the proposal?

Question 33

What is Handling objections?

Question 34

What is Closing the sale?

Question 35

What is Fulfilling orders