Marketing

Question 1

What should you be thinking about when you plan communications with your customers?

Answer 1

• Be honest
• Inbound marketing
• Word of mouth is king
• Targeting
• Add value

Question 2

How is the function of marketing changing?

Answer 2

Moving from simple advertising to getting into people’s heads to help them help themselves

Question 3

What are the potential marketing advantages within strongly entrepreneurial businesses?

Answer 3

• Might be cheaper if not using traditional expensive marketing techniques e.g. TV- come up with very different unique ideas.
• If you come up with more creative and unique ideas you are more likely to break through the NOISE.
• Innovation and entrepreneurship itself is quite attention grabbing- discussion of innovation

Question 4

What are the potential marketing challenges in strongly entrepreneurial businesses?

Answer 4

• More creativity and time needed- more thinking- more failure first up.
• New businesses may not have strong brand presence which makes it harder for initial trust to be built
• Budget- need to get a lot of customers quickly e.g. App- need lots of downloads to make profit. Need lot of people to hear about it to download it. Same with memberships on a social network. Really hard to start from nothing.

Question 5

What is Apple’s marketing strategy?

Answer 5

• Simple, minimalist, product centre stage
• Build buzz around the product - feel need & desire
• Markets a lifestyle - not a product
• Focuses on turning customers into fans of brand

Question 6

What is Netflix’s marketing strategy?

Answer 6

• Lots of inbound marketing on YouTube and Twitter
• Communicates with customers like it was a fellow fan
• Heavy investment in genuine content
• Tracking of watching habits and targeting them
• Catching trends and capitalizing upon them

Question 7

How does the application of entrepreneurialism and innovation impact the marketing side of a business?

Answer 7

• Turns customers into fans, making them loyal to the brand and repeat customers as well as word-of-mouth marketers
• Make the band seem more current and with it through capitalization of current trends and pop-culture themes