marketing and competitors

Question 1

marketing mix / four P’s

Answer 1

together will communicate your marketing vision and competitive advantage to your customer
1) product
2) price
3) place
4) promotion

Question 2

product

Answer 2

tangible or intangible goods offered by the company
ask: what are the benefits and features of my product?

Question 3

price

Answer 3

the cost of the product/service, its perceived value, and how much the cost can be adjusted
ask: what is the value of my offering and what are customers willing to pay?

Question 4

promotion

Answer 4

the various ways companies communicate with their customers
ask: how will they know my business exists?

Question 5

place

Answer 5

where the product or service is distributed to the market
ask: how will the customer be reached? where will they buy my product or service?

Question 6

SAVE framework

Answer 6

Solution (rather than product)
Access (rather than place)
Value (over price)
Education (rather than promotion)

Question 7

newer marking models extend the 4 P’s to the 7 P’s

Answer 7

add people, packaging, and positioning (sometimes 8th P adds philanthropy)

Question 8

marketing strategy

Answer 8

marketing: includes all the strategies, tactics, and techniques used to
-raise customer awareness
-promote a brand, product, or service
-build and manage long-term customer relationships

Question 9

why do people buy a brand?

Answer 9

-it fulfills a short or long term need
-has an emotional connection
-it’s trusted
-has a positive price/quality relationship (it’s worth spending money on)
-it’s “hot” meaning the brand is in vogue
-it represents who the buyer is or with whom they want to be affiliated

Question 10

how to build your brand

Answer 10

-choose a business name that is easy to remember, describes your business, and helps establish mindshare
-create a logo that symbolizes your business to the customer
-develop a good reputation
-create a brand personality
-communicate your brand personality to your target market

Question 11

SMILE TEST

Answer 11

Simple - one easy to understand concept
Meaningful - your customers instantly get it
Imagery - visually evocative, creates a mental picture
Legs - carries the brand, lends itself to wordplay
Emotional - empowers, entertains, engaged, enlightens