Marketing and Public Relations

Question 1

Marketing process and plan - first step

Answer 1

FIRST identify a need that is not being filled (market niche)

Question 2

Marketing mix

Answer 2

• PRODUCT: a good, service, or idea; signature brands refer to unique items your business has developed
• PLACE: where it is offered
• PRICE
• PROMOTION: to increase or renew awareness, short term

Question 3

Social vs. business marketing

Answer 3

SOCIAL- use of marketing principles to advance a social cause, idea, or behavior

BUSINESS- filling customer’s needs or desires

Question 4

Pricing strategies: breakeven point

Answer 4

where total cost line crosses the revenue line