MIDTERM

Question 1

What are the 4 P’s?

Answer 1

PRODUCT, PLACE, PRICE, PROMOTION

Question 2

The 4 P’

s are the pillars of marketing and they can be applied to both

B2B and B2C markets. They

’
re also referred to as the

Answer 2

MARKETING MIX

Question 3

Professor Edmund Jerome McCarthy introduced the four P’
s of

marketing in his book

Answer 3

“Basic Marketing: A Managerial Approach”

Question 4

WHO INTRODUCE THE BOOK “Basic Marketing: A Managerial Approach” ?

Answer 4

Professor Edmund Jerome McCarthy

Question 5

Any member of the sales team will testify as to the importance of Price in
negotiations.
It can be a barrier to sales if too high, but setting it too low makes the product
looks cheap.
Price doesn’t just determine the monetary value on the sale, it also sets expectations regarding quality, demand, and market position.
The higher the price, the higher the perceived value, desirability, and market
position of the brand.

Answer 5

PRICE

Question 6

Although it sounds like Product only refers to tangible things, it’

s just a term

that describes a

“
physical good, service, idea, person or place that offers
tangible and intangible attributes that individuals or organization are prepared
to exchange some unit of value to acquire

” (Brassington & Pettitt).

Simply put, it is what a business sells. Perhaps a service, physical goods or a
package of the two.

Answer 6

PRODUCT

Question 7

covers where and how the product is sold. It could cover distribution,

channels, wholesalers, intermediaries, franchises, retailers — basically
everything along the path of the product leaving the manufacturer (or seller)
and reaching the customer, client or consumer.

Answer 7

PLACE

Question 8

Place sets expectations based on where and how an item is sold. It explores the

Answer 8

ROUTE TO MARKET

Question 9

Promotion encompasses the ways a brand communicates with its market.
Advertising, PR, and direct marketing are the obvious components here.
Have you searched a keyword on Google recently and seen sponsored results?
Or perhaps you

’
ve listened to a sponsored ad on your favorite podcast.

Those are just two ways of promoting your products/services offer to your
customers. The simple truth is, promotion is all around you.
Billboards. Commercials. Sponsored ads.
In a B2B setting, personal selling is often the most influential part of the
Promotions mix.

Answer 9

PROMOTION

Question 10

Two of the most common distribution
channels are:

Answer 10

DIRECT SALES AND WHOLESALERS

Question 11

was all about brick and mortar.

Answer 11

PLACE

Question 12

refers to methods of communication, a business
marketer uses to promote his brand among his clients.
Remember your brand must stand apart from the rest. You need
to interact with your clients well.
Promoting one

’
s brand successfully increases the sales and

eventually earns profits for the organization.

Answer 12

PROMOTION

Question 13

Here are the business promotion methods for a
B2B organization:

Answer 13

1. Establish Goals & KPI’s
2. Define your target market
3. Determine value proposition
4. Choose your strategy

Question 14

Before you begin to promote your B2B organization, it’s important to understand what your end goal is.

Next, you should determine your KPIs (key performance indicators), or
campaign milestones to track your progress. These metrics will help you
analyze the success of your promotional efforts and scale your campaigns
as needed.

Answer 14

ESTABLISH GOALS AND KPI’S

Question 15

To put it simply, your efforts won

’t garner any results unless

your campaigns attract the right people.

In order to do this, you need a deep understanding of who your
target audience is.

Answer 15

DEFINE YOUR TARGET MARKET

Question 16

Once you

’
ve defined your audience, it’

s time to establish your

value proposition.

A value proposition is the hook that reals in your prospect
and converts them into a customer. In essence, it answers the
q u e sti o n ,

“ W h y s h o u l d I b e i n t e r e st e d i n y o u r

company/service?”

Answer 16

DETERMINE VALUE PROPOSITION

Question 17

It is where you plan and execute your campaigns.

As the marketing realm continues to evolve, a number of new
strategies have emerged to promote a company.

Answer 17

CHOOSE YOUR STRATEGY

Question 18

THE 3 KIND OF MARKETINGS

Answer 18

EMAIL MARKETING, CONTENT MARKETING, SOCIAL MEDIA

Question 19

is not a new strategy. In fact, it’

s been around
for nearly 25 years. However, despite its age, email marketing has
continuously proven to stand the test of time.

The truth is, email marketing is an inexpensive way to promote
products, increase sales, and retain customers.

Answer 19

EMAIL MARKETING

Question 20

is a strategy that involves the creation and
sharing of marketing collateral that works to organically stimulate
interest in a company

’
s product or service.

Answer 20

CONTENT MARKETING

Question 21

has proven to be an effective channel in the B2B
marketing space over the last few years.

Answer 21

SOCIAL MEDIA

Question 22

is the process of setting prices on goods or
services with the intent of marketing and selling them to other
businesses, and not directly to consumers.

Answer 22

B2B PRICING

Question 23

3 common B2B pricing strategies are:

Answer 23

Value-Based Pricing, Cost-Plus Pricing, and Competitor-Based

Question 24

The most powerful B2B pricing strategy is

Answer 24

VALUE BASED PRICING

Question 25

You focus on the customer to set your price by pricing per
customer, per product, and per market.

For example, large customers with tremendous buying power
are priced differently than small customers who make
infrequent purchases.

Answer 25

VALUE-BASED PRICING

Question 26

It is the simplest method of determining price, and embodies the
basic idea behind doing business.
You make something, sell it for more than you spent making it
(because you

’
ve added value by providing the product).

Many businesses use cost-plus pricing as their main pricing
strategy when releasing products.

Answer 26

COST PLUS PRICING

Question 27

It is essentially price plagiarism.
You look at what the competition is doing and price your
products accordingly.

Using this strategy places no more value on your products
or brand than that of your competitors.

Answer 27

COMPETITOR BASED PRICING

Question 28

Here are proven strategies for B2B product marketing to
boost leads and conversions:

Answer 28

1. Research & defining your niches and key personas.
2. Offer something of value for your target markets.
3. Real time, conversational business.
4. Be proactive and transparent about product leadership
   and development.

Question 29

The best place to start with this is persona development.
Developing personas means creating a complete profile of
your target customers including their demographics, where
they spend time online, how they purchase, what they are
searching for, and their biggest questions and problems.

Answer 29

RESEARCH AND DEFINING YOUR NICHES AND KEY PERSONAS

Question 30

The buying process for B2B customers is typically a bit more
rigorous than B2C customers. Often times there are others
who need to sign off, existing business processes to consider,
and much more research and time involved before actually
purchasing. You will want to present your brand as
authoritative, as the solution to your customers

’
problems,

and stay top of mind to potential customers.

Answer 30

OFFER SOMETHING OF VALUE FOR YOUR TARGET MARKETS

Question 31

Customers expect an excellent customer service because the
product they are buying is usually part of their internal
processes and needed to run their business. It means that
you do need to have a 24/7 approach to the buying process.
More than 30% of customers expect live chat on your
website. Timely customer support for answering questions
and providing live demos is mandatory to keep leads
interested.

Answer 31

REAL TIME, CONVERSATIONAL BUSINESS

Question 32

You must show customers that your product is the solution
and that your company will continue to provide solutions
that are exactly what they need to build credibility and a
loyal customer base.
Be transparent and forthcoming about the evolution of your
product and involve customers in the process by sharing
what you

’
re adding and updating within your product.

Answer 32

BE PROACTIVE AND TRANSPARENT ABOUT PRODUCT LEADERSHIP AND DEVELOPMENT