MODULE 3 PART 7: Marketing Aspects of New Ventures (Marketing Mix)

Question 1

(8) Ps of Marketing (Hill, 2022):

Answer 1

1. Product
2. Price
3. Place
4. Promotion
5. People
6. Physical Evidence
7. Process
8. Positioning

Question 2

Refers to item the business offers to customers, tangible or intangible.

Answer 2

• Product

Question 3

Refers to the amount that customers are willing to pay for a product or service.

Answer 3

• Price

Question 4

Location of the product or service’s purchase, sale, and experience.

Answer 4

• Place

Question 5

Refers to entire set of activities used to promote a product, brand or service.

Answer 5

• Promotion

Question 6

(5) Types of Promotions in Marketing:

Answer 6

1. Advertising (print, broadcast, public/outdoor, digital)
2. Selling (personal selling, face-to-face technique)
3. Direct Marketing (communicates directly to individual customers using emails, direct mail)
4. Sales Promotion (short-term campaigns to get people interested)
5. Public Relations (strategy to manage how information is disseminated to the public)

Question 7

(3) Media Frameworks in Promotion:

Answer 7

1. Paid Media (companies uses promotional activities they create and pay for themselves)
2. Earned Media (news articles, blogs, and social network discussions that mention a brand)
3. Owned Media (online platform a business possesses and has complete control over)

Question 8

People involved in the launch or campaign such as the key executives.

Answer 8

• People

Question 9

Refers to anything that helps the target audience trust the business.

Answer 9

• Physical Evidence

Question 10

Set of steps that help businesses figure out customer problems.

Answer 10

• Process

Question 11

Refers to the capacity to alter how consumers perceive a brand or pdocut in comparison to competitors.

Answer 11

• Positioning

Question 12

(3) Kinds of Positioning:

Answer 12

1. Value Proposition (why a consumer should purchase a company’s product or service)
2. Unique Selling Proposition (distinctive quality that sets the business apart from the competition)
3. Branding (creation of unique brand identity for a company)