topic 7 business simulation & marketing

Question 1

define marketing

Answer 1

marketing is the doing process of creating, producing and delivering and message or identity

Question 2

what are th3 4ps

Answer 2

product
promotion
placement
price

Question 3

product led vs market lead approach?

Answer 3

(PL) product made before the firm can reasonably determine its market.

(ML) they make the product after they know there market

Question 4

5 types of pricing ?

Answer 4

1. competitive pricing
2. psychological pricing
3. dynamic pricing
4. promotional pricing
5. price skimming/price penetration

Question 5

definition of a brand

Answer 5

Brand: A name, design, symbol, or any feature that identifies one seller’s good distinct from competitors

Question 6

what dose a multichannel approach uses?

Answer 6

Revolves around
your product

Lets customers
engage wherever
they shop, but
channels are
independent silos

Think of it as a wheel
with spokes
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Question 7

what dose a Omnichannel approach uses?

Answer 7

Revolves around your
customer
● Communicating in
ways that align with
why they use a given
channel and showing
awareness of their
stage in the customer
life cycle
● Removes boundaries
between different
sales and marketing
channels