Week 7: Entrepreneurial Marketing

Question 1

What are the 4 P’s of marketing

“The marketing mix”

Answer 1

Product: Physical product; what are the features
Place: The means of getting the product to the customer(distribution)
Price: A statement of value
Promotion: The blend of communications methods (advertising, selling, sales promotions, public relations)

Question 2

What is marketing

Answer 2

A set of activities and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Question 3

What is the difference between marketing and market

Answer 3

Marketing: Describes the strategy of promoting the sale of your product or service
Market: Describes the customers and the value proposition

Question 4

What is the difference between market analysis and market planning?

Answer 4

Analysis:
-the nature of the industry in which you will do business
-market size, market segment
Planning
-Strategy for making the customer aware of the product/service
-Marketing tactics
-Media plan

Question 5

How to build legitimacy

Answer 5

Raise your profile
Emphasize the value you deliver (benefits over features)
Must be able to speak to your audience

Question 6

Company name

Answer 6

Should be descriptive of function
Clever or memorable
Check name for availability (trademarks, secretary of state)
Convey stability

Question 7

Business cards

Answer 7

Conveys image/marketing campaign
is it different/substantial
What is the look/feel of paper/colors
Reverse panel for information
Bargain offer or QR code

Question 8

What is guerrilla marketing

Answer 8

Innovative, different, low budget

stretch a dollar by bootstrapping and clever marketing

Question 9

Stealth marketing

Answer 9

Create a buzz, typically by word of mouth
Cut through clutter, in a clandestine way
More subtle in messaging

Question 10

6 Types of stealth marketing

Answer 10

1. Viral marketing
2. Brand pusher (clandestine and psychological)
3. Celebrity marketing
4. Bait-and-tease marketing (mercedez commercial)
5. Video game marketing
6. Pop/Rap music marketing