Chapter 15

Question 1

The Basic Principles of Marketing

Answer 1

• Creating, communicating, delivering and exchanging offerings that have value for customers
• Showing how a product meets customer needs
• Pricing products according to the value perceived by customers
• Implementing delivery of products
• Maintaining customer relationship even after the sale

Question 2

Marketing Mix

Answer 2

A framework that helps define the brand and differentiate it from the competition.
4 Ps:
- Product
- Price
- Place
- Promotion

Question 3

7 Ps include:

Answer 3

• People : Those responsible for every aspect of sales and marketing
• Packaging : Every single visual element of the offering viewed through the eyes of your customer
• Positioning : How customers think or talk about product and a company relative to competitors

Question 4

S.A.V.E Framework

Answer 4

• Solution (rather than product) : all customers really want to know is how the. product solves their problems
• Access (rather than place) : focus is on how accessible your company is to your target customer
• Value (over price) : customers are drawn to value more than to price
• Education (rather than promotion) :today’s businesses are in a good position to educate customers by providing information that they want to read that is up to date and relevant.

Question 5

Entrepreneurial marekting

Answer 5

A set of processes adopted by entrepreneurs
based on new and unconventional
marketing practices to gain traction and
attention in competitive markets.

Question 6

Unique Characteristics of Entrepreneurial Marketing

Answer 6

• Resource Constraints
• Speed and Experimentation

Question 7

Integrated Marketing Communications

Answer 7

The practice of producing consistent messaging across channels to produce
a unified brand experience for customers.

Question 8

Brand Building

Answer 8

Entrepreneurs focus on developing a compelling value proposition, building brand loyalty, and establishing a distinct,
resonant image.

Question 9

Growth and Scale

Answer 9

A startup has to grow to survive; all marketing tactics must be designed to increase market share in order to scale the business

Question 10

Guerrilla marketing

Answer 10

A low-budget strategy
that focuses on interacting with a target
group by promoting products and services
through surprise or other unconventional
means.

Promotion through: low cost and creative means

Ex: pop-up shop, free samples, …

Question 11

Branding

Answer 11

The process of creating a name, term, design, symbol, or any other feature that identifies a product or service and differentiates it from others.

Question 12

Logo

Answer 12

Face of your brand; should be integrated into your website, packaging, and promotional materials.

Question 13

How to Build a Brand?

Answer 13

1. Choose a Name
2. Design a Logo
3. Spread the Word
4. Know Your Customer
5. Become your Brand
6. Write a Tagline
7. Always Deliver on Your Brand Promise
8. Be Consistent with Your Brand

Question 14

Evolving a Brand through Trends

Answer 14

• Social Responsibility
  (A marketing approach designed to attract customers to support a cause or want to make a positive difference in their purchasing decisions)
• User-generated Content
  (Brand-specific content created by customers and posted on social media in the form of images, videos, reviews, …)
• Influencer Marketing
  (Many brands are seeking the help of influencers on TikTok, Instagram, …)

Question 15

Digital Mrketing

Answer 15

The use of digital or social channels (e.g., the internet, social media, search engines, mobile devices, and anything else digital) to promote a brand or reach customers.

Question 16

Social Media Marketing

Answer 16

Social media is a valuable way of following market trends, finding new employees, and building and maintaining relationships with customers.

Question 17

Content Marketing

Answer 17

• Involves creating and sharing valuable, informative, and entertaining content to attract and engage a target audience (Ex: blog posts, videos)
• Goal: build brand awareness, establish thought leadership, and generate leads.
• Creating content is not about advertising or self-promotion; instead, it aims to educate, inspire, and entertain people enough that they grow to trust you/your brand

Question 18

E-mail Marketing

Answer 18

Involves sending marketing messages and promotional content to a list of subscribers via e-mail.

Question 19

Pay-per-click Advertising

Answer 19

Pay-per-click (PPC) advertising—digital advertising that involves paying for each click on an ad

Question 20

Influencer Marketing

Answer 20

A type of social media marketing where brands collaborate with influencers to promote products or services

Question 21

Types of Influencers

Answer 21

• Mega or Celebrity Influencers : have the most followers (1M +); partnering can be costly)
• Macro-influencers : (100k to 1 M); less costly but still expensive
• Micro-influencers : (1k to 100k); more affordable and can be more effective
• Nano-influencers : most affordable

Question 22

Influencer Marketing Strategy

Answer 22

• Define Goals
  (most common: boost brand awareness; increase sales)
• Set a Budget
• Choose a Type of Campaign
  (guest posting, sponsored content, giveaways, unboxing, …)
• Find the Right Brand Influencers
• Promote Your Campaign
  (posting on your social media platforms)
• Track the Success of the Campaign
  (Using metrics to monitor website traffic and degree of engagement)

Question 23

What is the long tail theory?

Answer 23

Idea that focus is shifting from mainstream products/services offered by big brands toward a wide variety of smaller niche markets.