How to promote my own business - what do I have to know?
Theme:Businesses principles and marketing in LSE Entrepreneurship Exercise:How to promote my own business - what do I have to know? Developed by:Know and Can Association
Aim:To get acquainted with the main principles of business marketing.
Learning outcomes:
Knowing the basic principles of marketing research
Understanding what is the market segmentation and how to do it
Understanding the definition of a marketing plan
Knowing the main actions required to develop a marketing plan.
Expected duration:20 minutes
Description: There are different types of marketing tools and communication channels that can be used in a traditional, as well as in an online way. Marketing is strategic communications and promotions delivered in a mix of forms: advertising, public relations, personal selling, direct marketing, sale promotion, interactive/internet marketing, Word-of-mouth marketing, events and successful experiences, etc. This exercise will help you check your knowledge and better understand the main principles of business marketing.
Task:For each question, please select the answer that you think is correct.
(1/8) Is the following statement correct? The marketing research is done when you develop your business plan and it helps you plan your business.
This is not the expected answer!
The marketing research is done when you develop your business plan and it helps you plan your business. It is also an on-going activity that needs to be done through the whole business lifespan in order to see what the customers and their needs are and if they have changed in order to adapt the business.
Your answer is correct!
The marketing research is done when you develop your business plan and it helps you plan your business. It is also an on-going activity that needs to be done through the whole business lifespan in order to see what the customers and their needs are and if they have changed in order to adapt the business.
(2/8) What are the main questions that cover the market research?
This is not the expected answer!
The main questions that cover the market research are: Who? Where? What? Why? How?
This is not the expected answer!
The main questions that cover the market research are: Who? Where? What? Why? How?
This is not the expected answer!
The main questions that cover the market research are: Who? Where? What? Why? How?
Your answer is correct!
The main questions that cover the market research are: Who? Where? What? Why? How?
(3/8) What does segmenting the market mean?
Your answer is correct!
Segmenting the market means splitting the general market of customers who would use your business or buy your products. Splitting the market into units will help you gain better understanding of your target customers.
This is not the expected answer!
Segmenting the market means splitting the general market of customers who would use your business or buy your products. Splitting the market into units will help you gain better understanding of your target customers.
This is not the expected answer!
Segmenting the market means splitting the general market of customers who would use your business or buy your products. Splitting the market into units will help you gain better understanding of your target customers.
(4/8) By which characteristics are the traditional market segments identified?
This is not the expected answer!
The characteristics by which the traditional market segments are identified are Demographics, Psychographics, Behavioral activities, Technical knowledge, Usage and purchase situations and Benefits sought from the products
This is not the expected answer!
The characteristics by which the traditional market segments are identified are Demographics, Psychographics, Behavioral activities, Technical knowledge, Usage and purchase situations and Benefits sought from the products
This is not the expected answer!
The characteristics by which the traditional market segments are identified are Demographics, Psychographics, Behavioral activities, Technical knowledge, Usage and purchase situations and Benefits sought from the products
This is not the expected answer!
The characteristics by which the traditional market segments are identified are Demographics, Psychographics, Behavioral activities, Technical knowledge, Usage and purchase situations and Benefits sought from the products
Your answer is correct!
The characteristics by which the traditional market segments are identified are Demographics, Psychographics, Behavioral activities, Technical knowledge, Usage and purchase situations and Benefits sought from the products
(5/8) Which are the main types of market segmentation?
This is not the expected answer!
The main types of market segmentation are Demographic, Behavioral, Psychographic and Geographic
This is not the expected answer!
The main types of market segmentation are Demographic, Behavioral, Psychographic and Geographic
This is not the expected answer!
The main types of market segmentation are Demographic, Behavioral, Psychographic and Geographic
Your answer is correct!
The main types of market segmentation are Demographic, Behavioral, Psychographic and Geographic
(6/8) What are the requirements for the market segments?
This is not the expected answer!
The requirements of the market segments are Measurable, Accessible, Substantial and Actionable
This is not the expected answer!
The requirements of the market segments are Measurable, Accessible, Substantial and Actionable
Your answer is correct!
The requirements of the market segments are Measurable, Accessible, Substantial and Actionable
(7/8) Is the following statement correct? A marketing plan describes who the customers are, where they get information from and how the entrepreneur is going to reach them.
Your answer is correct!
A marketing plan describes who the customers are, where they get information from and how the entrepreneur is going to reach them.
This is not the expected answer!
A marketing plan describes who the customers are, where they get information from and how the entrepreneur is going to reach them.
(8/8) When creating a marketing plan, which are the main actions that have to be done?
This is not the expected answer!
When creating a marketing plan you need to take the following steps: write executive summary, set metric-driven marketing goals, outline the users, research the competitors, set baselines and metrics, create marketing strategy and set tracking or reporting guidelines and create a marketing plan template.
This is not the expected answer!
When creating a marketing plan you need to take the following steps: write executive summary, set metric-driven marketing goals, outline the users, research the competitors, set baselines and metrics, create marketing strategy and set tracking or reporting guidelines and create a marketing plan template.
This is not the expected answer!
When creating a marketing plan you need to take the following steps: write executive summary, set metric-driven marketing goals, outline the users, research the competitors, set baselines and metrics, create marketing strategy and set tracking or reporting guidelines and create a marketing plan template.
This is not the expected answer!
When creating a marketing plan you need to take the following steps: write executive summary, set metric-driven marketing goals, outline the users, research the competitors, set baselines and metrics, create marketing strategy and set tracking or reporting guidelines and create a marketing plan template.
This is not the expected answer!
When creating a marketing plan you need to take the following steps: write executive summary, set metric-driven marketing goals, outline the users, research the competitors, set baselines and metrics, create marketing strategy and set tracking or reporting guidelines and create a marketing plan template.
Your answer is correct!
When creating a marketing plan you need to take the following steps: write executive summary, set metric-driven marketing goals, outline the users, research the competitors, set baselines and metrics, create marketing strategy and set tracking or reporting guidelines and create a marketing plan template.
Thank you for completing the exercise!
You answered correctly of 8 questions.
If you are satisfied with your results, please continue to the exercises list.
If you are not totally satisfied with your results, you are kindly advised to repeat the exercise as it will help you to deepen your knowledge on the topic.
