Exam (elaborations)
MNE3701 EXAM PACK 2023
- Course
- Institution
QUESTIONS AND ANSWERS
[Show more]
Seller
Follow
jpapaya
Reviews received
Content preview
MNE3701EXAM
PACK 2023
QUESTIONS WITH
ANSWERS
Email: musyokah11@gmail.com
,MNE3701
EXAM PACK
2023
LATEST QUESTIONS AND
ANSWERS
, Entrepreneurship and Small Business Management MNE3701 S1 2015
Study Unit 2
The Marketing Plan
Table of Contents
2.1 WHAT IS SMALL BUSINESS MARKETING? ............................................................................................................. 1
2.1.1 Marketing philosophies make a difference .................................................................................................. 1
2.1.2 A consumer orientation: the right choice ..................................................................................................... 2
2.2 THE FORMAL MARKETING PLAN ........................................................................................................................... 3
2.2.1 Market analysis ............................................................................................................................................. 3
2.2.2 The competition ............................................................................................................................................ 3
2.2.3 Marketing strategy ........................................................................................................................................ 3
2.3 MARKETING RESEARCH FOR THE SMALL BUSINESS ............................................................................................. 4
2.3.1 The nature of marketing research ................................................................................................................ 4
2.3.2 Steps in the marketing research process ...................................................................................................... 5
2.4 UNDERSTANDING POTENTIAL TARGET MARKETS ................................................................................................ 7
2.4.1 Market segmentation and its variables ........................................................................................................ 7
2.4.2 Marketing strategies based on segmentation considerations ...................................................................... 7
2.5 ESTIMATING MARKET POTENTIAL ........................................................................................................................ 9
2.5.1 The sales forecast .......................................................................................................................................... 9
2.5.2 Limitations to forecasting ........................................................................................................................... 10
2.5.3 The forecasting process .............................................................................................................................. 10
2.1 WHAT IS SMALL BUSINESS MARKETING?
Definition: Those business activities that direct the creation, development and delivery of a bundle of
satisfaction from the creator to the targeted user.
o Identifying a target market
o Determining target market potential
o Preparing, communicating and delivering a bundle of satisfaction to the target market
A marketing plan will not enable you to avoid all missteps involved in a startup situation, but it can
drastically reduce the number of errors by forcing you to think through available options.
It may be helpful to view a product or service as having three levels:
o The core product/service: the fundamental benefit or solution sought by customers.
o The actual product/service: the basic physical product and/or service that delivers those benefits.
o The augmented product/service: the basic product and/or service plus any extra or unsolicited
benefits to the consumer that may prompt a purchase.
2.1.1 Marketing philosophies make a difference
Three different marketing perspectives guide most small businesses:
1
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller jpapaya. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.40. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
60904 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now