Question

1. Your friend is developing a marketing plan for her new business. What should she put in this plan?

Answer 1

1) D All of the above. A marketing plan should include how you are going to sell the product, where you are going to sell it and who you are going to sell it to. 2) C A value proposition is spelling out the value your product will bring to the world, or the benefits it will provide. 3) C A pitch is a way to get people interested in your business and wanting to learn more. 4) A A pitch should only be the highlights of the business. They do not need to know the origin of the name of the business. 5) B Your potential customer should drive all of the decisions you make about your business.

Answer 2

1. Your friend is developing a marketing plan for her new business. What should she put in this plan?

A. Where she wants to sell her product

B. The price of her product

C. A description of the people in her target market

D. All of the above

A marketing plan serves as an outline or blueprint of what the business wants their advertising and marketing efforts to include for the upcoming year. The marketing plan includes where the product should be sold, how it should be priced and the appropriate market for the product. 

2. Which statement is the best description of Value Proposition?

C. The features and benefits that make the product or business unique.

The value proposition shows the features that benefits that will make a product attractive to their customers. The value proposition will attract customers depending on the value customers perceive it to hold.  

3. What is the main purpose of developing business pitch?

C. To briefly share the most important information about your business to people in an engaging way.

A pitch is a short spoken synopsis of your work or product to a target audience. When developing your business pitch, it is important to remember to make it short, sweet and engaging to your audience. The more attention you can draw from your pitch the better chances you have of your product selling. 

4. Which of the following is probably NOT an important point to include in a business pitch?

A. A detailed description of the meaning behind the company's name.

If you refer to question 3, a pitch is something that is short and sweet but includes the engaging factor of your product. It is important to make sure the pitch is not super detailed. 

5. Why is it important to conduct market research on your target audience before building your marketing plan?

B. You need to consider who your potential customers are before deciding on marketing strategies.

Your marketing plan should only contain information that market towards your target market. It is important to make sure you are attracting the right audience because if you are marketing towards an audience that isn’t interested, the product will not sell.