MGT 386 - 2

when developing a positioning statement, it requires 2 steps including which of the following?

a description of the type of buyer most likely to purchase the product

in the business model canvas, the Key Activities refers to ___ a company must take to be successful

actions

in a business model canvas, the Key Partnerships refers to ____ to optimize business models, reduce risk, or acquire resources

alliances

A ___ is the company's foundation & personality as it creates value, clarifies the firm's message and acts as a promise to customers.

brand

A ___ is a strategic look at how your product or service is marketed and branded and analyzing your brand positioning

brand audit

in the business model canvas, the cost structures is the ___ associated with the other 8 pieces of the business model.

costs

in unbundled business models there are three types of businesses. Which of the following is one of those?

customer relationships

in the business model canvas, the Channel's Building block describes how a company with and reaches its ___ to deliver a value proposition

customer segments

A ____ business model is focused upon offering a large # of niche products, each of which sells relatively infrequently a. product innovation b. open business model c. unbundled d. none of the above

d

a branding strategy is a written plan for how you'll apply your brand & should: a. list 1 or 2 of the most important elements of your product or service b. describe your company's ultimate purpose c. define your target market d. all of the above

d

in the business model canvas, the Key Resources might include which of the following? a. physical b. financial c. intellectual d. all of the above

d

publicity is far more effective than advertising for several reasons including which of the following? a. more cost effective b. greater longevity c. far wider audience d. all of the above

d

when creating a branding strategy, a company should be sure to

develop a personality

your ___ must live & breathe your branding strategy.

employees

T/f: a mission statement is written for the customer & tells them why they should choose you.

false

t/f: A company's business plan & marketing strategy are not equally vital in that the marketing strategy is more important.

false

t/f: brick and mortar retail establishment easily employ the long tail business model.

false

t/f: customer discovery is about pointing out which technical aspects of a product solve the customer's problem

false

the key for securing publicity coverage is ___

follow up

branding in the company's ___ and should include the companys reason for being.

foundation

a creative way to create publicity might include ___

holding a special event

a long tail business model is about selling ___ of more

les

a ____ is as vital as a business plan.

marketing plan

the third step in creating a marketing plan is to list your marketing goals. it is important the goals be

measurable

A ___ captures the essence of your business's goals and the philosophies underlying them.

mission statement

A ____ tells customers what business you are in, while a ____ tells customers why your product/service will meet their needs better than others.

mission statement, value proposition

A ____ is one or two sentences describing what distinguishes you from your competitors.

positioning statement

___ is a broad category, spanning everything from press releases and networking contests or holding gals special events.

public relations

___ is more effective than advertising as it is more cost-effective and has greater longevity

publicity

the key to securing ____ is identifying your target market and developing a well-thought-out public relations campaign.

publicity

In the business model canvas, the Customer Relationships building block describes the types of ___ a company established w/ specific customer segments.

relationships

in the business model canvas, the ___ streams come from transactions from one off customers & ongoing payments.

revenue

the first component of a marketing plan is a ____

situation analysis

a SWOT analysis is key to a marketing plan and includes the company's ____

strengths, weaknesses, opportunities, threats

in order to write an effective value proposition, it is imperative to have a narrow & specific

target market

in the business model canvas, the customer segments building block defines the ___ as enterprise aims to reach and serve.

target market

T/f: the biggest mistake entrepreneurs make during the customer validation process is when they think they know their target market

true

t/f: a company's brand should serve as the foundation for marketing effects, employee training, and the overall personality of the company

true

t/f: a marketing plan's effectiveness is evaluated based upon present goals.

true

t/f: a well-written & researched positioning statement is crucial for understanding a firm's position in relation to its customers.

true

t/f: in the customer discovery phase, u need to figure out what problem your product solves & whether ur customer actually has these problems &. will use ur product to solve them.

true

t/f: multi-sided platform business model creates value by facilitating interactions between 2 or more distinct & interdependent groups of customers.

true

t/f: the goal of customer discovery is figuring out who your customers are and whether your ideas will appeal to them.

true

t/f: unbundled business models assert there are 3 fundamentally different types of businesses that can exist independently or coexist under one umbrella company.

true

customer ___ is about making sure that the entrepreneur's research is correct & developing a business model to reflect that information.

validation

in the business model canvas, the value propositions building block describes the bundle of products and service that create ___ specific customer segment.

value

a ___ should help customers understand exactly how a firm will solve their pain or address unmet needs.

value proposition

a mission statement helps to answer the qusetion:

what business am i in?

A marketing plan focuses on ___ & ___ customers.

winning & keeping

a well thought out public relations campaign will include which of the following steps?

your positioning statement