MIE 310 Final Questions & Answers 100% Correct!

overview the one page business plan - ANSWERSwhat will you sell? who will buy it? how will your business help people? ka-ching - ANSWERSwhat will you charge? how will you make money/get paid? hustling - ANSWERShow will customers learn about your business? how can you encourage referrals? Inbound methodology - ANSWERSattract, convert, close, delight 5 chapters to building buyer persona stories - ANSWERS1) job and demographics 2) what does a day in their life look like? 3) what are their pain points? 4) where do they go for information? 5) common objections to products/services some buyer behaviors - ANSWERStechnology adoption, shopping habits, financial, spending, travel semi-fictional representations of your ideal customer based on real data and some select educated speculation about customer demographics, behavior patterns, motivations, and goals - ANSWERSbuyer personas demographics - ANSWERSwhere they live, age, generation, relationship status, family size, etc. interests - ANSWERSprogessional, entertainment, family and relationships, food and drink, politics, etc. 4 categories of buyer personas - ANSWERS-common behaviors -shared pain points -goals/wishes/dream - general demographic information refer to module 3 google doc for sustainability and competitive advantage info - ANSWERS refer to module 3 google doc for steve jobs introducing iPhone at MacWorld - ANSWERS entrepreneurial marketing - ANSWERS- determine channels - decide where you need more data and research in marketing, you need to initiate a customer ______ - ANSWERSjourney development and use of strategies for getting a product or service to the customers and generating interest in it. - ANSWERSmarketing four components of market segmentation - ANSWERS- geographic - demographic - psychographic - behavioral geographic segmentation divides a population by ______ - ANSWERSlocation demographic segmentation divides a population based on a ____ such as age, gender, and income - ANSWERSvariable psychographic segmentation divides a population by ______ _______ such as values (politics), personality, social group - ANSWERSpsychological differences four stages of product life cycle (refer to chart in module 3 PPT for specifics) - ANSWERS- intro: new to market and unknown - growth: attention from competition - maturity: crowded field - decline: competitive advantage eroded the 7 Ps of services making - ANSWERSplace, price, product, promotion, people, process, physical environment