ENTREPRENEURIAL OPPORTUNITIES
IDENTIFYING AND EVALUATING BUSINESS OPPORTUNITIES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Set up a promotional plan
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Select a channel of distribution
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Identify the market for the product
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Determine the price of the product
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Detailed explanation-1: -What are the 4Ps of marketing? (Marketing mix explained) The four Ps are product, price, place, and promotion. They are an example of a “marketing mix, ‘’ or the combined tools and methodologies used by marketers to achieve their marketing objectives.
Detailed explanation-2: -The 5 P’s of marketing – Product, Price, Promotion, Place, and People – are a framework that helps guide marketing strategies and keep marketers focused on the right things.
Detailed explanation-3: -Step 1 – Understand Your Market and Competition. Step 2 – Understand Your Customer. Step 3 – Market Niche Definition. Step 4 – Develop Your Marketing Message. Step 5 – Determine Your Marketing Medium(s) Step 6 – Set Sales and Marketing Goals. Step 7 – Develop Your Marketing Budget.