Technopreneurship Assignment 3

ASSIGNMENT 3

1. What are the differences between traditional and entrepreneurial marketing?

Traditional marketing is a type of marketing practiced in large structured

management organizations. This is driven by a customer focus, as market requirements
must be assessed before product development. It also follows a top-down approach,
starting with formal market research, segmentation, target market selection, and
positioning using communication tools.
Entrepreneurial marketing is informal, and ad hoc type of marketing carried out
by small and medium enterprises (SMEs). It is characterized by an entrepreneurial and
innovative orientation as it often starts with an idea and tries to find a market for it. Once
potential market opportunities are identified, entrepreneurs test them in a bottom-up
approach.
2. Why is it important to know the target before creating the marketing mix?
Knowing the target is a big help to create a successful marketing mix. It helps to
know where to focus and figure out the unimportant things to avoid that won’t help in
creating the marketing mix. Knowing a target market before creating a marketing mix is
important because it allows the company to direct its resources to customers with high
potential for sales growth, product interest, and brand loyalty.
3. What are the components of the marketing mix? Explain each component.
The components of the marketing mix include product, place, price, promotion,
physical evidence, people, and process.
 Product – refers to any goods or services that are produced to meet the
consumers’ wants, tastes, and preferences. It is important because marketers
can’t plan a distribution system if they don’t know exactly the product that will be
offered to the market, the product can be intangible or tangible on hand.
 Place – represents the location where buyer and seller exchange goods or
services. It is also known as the distribution channel and it should be accessible
to the audience.
 Price – considered to be the most serious component of the marketing mix. It is
the amount or value that customers give up enjoying the benefits of having or
using a product or service.
 Promotion – the complete sets of activities that communicate the product, brand,
or service to the user. The idea of promotion is to attract people to buy the
product over others. It refers to marketing, advertising, and sales techniques.
 People – considered to be the ultimate marketing strategy because they are the
ones who sell and push the product. They are also considered one of the most
important elements of the marketing mix because of their remarkable rise in
services in the industry. Right people are needed in the marketing mix.
 Physical Evidence – It has two forms in the marketing mix, the evidence that
service or purchase takes place and proof of confirmation that the brand exists.
Physical evidence of a transaction comes in the form of things like receipts,
tracking information, and invoices.
 Processes – it describes the full experience of the buying process, a series of
actions that are taken in delivering the product or service to the customer.
4. What is the difference between pricing a product based on what competitors

charge and pricing a product based on the company’s costs?
Pricing a product based on what competitors charge is a pricing method that sets
prices relative to competitors. It is compared to other strategies such as value-based
pricing or pricing plus pricing where pricing is determined by analyzing other factors such
as customer demand or cost of production. It only focuses on publicly available
competitor pricing information, not customer value. It is a pricing strategy that uses
competitors' prices as a benchmark.
Pricing a product based on the company’s cost is one of the pricing methods for
determining the selling price of products, a method for determining the price of products
by adding a profit factor to the cost of production. It uses the cost of producing a product
as the basis for determining the final selling price of a product.
5. What is market research? Why is it important to research before you start a

business?
Market research is an organized effort to gather information about the target

market or customers. It is commonly used for businesses and their potential
opportunities, which include looking at what products are already available and what
competitors are in the market, and other related things. It is a cost-effective way to check
out if the idea of starting a business will click and provides answers and information to
make better decisions.
Market research is an important step in business that shouldn’t be skipped
because once it is skipped, it may just cause a waste of time and a waste of resources.
It is crucial during the start-up phase of business and it’s equally important once a
business is established. Entrepreneurs still need to know about their market,
competitors, and customers because trends change all the time and it’s easy to get left
behind. Most entrepreneurs fail in business because they haven’t done their market
research but once practiced, it makes entrepreneurs more competitive and has more
chances of success.
6. What types of activities are involved in digital marketing? Choose one and explain
The types of activities involved in digital marketing include content marketing,

search engine optimization, search engine marketing, social media marketing, affiliate
and influencer marketing, and email and message marketing.
Content marketing is essential for almost every form of digital marketing.

Everything that goes beyond classic and simple advertising can be seen in its form. The
idea is to provide customers with something useful or interesting to get to know the
brand, product, or service. Good content engages an audience of potential customers
and directs them to sales or other revenue-generating activities. Content can take any
digital form and is often story-driven. It can be used to promote products with things like
blog articles, guest posts, press releases, videos, social media posts, digital books,
online courses, and even comparison tools and calculators. The content needs to be
informative and engaging so that people can actively find it. Content marketing can be
very effective because it benefits the target audience. This can help reach more people
by gaining trust and confidence, with the right strategy, it can turn successful lead
generation into sales.
7. How does a marketing plan help an entrepreneur?
A marketing plan is a great help to all entrepreneurs, it is used by entrepreneurs

as a strategic roadmap used to organize, execute, and track their marketing strategy. It
is also a great help as it requires entrepreneurs to set goals, develop a strategy to
achieve them, and encourage them to explore markets and competition. A strong
marketing plan encourages entrepreneurs to think deeply about their business and
potential benefits and helps them make better business and marketing decisions. In
addition, by clarifying goals and expectations, a marketing plan can increase employee
engagement and solidarity.
8. What is the difference between a marketing objective and a marketing strategy?
A marketing strategy refers to the overall business plan for attracting potential
customers and converting them into customers of a product or service. It is a detailed
plan of how to achieve marketing goals. Marketing strategy lists the steps to be taken,
the specific actions required to complete each step, and a rough timeline for completing
each step. On the other hand, a marketing goal is an action taken to achieve a
marketing goal. It directs the marketing activities of the company and set goals to
achieve them and provides for specific and immediate actions to be taken by the
company.

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ASSIGNMENT 3

1. What are the differences between traditional and entrepreneurial marketing?

Traditional marketing is a type of marketing practiced in large structured

4. What is the difference between pricing a product based on what competitors

5. What is market research? Why is it important to research before you start a

Market research is an organized effort to gather information about the target

The types of activities involved in digital marketing include content marketing,

Content marketing is essential for almost every form of digital marketing.

7. How does a marketing plan help an entrepreneur?

A marketing plan is a great help to all entrepreneurs, it is used by entrepreneurs

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