7.10 Discussion Questions
- If you could open a business right now, what would it be? Who would be your target market?
- Look at the Wag! website and determine the 7Ps of this service. Do they work well together? Why or why not?
- Give an example of a company that uses bundle pricing and explain why it uses this method.
- Discuss how market research can benefit entrepreneurs.
- What is the difference between qualitative and quantitative data?
- Give examples of how entrepreneurs can leverage marketing activities even when strapped for cash.
- If you had a business that was highly dependent on WOM marketing, how would you ensure the information passed along was positive? If the message passed along was negative, what would you do about it?
- Describe how a brand advocate might help IKEA position itself as a cost-effective and design-oriented furniture store. Now discuss how a brand advocate can help a new product on the market establish a good reputation.
- Discuss how the business model canvas can help an entrepreneur create a framework for generating sales. Think of a business you like and describe how it generates sales.
- Negative referrals can have a great impact on a company’s sales. Remember an instance where you were the source of a bad referral for a product or service, and determine what made the experience so negative. What would you have done differently as the sales person to prevent that?