Tutor profile: Matthew J.
What are the 4 P's in marketing?
Price: What pricing strategy does a business want to use on their product. Examples include penetrative pricing, price skimming and prestige pricing. Product: What product of service you want to sell and how can you make it stand out from the competition. Place: Where do you want to sell? Do you want a physical presence, sell online or both? Promotion: Who is your target audience? What demographics and psychographics do you want to appeal to? How will you sell your product/service? e.g. social media, tv, radio, etc.
What are the advantages and disadvantages of starting a business?
Advantages: - Create your own schedule - No earning cap - Make all the decisions - No one to answer to but yourself Disadvantages: - No guaranteed earnings - Risky especially if you have family to consider - Long hours with little reward when first starting out - Must be self motivating - Difficult to get the capital required to invest
What is CSR? (Coperate Social Responsibility)
CSR is a corporate model which looks to contribute to society and/or minimizing any negative impact. This is often used as a marketing tool to try and boost sales by being seen as an "ethical" or "caring" business. Some examples include: - A toilet paper business launching a tree planting campaign - A business committing to producing their goods in good conditions for their workers - A business committing to being more sustainable with their production such as using less water or polluting the environment less. - A business talking about social issues and raising awareness, they may also state their stance on the matter.