The ability to think creatively can result in innovative goods and services. Businesses must develop an effective marketing mix for these goods and services to meet customer needs.
What is creative thinking?
A way of coming up with new ideas
A way of coming up with ideas for artwork
A skill that cannot be learnt
What does being innovative mean?
Turning an idea into a product or a service that creates value
Coming up with lots of ideas for new goods and services
Creating inventions in order to make money
What is revolutionary innovation?
Changing the process of making something so that it cuts production costs
Developing technology so that it improves an existing product or service
Creating something entirely new
What is an example of evolutionary innovation?
A selfie stick
A light bulb
When coming up with new ideas, what are associations?
Making connections between similar ideas
Networking with others
Making connections between dissimilar ideas
What does the O stand for in SWOT?
What is a marketing mix?
A description of how five Ps are going to meet the needs of customers
A promotional plan
A description of how five Ps are going to be used to advertise a product or service
What is premium pricing?
Setting a price higher than competitors to suggest quality
Setting a price lower than competitors to increase sales
Setting a high price for a limited time period and then reducing the price
Which of the following is an example of digital media?
Interactive online advertisements
What is an advantage in using traditional media-based marketing tools?
Low numbers of potential customers can be targeted
High numbers of potential customers can be targeted
Generally they are a cheap option