How is marketing different than advertising?

How important do you think it is for businesses to conduct market research?

How would you describe the target market for an expensive sports car?

True or False: The Marketing Mix is also called the Four P's.

If we decided to start a new business selling custom-made t-shirts, how could you describe the product component of our business? What exactly would we be selling? What does it look like, feel like, etc? What special features does it have? What is our product called? Use your imagination!

If we decided to start a new business selling custom-made t-shirts, how could you describe the price component of our business? How much does our product cost? Do we charge more, less, or the same amount as our competitors?

If we decided to start a new business selling custom-made t-shirts, how could you describe the place component of our business? Where do we sell our products? Do we have a physical store? A website? How do our customers find us? If we have a store, what does it look like inside?

If we decided to start a new business selling custom-made t-shirts, how could you describe the promotion component of our business? Do we offer sales or discounts? What kind of advertising do we do? What kind of message do we send to customers that makes them want to buy our products?