1.3

Question 1

Product/service design

Answer 1

Early stage of a product or service in its life cycle when the idea is conceived and the idea developed before being launched to market

Question 2

Design mix

Answer 2

Characteristics of a product that allows it to both meet the needs of the market and effectively use a business resources function arthritic and cost

Question 3

Social trends

Answer 3

Changes to the characteristics and attitudes of society over time

Question 4

Resource depletion

Answer 4

Over the use of natural resources that are either nonrenewable or at a rate they cannot be renewed

Question 5

Resource depletion

Answer 5

The over use of natural resources they are either non-renewable or at a rate quicker than they can be renewed

Question 6

Recycling

Answer 6

converting materials or products that would have been seen as waste into reusable materials or products

Question 7

Re- use

Answer 7

Feature of product design that encourages the consumer to reuse elements of the product

Question 8

Ethical sourcing

Answer 8

Morality in decision making inferring doing what is right when dealing with and choosing suppliers

Question 9

Brand

Answer 9

Feature of a product that is recognised by customers and distinguishes it from competitors

Question 10

Branding

Answer 10

A promotional method that involves the creation of an identity for the business that distinguishes the firm and its products from other firms

Question 11

Promotion

Answer 11

Part of the marketing mix that informs and or suedes custamer about the product in order to sell that product

Question 12

Added value

Answer 12

Value of the finished output over and above the cost of achieving it

Question 13

Unique selling point

Answer 13

A USP is something that distinguished a firms product from the re competitions

Question 14

Differentiation

Answer 14

How a business distinguishes its products from its competitors

Question 15

Advertising

Answer 15

Promotional method that involves the use of media. To communicate with existing and potential consumers

Question 16

Sponsorship

Answer 16

Form of promotion that involves associating a brand name with an event to raise its profile the public eye

Question 17

Social media

Answer 17

Use of channels of communication generated by the public and tapped into by businesses using tech such as blogs and websites

Question 18

Social trends

Answer 18

Changed to the characteristics and attitudes of society over time

Question 19

Viral marketing

Answer 19

Online promo technique that uses social media to encourage the spread of promotional activities and increase brand awareness

Question 20

Emotional branding

Answer 20

Building a brand Nathan will directly tap in to the consumers feelings, personal psychological needs and aspirations

Question 21

Price

Answer 21

That component within the marketing mix that defines the amount of money that is paid for a good or service

Question 22

Pricing strategy’s

Answer 22

These are the methods that an organisation will use to price a product in order to meet marketing objectives

Question 23

Cost plus

Answer 23

Pricing method that is based on placing a % markup on the average cost of producing a good or service

Question 24

Price skimming

Answer 24

Setting a high initial price for w new product in order to recoup high resource and development costs

Question 25

Price penetration

Answer 25

Setting a low initial price for a new product in order to get a foothold in the market and gain marketshare

Question 26

Predatory pricing

Answer 26

When a business sets a price for its products after considering the prices set by the competitors

Question 27

Competitive pricing

Answer 27

Business sets a price for its products after considering the price set by competitors

Question 28

Psychological pricing

Answer 28

Pricing Strat designed to make the consumer think that the product is cheaper than it actually is hence enticing the customer into making purchases

Question 29

Distribution channels

Answer 29

Route to market that a product takes from producers to the final customer

Question 30

Manufacturer

Answer 30

Organisations that take raw materials or components and process them into finished or semi-processed goods

Question 31

Wholesaler

Answer 31

These buy in bulk from suppliers and break the bulk to sell them in smaller quantities

Question 32

Retailer

Answer 32

Retailers hold goods for sale direct to members of the public

Question 33

Intermediaries

Answer 33

Organisstions product travels through from manufacturers to end consumers

Question 34

Online distribution

Answer 34

Process of operating in a virtual market place so goods ordered online eg through e-commerce

Question 35

Marketing strategy

Answer 35

The medium to long term marketing plans adopted by s business in order to achieve its marketing objectives

Question 36

Product life cycle

Answer 36

Staged a product will go through in its life time - R&D, launch growth maturity decline extension

Question 37

Boston matrix

Answer 37

Model used to analyse a firms product portfolio by considering market share in relation to market growth for each product - rising star, problem child, cash cow, dog

Question 38

Cash cow

Answer 38

Classification of a product within the Boston matrix by low market growth and high market share

Question 39

Problem child

Answer 39

Class of product within the Boston matrix characterised by high market growth and low market share

Question 40

Dog

Answer 40

Low market growth and low market share

Question 41

Rising star

Answer 41

High market growth and high market share