Specific Terms

Question 1

B2C

Answer 1

Companies that sell directly to consumers.

Question 2

B2B

Answer 2

Companies that sell to other companies.

Question 3

Reseller market

Answer 3

Buyers who purchase with the intent of selling those products to others. The reseller market includes wholesalers, retailers, and distributors.

Question 4

Institutional market

Answer 4

This is the market where buyer are large players like hospitals, schools, university and hotels and the product purchased is not directly consumed by them. They use the purchased good to deliver and create goods and service of their own.

Question 5

Demographic forces

Answer 5

Socioeconomic characteristics of a population expressed statistically, such as age, sex, education level, income level, marital status, occupation, religion, birth rate, death rate, the average size of a family, the average age at marriage.

Question 6

Economic forces

Answer 6

Economic forces are factors such as monetary and fiscal policies, interest rate, employment, inflation rate, demographic changes, political changes, energy, security, and natural disasters

Question 7

Political forces

Answer 7

Parties, personalities, pressure groups that strongly influence the economic and political stability of a country through their actions and pronouncements.

Question 8

Cultural forces

Answer 8

The influencing mechanisms which exist within a population that guide business practices and/or purchasing behavior. For example, customs regarding labor in Japan will influence how a company manages employees.

Question 9

Technological forces

Answer 9

The influences that developments in technology have on consumers, business and society in general. Some positive technological forces include increased leisure time, improved communication and better management information systems, while some negatives might include increased unemployment and information abuse.

Question 10

Natural forces

Answer 10

The natural resources which are needed as inputs by marketers or which are affected by their marketing activities

Question 11

Pure competition

Answer 11

1. Free entry
2. Free exit
3. Set price
4. Identical product
5. A high amount of companies

Question 12

Monopolistic competition

Answer 12

1. Free entry
2. Free exit
3. Price varies
4. Differentiated products
5. A high amount of companies and customers
6. Elastic demand

Question 13

Oligopolistic competition

Answer 13

1. Few firms
2. Identical or differentiated products
3. Barriers to entry

Question 14

Pure monopoly

Answer 14

1. One firm
2. Barriers to entry
3. Price maker

Question 15

Event marketing

Answer 15

Event marketing is a promotional strategy that involves face-to-face contact between companies and their customers at special events like concerts, fairs, and sporting events.

Question 16

Multimedia (marketing)

Answer 16

A method of combining different forms of media to reach your audience and build brand recognition.

Question 17

Sponsorship

Answer 17

Sponsorship’ is a form of promotion, often considered PR, where a firm provides support for an event, venture, organization, person or charity by providing money or other resources in order to obtain positive publicity.

Question 18

Media reach

Answer 18

Reach refers to the total number of different people or households exposed, at least once, to a medium during a given period.

Question 19

Media frequency

Answer 19

The number of times the receiver is exposed to the media

Question 20

Media impact

Answer 20

The psychological effect that the media has on the receiver

Question 21

Media vehicle

Answer 21

A media vehicle refers to a specific method (like digital, radio, newspaper, etc) of media used by a business to deliver advertising messages to its target audience.

Question 22

Brand value

Answer 22

The financial worth of the brand. How much would someone pay for it?

Question 23

Brand equity

Answer 23

A set of assets or liabilities in the form of brand visibility, brand associations and customer loyalty that add or subtract from value of a current or potential product or service driven by the brand.

Question 24

Brand associations

Answer 24

Anything which is deep-seated in the customer’s mind about the brand.

Question 25

Brand awareness

Answer 25

The extent to which customers are able to recall or recognize a brand.

Question 26

Brand loyalty

Answer 26

Positive feelings towards a brand and dedication to purchase the same product or service repeatedly now and in the future from the same brand, regardless of a competitor’s actions or changes in the environment.

Question 27

Perceived quality

Answer 27

The customer’s perception of the overall quality or superiority of a product or service with respect to its intended purpose, relative to alternatives.