Chapter 10

Question 1

Marketing plan

Answer 1

A marketing plan is a comprehensive document or blueprint that outlines a company’s advertising and marketing efforts for the coming year. It describes business activities involved in accomplishing specific marketing objectives within a set time frame.

Question 2

Primary Data

Answer 2

Primary research involves the collection of original primary data by researchers. It is often undertaken after researchers have gained some insight into an issue by reviewing secondary research or by analyzing previously collected primary data.

Question 3

Statististical Interpretation Analysis

Answer 3

Analysis and explanation of (1) what is typical and what deviates from the average or norm, (2) how widely the data varies, and (3) how is it distributed in relation to the variable(s) being measured.

Question 4

Niche Market

Answer 4

A niche market is the subset of the market on which a specific product is focused. The market niche defines as the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact. It is also a small market segment.

Question 5

Personality

Answer 5

the combination of characteristics or qualities that form an individual’s distinctive character.

Question 6

Product Mix

Answer 6

the total range of products offered by a company.

Question 7

Product Positioning

Answer 7

“Product positioning” is a marketing technique intended to present products in the best possible light to different target audiences. The method is related to “market segmentation” in that an early step in major marketing campaigns is to discover the core market most likely to buy a product—or the bulk of the product.

Question 8

Distribution Channels

Answer 8

A distribution channel is a chain of businesses or intermediaries through which a good or service passes until it reaches the end consumer. It can include wholesalers, retailers, distributors and even the internet itself.

Question 9

Promotion Mix

Answer 9

he promotional mix is one of the 4 Ps of the marketing mix. It consists of public relations, advertising, sales promotion and personal selling. In this lesson, you’ll learn how a marketing team uses the promotional mix to reach company objectives and goals.

Question 10

Advertising Media

Answer 10

Definition. Various means (advertising vehicles) such as billboards, magazines, newspapers, radio, television, and internet by which promotional messages are communicated to the public using words, speech, and pictures.

Question 11

Marketing Profability Analysis

Answer 11

Profitability analysis is a component of enterprise resource planning (ERP) that allows administrators to forecast the profitability of a proposal or optimize the profitability of an existing project.

Question 12

Materialism

Answer 12

a tendency to consider material possessions and physical comfort as more important than spiritual values.

Question 13

Marketing

Answer 13

the action or business of promoting and selling products or services, including market research and advertising.

Question 14

Survey

Answer 14

look closely at or examine (someone or something).

Question 15

Market Segmentation

Answer 15

Market segmentation is the process of dividing an entire market up into different customer segments. Targeting or target marketing then entails deciding which potential customer segments the company will focus on.

Question 16

Consumer Buying Behaviour

Answer 16

Consumer buying behavior is the sum total of a consumer’s attitudes, preferences, intentions, and decisions regarding the consumer’s behavior in the marketplace when purchasing a product or service.

Question 17

Sociocultural Influences

Answer 17

The sociocultural perspective is one approach to understanding why humans behave the way they do. The sociocultural perspective seeks to understand human behavior and personality development by examining the rules of the social groups and subgroups in which the individual is a member.

Question 18

Customer Service

Answer 18

he assistance and advice provided by a company to those people who buy or use its products or services.

Question 19

Brand

Answer 19

a type of product manufactured by a particular company under a particular name.

Question 20

Non - Store Retailing

Answer 20

Non-store retailing is the selling of goods and services outside the confines of a retail facility. It is a generic term describing retailing taking place outside of shops and stores (that is, off the premises of fixed retail locations and of markets stands).

Question 21

Personel Selling

Answer 21

Personal selling is where businesses use people (the “sales force”) to sell the product after meeting face-to-face with the customer. The sellers promote the product through their attitude, appearance and specialist product knowledge. They aim to inform and encourage the customer to buy, or at least trial the product.

Question 22

Product Life Cycle

Answer 22

Definition: Product life cycle (PLC) is the cycle through which every product goes through from introduction to withdrawal or eventual demise. Description: These stages are: Introduction: When the product is brought into the market.

Question 23

Social Media Advertising

Answer 23

Social media marketing (SMM) is a form of Internet marketing that utilizes social networking websites as a marketing tool. The goal of SMM is to produce content that users will share with their social network to help a company increase brand exposure and broaden customer reach.

Question 24

Product Placement

Answer 24

a practice in which manufacturers of goods or providers of a service gain exposure for their products by paying for them to be featured in films and television programmes.

Question 25

Marketing Concept

Answer 25

The marketing concept is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition.

Question 26

Secondary Data

Answer 26

Secondary data refers to data that was collected by someone other than the user. Common sources of secondary data for social science include censuses, information collected by government departments, organisational records and data that was originally collected for other research purposes.

Question 27

Target Market

Answer 27

a particular group of consumers at which a product or service is aimed.

Question 28

Psychological Factors

Answer 28

Psychological factors are the mental factors that help or prevent sportspeople from being in the right ‘frame of mind’ to perform well. In sport you have to want to perform and to improve your performance. Your determination to do this is called motivation. The intensity of it is called arousal.

Question 29

Peer Group

Answer 29

a group of people of approximately the same age, status, and interests.

Question 30

Market

Answer 30

advertise or promote (something).

Question 31

Brand name

Answer 31

a name given by the maker to a product or range of products, especially a trademark.

Question 32

e - marketing

Answer 32

Internet marketing, or online marketing, refers to advertising and marketing efforts that use the Web and email to drive direct sales via electronic commerce, in addition to sales leads from Web sites or emails.

Question 33

Publicity

Answer 33

the giving out of information about a product, person, or company for advertising or promotional purposes.

Question 34

Exports

Answer 34

send (goods or services) to another country for sale.

Question 35

Reach

Answer 35

Estimated number of the potential customers it is possible to reach through a an advertising medium or a promotional campaign.

Question 36

Unconscionable Conduct

Answer 36

Unconscionable conduct is generally understood to mean conduct which is so harsh that it goes against good conscience. Under the Australian Consumer Law, businesses must not engage in unconscionable conduct, when dealing with other businesses or their customers.

Question 37

Market Research

Answer 37

the action or activity of gathering information about consumers’ needs and preferences.

Question 38

Internal Data

Answer 38

Internal data is data retrieved from inside the company to make decisions for successful operations. There are four different areas a company can gather internal data from: sales, finance, marketing, and human resources. Internal sales data is collected to determine revenue, profit, and the bottom line.

Question 39

Primary Target Market

Answer 39

A primary target market is the segment of a marketplace a business believes will give it the best chance to sell. A primary target market may not be the largest segment of a marketplace. For example, the majority of people who play golf may be men under age 50.

Question 40

Motives

Answer 40

a reason for doing something.

Question 41

Culture

Answer 41

the arts and other manifestations of human intellectual achievement regarded collectively

Question 42

Marketing Mix

Answer 42

Definition: The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place.

Question 43

Brand Symbol/Logo

Answer 43

Early trademark of the Chiswick Press. A logo (abbreviation of logotype, from Greek: λόγος logos “word” and τύπος typos “imprint”) is a graphic mark, emblem, or symbol commonly used by commercial enterprises, organizations and even individuals to aid and promote instant public recognition.

Question 44

Market Coverage

Answer 44

Definition. Number of active retail and/or wholesale outlets (relative to a saturation level) that sell a specific firm’s brands in a given market. Required market coverage is achieved by following concentrated marketing, differentiated marketing, or undifferentiated marketing strategy.

Question 45

Public Relations

Answer 45

the state of the relationship between a company or other organization or a famous person and the public.

Question 46

Diversification

Answer 46

In finance, diversification is the process of allocating capital in a way that reduces the exposure to any one particular asset or risk. A common path towards diversification is to reduce risk or volatility by investing in a variety of assets.

Question 47

Frequency

Answer 47

the rate at which something occurs over a particular period of time or in a given sample.

Question 48

Marketing Data

Answer 48

In finance, market data is price and trade-related data for a financial instrument reported by a trading venue such as a stock exchange. Market data allows traders and investors to know the latest price and see historical trends for instruments such as equities, fixed-income products, derivatives and currencies.

Question 49

External Data

Answer 49

External data is defined as all data outside the organization’s operating systems. Data from the company’s spreadsheets can be directly included through SAS/ACCESS. Data from outside the company can be included at a summarized or detailed level by creating match variables and using the MERGE statement. ,1752’8&7,21.

Question 50

Secondary Target Market

Answer 50

A secondary target audience is simply the second most important consumer segment you’d like to target. It’s not your primary customer base, and may have less money or fewer demands for your product.

Question 51

Customer Attitude

Answer 51

Consumer attitudes is a composite of three elements: cognitive information, affective information, and information concerning a consumer’s past behavior and future intentions.

Question 52

Market Share

Answer 52

the portion of a market controlled by a particular company or product.

Question 53

Product

Answer 53

an article or substance that is manufactured or refined for sale.

Question 54

Packaging

Answer 54

materials used to wrap or protect goods.

Question 55

Promotion

Answer 55

the publicizing of a product, organization, or venture so as to increase sales or public awareness.

Question 56

Advertising

Answer 56

the activity or profession of producing advertisements for commercial products or services

Question 57

Sales analysis

Answer 57

Sales analysis examines sales reports to see what goods and services have and have not sold well. The analysis is used to determine how to stock inventory, how to measure the effectiveness of a sales force, how to set manufacturing capacity and to see how the company is performing against its goals.

Question 58

Globalisation

Answer 58

the process by which businesses or other organizations develop international influence or start operating on an international scale.