chapter 4: Marketing

Question 1

market research

Answer 1

collection,presentation and analysis of information relating to the marketing and consumption of goods and services

Question 2

consumption

Answer 2

act of buying and using products

Question 3

durability

Answer 3

staying in good condition after a long time, even when used alot

Question 4

anticipate

Answer 4

to expect that something will happen and be ready for it

Question 5

untapped

Answer 5

supply,market or talent that is available but has not yet been exploited

Question 6

primary/feild research

Answer 6

gathering of new information that hasn’t been gathered yet

Question 7

jargon

Answer 7

words and expressions used in a particular group of people

Question 8

consumer panels

Answer 8

groups of customers are asked about feedback about products

Question 9

secondary research

Answer 9

collection of data that already exists

Question 10

qualitative data

Answer 10

information about attitudes,beliefs and intentions (usually written in words )

Question 11

quantitative data

Answer 11

information that can be quantified (usually expressed in numbers )

Question 12

sample

Answer 12

small group of people which represent a proportion of a total market when carrying out a market research

Question 13

market

Answer 13

set of arrangements that allows buyers to communicate and trade in goods and services

Question 14

marketing

Answer 14

identify customer needs and satisfying them profitability

Question 15

retain

Answer 15

to keep something or continue to have something

Question 16

product oriented

Answer 16

where a business focuses on the design and manufacturing of the product rather than the needs of the customers

Question 17

market oriented

Answer 17

where a business focuses on the needs of consumers when developing products

Question 18

market share

Answer 18

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

Question 19

market analysis

Answer 19

quantitative and qualitative assessments in a market

Question 20

mass markets

Answer 20

very large markets in which products with mass appeal are marketed

Question 21

niche markets

Answer 21

smaller market within a larger market or industry

Question 22

market segmentation

Answer 22

part of a whole market where a particular customer group has similar characteristics

Question 23

socio-economic groups

Answer 23

division of people according to social class based on employment status

Question 24

Marketing mix

Answer 24

Elements made to reach the customers needs

-the 4ps

Question 25

Extension strategies

Answer 25

Methods used to lengthen a products life

Question 26

Product portfolio

Answer 26

Range of products a buisness is marketing

Question 27

BOSTON MATRIX
STAR
CASH COW
QUESTION MARK
DOGS

Answer 27

Describes products according to market share
Star-high market share and growth
Cash cow-high market share low growth
Question mark-low market share high growth
Dog- low market share low growth

Question 28

Cost plus

Cost based pricing

Answer 28

Price is made from the cost amount plus slightly extra

Question 29

Penetration pricing

Answer 29

Setting a low price to start with in order to get established in the market

Question 30

Patents

Answer 30

Legal document allowing the rights to make a new product

Question 31

Loss leader

Answer 31

Products sold low to attract customers

Question 32

Agent

Broker

Answer 32

Brings together buyers and sellers

Question 33

Above the line advertising

Answer 33

Adverts using media

Question 34

Below the line advertising

Answer 34

Promotion without media