Definitions

Question 1

market concentration

Answer 1

degree of competitiveness that exists within a market

Question 2

market growth

Answer 2

the rate at which the market size is increasing

Question 3

market leadership

Answer 3

position of a firm which has the highest market share in a particular industry for a specific good or service

Question 4

market orientation

Answer 4

marketing approach that are outwards looking and focus on making products they can sell

Question 5

market share

Answer 5

measures a firm’s portion of the total value of sales revenue in a particular industry

Question 6

market size

Answer 6

magnitude of an industry, measured from the value of sales revenue from all firms in a particular market

Question 7

product orientation

Answer 7

inward-looking marketing approach that focuses on selling products they can make

Question 8

marketing

Answer 8

management process of identifying and meeting the needs and wants of customers in profitable ways

Question 9

differentiation

Answer 9

distinguishing of a business or its products from rivals in the industry

Question 10

market segmentation

Answer 10

process of categorising customers into distinct groups with similar characteristics

Question 11

marketing audit

Answer 11

review of current position of organisation’s marketing mix

Question 12

marketing plan

Answer 12

document outlining and organisation’s marketing objectives and strategies to be used to achieve those objectives

Question 13

mass marketing

Answer 13

undifferentiated marketing where it ignores targeting an individual market segment

Question 14

target market

Answer 14

clearly identifiable group of customers that marketers choose to focus their efforts on

Question 15

unique selling point

Answer 15

refers to any aspect of the good or service that makes it stand out from those offered by competitors

Question 16

perception map

Answer 16

visual tool that reveals customer perceptions of a product or brand in relation to others in the market

Question 17

sales forecasting

Answer 17

quantitative management technique used to predict firm’s level of sales over a given time period

Question 18

cyclical variation

Answer 18

recurrent fluctuations in sales revenue linked to economic booms and slumps

Question 19

seasonal variation

Answer 19

periodic fluctuations in sales revenue during different times of the year

Question 20

random variation

Answer 20

unpredictable fluctuations in sales revenue caused by irregular and unanticipated factors

Question 21

time series analysis

Answer 21

sales forecatsing technique that predicts sales levels by identifying the underlying trend from a sequence of actual sales figures

Question 22

price discrimination

Answer 22

a strategy where companies charge different prices to different customers for the same goods or services

Question 23

intermediary

Answer 23

companies who delivers or sells another company’s products to customers

Question 24

distribution channel

Answer 24

the path used to get a product from a manufacturer to the final consumer

Question 25

saturation

Answer 25

when the product’s market share has peaked and sales begin to slow down (stagnate)

Question 26

public relations

Answer 26

refers to marketing activities aimed at establishing and protecting the desired image of an organisation

Question 27

social enterprise

Answer 27

a business with specific social objectives that serve its primary purpose