Flipped: Marketing

Question 1

identifying customer wants and satisfying them profitably

Answer 1

marketing

Question 2

a person, business or other organisation which buys goods or services from a business

Answer 2

customer

Question 3

when existing customers continually buy products from the same business

Answer 3

customer loyalty

Question 4

communicating with customers to encourage them to become loyal to the business and its products

Answer 4

customer relationships

Question 5

the percentage of total market sales held by one brand or business

Answer 5

market share

Question 6

buys goods or services for personal use-not to re-sell

Answer 6

consumer

Question 7

the total number of customers and potential customers, as well as sellers, for the particular good or service

Answer 7

market

Question 8

where there is a very large number of sales of a product

Answer 8

mass market

Question 9

a small, usually specialised, segment of a much larger market

Answer 9

niche market

Question 10

an identifiable sub-group of a whole market in which consumers have similar characteristics or preferences

Answer 10

market segment

Question 11

the process of gathering, analysing and interpreting information about a market

Answer 11

market research

Question 12

businesses whose main focus of activity is on the product itself

Answer 12

product-orientated businesses

Question 13

businesses which carries out market research to find out consumer wants before a product is developed and produced

Answer 13

market-orientated businesses

Question 14

a financial plan for the marketing of a product or product range for some specified period of time

Answer 14

marketing budget

Question 15

the collection and collation of original data via direct contact with potential or existing customers (field research)

Answer 15

primary research

Question 16

uses information that has already been collected and is available for use by others

Answer 16

secondary research

Question 17

involve asking individuals a series of questions, often face-to-face or over the phone

Answer 17

what are interviews

Question 18

a set of questions to be answered as a means of collecting data for market research

Answer 18

what are questionnaires?

Question 19

groups of people who are representative of the target market

Answer 19

what are focus groups

Question 20

watching and recording behaviours of consumers in a natural/controlled environment

Answer 20

what are observations

Question 21

group of people who are selected to respond to a market research exercise

Answer 21

sample

Question 22

when people are selected at random as a source of information for market research

Answer 22

random sample

Question 23

when people are selected on the basis of a certain characteristics for market research

Answer 23

quote sample

Question 24

describe all the activities which describe all the activities which go into marketing a product/service

Answer 24

marketing mix

Question 25

the good/service itself

Answer 25

what is product

Question 26

price at which the product is sold to the customer

Answer 26

what is price

Question 27

the channels of distribution that are selected

Answer 27

what is place

Question 28

how the product is advertised and promoted

Answer 28

what is promotion

Question 29

the same message

Answer 29

what do the 4P's need to. communicate

Question 30

does the research first before creating the product

Answer 30

market-orientated

Question 31

creates the product before doing the research

Answer 31

product-orientated

Question 32

bought by consumers for their own use

Answer 32

consumer goods & services

Question 33

the special feature of a product that differentiates it from the products of competitors

Answer 33

unique selling point

Question 34

produced for other businesses to use and help other services

Answer 34

producer goods & services

Question 35

the unique name of a product that distinguishes it from other brands

Answer 35

brand name

Question 36

when consumers keep buying the same brand again and again instead of choosing a competitors brand

Answer 36

brand loyalty

Question 37

the personality given to a product through marketing activities

Answer 37

brand image

Question 38

refers to the name, symbol or design to identify a particular product and to help maintain or increase its sales

Answer 38

branding

Question 39

the physical container/wrapping for a product

Answer 39

packaging

Question 40

the stages a product will pass through from its introduction, through its growth until it is matured and then finally its decline

Answer 40

product life cycle

Question 41

a way of keeping a product at the maturity stage of the life cycle and extending the cycle

Answer 41

extension strategy

Question 42

basic

Answer 42

Introduction: product

Question 43

skimming/ penetration pricing

Answer 43

Introduction: price

Question 44

brand awareness

Answer 44

Introduction: promotion

Question 45

build selective distribution

Answer 45

Introduction: place

Question 46

offers product extensions, services & warranty

Answer 46

Growth: product

Question 47

price cut/ increase depending on introduction strategy

Answer 47

Growth: price

Question 48

establish strong brand image by promotional activities

Answer 48

Growth: promotion

Question 49

built intensive distribution

Answer 49

Growth: place

Question 50

diversify brands/models

Answer 50

Maturity/Saturation: product

Question 51

lower price, remains competition to extend stage for longer

Answer 51

Maturity/Saturation: price

Question 52

retain brand loyalty

Answer 52

Maturity/Saturation: promotion

Question 53

build MORE intensive distribution

Answer 53

Maturity/Saturation: place

Question 54

phase out weak items

Answer 54

Decline: product

Question 55

lower price, attract customers from competitors newer products

Answer 55

Decline: price

Question 56

relaunch product, extension strategy

Answer 56

Decline: promotion

Question 57

falling number of outlets

Answer 57

Decline: place

Question 58

when a product is sold at a very low price for a short period of time

Answer 58

promotional pricing

Question 59

cost of manufacturing a product plus profit mark-up

Answer 59

cost plus pricing

Question 60

product priced in line with/just below competitors price, to capture more market

Answer 60

competitive pricing

Question 61

price sit lower than competitors pricing to enter a new market successfully

Answer 61

penetration pricing

Question 62

high price is set for a new product

Answer 62

price skimming

Question 63

businesses change product prices depending on level of demand

Answer 63

dynamic pricing

Question 64

where consumers are very sensitive to changes in price, normally luxuries or non-essentials

Answer 64

price elastic demand

Question 65

where consumers are not sensitive to changes in price, normally necessities, utilities & goods with no substitutes

Answer 65

price inelastic demand

Question 66

the means by which a product is passed from the place of production to the customer

Answer 66

distribution channel

Question 67

an indépendant person/business that is appointed to deal with the sales and distribution of a product or range of products

Answer 67

agent

Question 68

marketing activities aim to raise customer awareness of a product/brand, generating sales and helping to create brand loyalty

Answer 68

promotion

Question 69

paid for communication with potential customers about a product to encourage them to buy it

Answer 69

advertising

Question 70

where the emphasis of advertising/sakes promotion is to give full information about the product

Answer 70

informative advertising

Question 71

advertising/promotion which is trying to persuade the consumer that they really need the product and should buy it

Answer 71

persuasive advertising

Question 72

the people who are potential buyers of a product/service

Answer 72

target audience

Question 73

incentives aimed at consumers to achieve short-term increases in sales

Answer 73

sales promotion

Question 74

a financial plan for the marketing of a product or product range for a specified period of time

Answer 74

marketing budget

Question 75

a form of internet marketing that involves creating and sharing content on social media networks in order to achieve marketing and branding goals it includes activities that achieves audience engagement

Answer 75

social media marketing

Question 76

when consumers are encouraged to share information online about the products of a business

Answer 76

viral marketing

Question 77

the online buying and selling of goods and services using computer systems linked to the internet and apps on phones

Answer 77

e-commerce

Question 78

plan to combine the right combination of the four elements of the marketing mix for a product or service to achieve a particular marketing objective

Answer 78

marketing strategy