Keywords

Question 1

Sales Volume

Answer 1

The total number of units of a product or service sold within a specified time period.

Question 2

Sales Value

Answer 2

The total monetary worth of a product or service sold within a specific time frame, calculated by multiplying the number of units sold by their respective prices.

Question 3

Market Size

Answer 3

The total value or quality of a specific product or service that can potentially be sold in a defined market during a given period, often measured in terms of revenue or units.

Question 4

Market Share

Answer 4

The percentage of total sales within a specific market that a particular company or product holds, reflecting its relative position compared to competitors.

Question 5

Qualitative Data

Answer 5

Information or data that is descriptive in nature and provides insights into opinions, behaviours and attitudes.

Question 6

Quantitative Data

Answer 6

Information or data that is numerical in nature and can be measured and quantified.

Question 7

Primary Market Research

Answer 7

The process of collecting original data directly from the source through methods like surveys, interviews or observations.

Question 8

Secondary Market Research

Answer 8

The process of gathering existing data and information that has already been collected by others, such as industry reports, articles or government publications.

Question 9

Sampling

Answer 9

The process of selecting a subset of individuals or units from a larger population to represent the whole.

Question 10

Random Sampling

Answer 10

A sampling technique where every member of the population has an equal chance of being selected for the sample.

Question 11

Stratified Sampling

Answer 11

A sampling technique where the population is divided into subgroups or strata, and random samples are taken from each subgroup.

Question 12

Quota Sampling

Answer 12

A sampling technique where specific quotas or proportions of the population are selected based on certain characteristics,

Question 13

Positive Correlation

Answer 13

A statistical relationship in which the values of two variables tend to move in the same direction, meaning an increase in one variable corresponds to an increase in the other.

Question 14

Negative Correlation

Answer 14

A statistical relationship where the values of two variables move in opposite directions, indicating that an increase in one variable is associated with a decrease in the other.

Question 15

Confidence Interval

Answer 15

A range of values the research is expected to fall between.

Question 16

Extrapolation

Answer 16

The process of estimating or projecting future data points based on existing trends or patterns.

Question 17

Segmentation

Answer 17

The process of dividing a market into distinct groups of consumers based on similar characteristics or needs.

Question 18

Positioning

Answer 18

The strategic process of creating a distinct identity or image for a product or brand in the minds of consumers relative to competitors.

Question 19

Niche Marketing

Answer 19

A marketing strategy that targets a specific segment or niche of the market with specialised products or services.

Question 20

Mass Marketing

Answer 20

A marketing strategy that targets the entire market with standardised products or messages.

Question 21

Boston Matrix

Answer 21

A strategic planning tool that categorises a company’s product or business units based on their market share and growth rate.

Question 22

Product Life Cycle

Answer 22

The stages that a product goes through from introduction to decline, including development, growth, maturity and decline.

Question 23

Extension Strategies

Answer 23

Marketing strategies aimed at extending the life cycle of a product.

Question 24

Penetration pricing

Answer 24

A pricing strategy where the initial price of a product is set low to gain market share quickly.

Question 25

Price Skimming

Answer 25

A pricing strategy where the initial price of a product is set high to maximise profits from the most eager customers before gradually lowering the price.

Question 26

Branding

Answer 26

The process of creating a unique name, design, symbol or image that identifies and differentiates a product or service from competitors.

Question 27

Viral Marketing

Answer 27

A marketing technique that relies on individuals spreading a marketing message or content rapidly through word of mouth or online sharing.

Question 28

Multi-Channel Distribution

Answer 28

The use of multiple channels or methods to distribute products or services to reach a wider audience, such as online sales, retail stores and direct sales.

Question 29

Digital Marketing

Answer 29

Marketing strategies and tactics that utilise digital technologies and platforms, suave as social media, email and websites, to promote products or services.

Question 30

E-Commerce

Answer 30

The buying and selling of goods or services over the internet or through electronic channels.