Marketing

Question 1

Marketing

Answer 1

finding the needs of customers and then demonstrating how the business will meet those needs to increase sales

Question 2

market research

Answer 2

collecting data on consumer habits to help marketing decision making

Question 3

target market

Answer 3

the group of customers who the business will try to aim its products

Question 4

primary research

Answer 4

data collected first hand often ( like a survey , trials , questionaires , can be very expensive yet very specific to a business )

Question 5

secondary research

Answer 5

collecting existing data from magazines ( like a website , census data , the internet , cheap yet is not specific to a business )

Question 6

questionnaire

Answer 6

a question sheet filled out by a potential customer

Question 7

interview

Answer 7

a question sheet filled out by the person conducting the interview

Question 8

trials

Answer 8

product trials are used to test whether customers will buy a product

Question 9

focus group

Answer 9

a selected small group of customers who give their opinions of a product

Question 10

census data

Answer 10

data collected on an entire population by a government every 10 years on their income and occupation

Question 11

internal data

Answer 11

data already in a business

Question 12

qualitative data

Answer 12

data based on customer opinions

Question 13

quantitative data

Answer 13

data collected on a measurable based facts or numbers . easier to analyse

Question 14

market segmentation

Answer 14

splitting the product into parts /segments like income age gender occupation

Question 15

4ps

Answer 15

PRODUCT
PRICE
PLACE
PROMOTION

Question 16

competitor pricing

Answer 16

price is set on based on priced charged by similar product

Question 17

cost plus pricing

Answer 17

price is set by adding a percentage of profit to the total costs of making the product

Question 18

penetration pricing

Answer 18

when a price is set lower than the competitor business usually to help break into the market

Question 19

skimming pricing

Answer 19

charging a high price for a new product which is more advanced than that if the competition ( makes product seem luxuary and worth while buying )

Question 20

promotional pricing

Answer 20

prices are reduced to boost sales or sell off old stock

Question 21

innovation

Answer 21

the improvment of an original idea

Question 22

deisgn

Answer 22

The look of the product or service

Question 23

invention

Answer 23

the introduction of a totally new product or feature

Question 24

research and development

Answer 24

used to help introduce both new and existing products. research can be testing new products in a lab or conducting research with customers

Question 25

product life cycle

Answer 25

The life of a product shown as a graph ( introduction , growth , maturity and decline )

Question 26

introduction

Answer 26

when a product has launched into the market

Question 27

growth

Answer 27

sales of a product are growing as it is becoming more well known

Question 28

maturity

Answer 28

sales have reached their peak

Question 29

decline

Answer 29

sales of the product are now falling , customers switch to new products

Question 30

physical distribution

Answer 30

goods or services sold in a physical presence like a shop or stall

Question 31

digital distribution channel

Answer 31

selling goods or service online like a website

Question 32

points of sale promotion

Answer 32

promotions such as price reductions , loss leaders , competitions or free samples to gain more sales

Question 33

loss leaders

Answer 33

products are sold at a loss to attract customers to a business , where they are more likely to spend more money on additional things

Question 34

advertising campaign

Answer 34

a series of ads often used by media

Question 35

advertising media

Answer 35

methods a business can use to advertise ( instagram , websites , tv , radio , newspapers )

Question 36

print media

Answer 36

newspapers , bill boards , leaflets . physical ads

Question 37

market data

Answer 37

information that can help marketing decisions such as market share changes in demand and effects promotions

Question 38

market share

Answer 38

percentage of a market a business controls