Marketing

Question 1

Marketing

Answer 1

Is the process of identifying, anticipating and satisfying the needs of customers in a mutually beneficial manner

Question 2

Marketing objective

Answer 2

Is a marketing target for the business, setting out what it wants to achieve and when

Question 3

Corporate objective

Answer 3

Is a target set for the business as a whole

Question 4

Marketing stratergy

Answer 4

Is a marketing plan to achieve the marketing objective

Question 5

Business to consumer marketing

Answer 5

Occurs when one business is marketing to the final customers

Question 6

Business to business marketing

Answer 6

Occurs when one business is marketing its products to other businesses

Question 7

Market size

Answer 7

Is the total number of items sold - measuring volume or total sales

Question 8

Market growth

Answer 8

Measure the rate at which the market ad a whole is growing over a time period

Question 9

Unique selling point

Answer 9

Is something about your product which is perceived by your customers as unique

Question 10

Niche marketing

Answer 10

Occurs when a business focuses on a particular ( usually small ) segment of a market

Question 11

Market segment

Answer 11

Exists when there is a group of clearly identifiable customer needs and want

Question 12

Mass marketing

Answer 12

Occurs when a business targets the majority of a market

Question 13

Customer relationship marketing

Answer 13

Involves gathering and analysing data about customers to understand their behaviours and take appropriate actions to move them towards a purchase

Question 14

Customer retention

Answer 14

Measure the proportion of customer whi continue to buy from a business over a given time period

Question 15

Market research

Answer 15

Is the process of gathering, analysing and producing data relevant to the marketing process

Question 16

Primary market research

Answer 16

Gathers data for the first time for a specific purpose

Question 17

Focus group

Answer 17

Is a small number of people gathered together to talk about a particular issue in open discussion

Question 18

Secondary market research

Answer 18

Using data which already exists

Question 19

Sample

Answer 19

Is a group of people selected to represent the population as a whole

Question 20

Validity of market research

Answer 20

Refers to how accurate the findings of market research are

Question 21

Reliability of market research

Answer 21

Refers to the extent to which the same results would be received if the research was conducted again

Question 22

Marketing mix

Answer 22

Combination of elements that Influence a customers decision on whether or not to buy a product

Question 23

Products

Answer 23

Refer to what it offers to sell to its customer, may be good ( tangible ) or services ( intangible )

Question 24

Tangible attributes

Answer 24

The tangible attributes of a product refer to its physical aspects, such as how it looks or feels

Question 25

Intangible aspects

Answer 25

Refer to aspects which cannot be touched but can still be very important to customers ( Brand )

Question 26

Product differentiation

Answer 26

Occurs when benefits of your product are perceived as clearly different from competitors products

Question 27

Product portfolio analysis

Answer 27

Occurs when a business examines the position of all its products in terms of their relative market share and market growth

Question 28

Product life cycle

Answer 28

Shows the stages of which a product is made

Question 29

Extension strategy

Answer 29

Occurs when marketing activities are changed to prevent sales from falling

Question 30

Boston matrix

Answer 30

Is a method of product portfolio which analysis that examines the products of a business in terms of their market share and market growth

Question 31

Competitive pricing

Answer 31

Is when companies set their prices at the same level as or slightly below competitors

Question 32

Penetration pricing

Answer 32

Is a pricing strategy aimed at gaining market share via a low entry price

Question 33

Price skimming

Answer 33

Occurs when your product has a high initial price is set for a product and this reduced over time

Question 34

Price discrimination

Answer 34

Occurs when different prices are charged for the same product

Question 35

Dynamic pricing

Answer 35

Occurs when different prices are changed at different times to reflect demand conditions

Question 36

Cost based pricing

Answer 36

Occurs when a business considers the cost of an item and add ons on an amount or a percentage to ensure profit is made

Question 37

Psychological pricing

Answer 37

Takes into account the psychological effect of a price on customers

Question 38

The promotional mix

Answer 38

Refers to the combination of ways in which the business communicates about its products

Question 39

Digital promotion

Answer 39

Involves promoting a brand, product or service in digital channels such as engines, social media, email etc

Question 40

Click through rate

Answer 40

Measure the number of visits to a website as a percentage of the number of impressions of a digital advert. ( 20 % CTR means 20 per cent of the time an advert is viewed someone clicks on it )

Question 41

Marketing expenditure budget

Answer 41

Is the amount of money a business allocated to spend on marketing activities such as promotion

Question 42

Distribution channel

Answer 42

Describes how the ownership of a product moves from the producer to the customer

Question 43

Distribution outlet

Answer 43

Is where the product is actually sold ( the shop )