Marketing

Question 1

4 Ps of the marketing mix

Answer 1

• price
• product
• place
• promotion

Question 2

advertising campaign

Answer 2

a series of advertisements, often using different advertising media

Question 3

advertising media

Answer 3

the methods by which a business can advertise a product

Question 4

census data

Answer 4

data collected by the government every 10 years

Question 5

competitor pricing

Answer 5

when a price is set based on prices charged by competitor businesses for a similar product

Question 6

cost-plus pricing

Answer 6

a pricing method that adds a percentage of profit to the total costs of making a product

Question 7

decline

Answer 7

when sales are falling as the product or service is seen by customers as being old and they switch to newer products and services

Question 8

design

Answer 8

an important element in a number of different products, especially where style and technology work together

Question 9

digital distribution

Answer 9

the distribution of goods and services digitally by downloading from a website

Question 10

focus groups

Answer 10

selected small groups of customers who give their opinions on products

Question 11

growth

Answer 11

when sales are growing strongly as the new product or service becomes known

Question 12

innovation

Answer 12

the improvement of an original idea, which will involve using new processes

Question 13

internal data

Answer 13

data already within a business based on previous performances

Question 14

interviews

Answer 14

a question sheet filled in by the person conducting the interview

Question 15

introduction

Answer 15

when a product or service is first on sale

Question 16

invention

Answer 16

the introduction of a totally new product or feature

Question 17

marketing

Answer 17

finding the needs of consumers and demonstrating how a business fulfills those needs in a way that increases sales

Question 18

market data

Answer 18

information that can help marketing decisions. It includes data on such things as market share, changes in demand and the effect of promotions

Question 19

market research

Answer 19

the collection of data on consumer habits to help decision-making in marketing

Question 20

market segmentation

Answer 20

splitting the market for a product into different parts, or segments

Question 21

market share

Answer 21

the percentage of total sales of a product that a business has made

Question 22

maturity

Answer 22

when sales are at their highest level

Question 23

penetration pricing

Answer 23

when a price is set lower than the competitor business

Question 24

physical distribution

Answer 24

the distribution of goods using a physical presence such as a shop or office

Question 25

point of sale promotions

Answer 25

include price reductions, loss leaders, competitions and free samples

Question 26

primary research

Answer 26

data collected first-hand, often in the form of surveys (field research)

Question 27

product life cycle

Answer 27

the life of a product, usually shown as a graph divided up into four stages: introduction, growth, maturity and decline

Question 28

promotional pricing

Answer 28

where prices are reduced to give products a boost or to sell off old stock

Question 29

qualitative data

Answer 29

data based on opinions of those being askedq

Question 30

quantitative data

Answer 30

data collected that is based on facts and numbers

Question 31

questionnaire

Answer 31

question sheet filled in by the consumer

Question 32

research and development (R&D)

Answer 32

used to help introduce both new and existing products

Question 33

secondary research

Answer 33

the collection of data using research or information provided by others (desk research)

Question 34

skimming

Answer 34

where a new product is more advanced than that of competitors

Question 35

target market

Answer 35

the group of customers to whom a business aims to sell its products

Question 36

trials

Answer 36

used to test whether customers will buy a product