Marketing

Question 1

What is market research?

Answer 1

Collection, presentation and analysis of info relating to the marketing and consumption of goods and services

Question 2

What is consumption?

Answer 2

Act of buying and using products

Question 3

What does durability refer to?

Answer 3

Staying in good condition for a long time, even if used a lot

Question 4

What does it mean to anticipate?

Answer 4

To expect that something will happen and be ready for it

Question 5

What is meant by untapped?

Answer 5

Supply, market or talent that is available but hasn’t yet been exploited

Question 6

What is primary or field research?

Answer 6

Gathering of ‘new’ info that doesn’t already exist

Question 7

What is jargon?

Answer 7

Words or expressions used in a particular profession or by a particular group of people, which may be difficult for other people to understand

Question 8

What are consumer panels?

Answer 8

Groups of customers are asked for feedback about products over a set period

Question 9

What is secondary or desk research?

Answer 9

Collection of data that already exists

Question 10

What is qualitative data?

Answer 10

Info about attitudes, beliefs and intentions, usually written in words

Question 11

What does quantitative refer to?

Answer 11

Info that can be quantified, that is, expressed in numbers

Question 12

What is a sample in market research?

Answer 12

Small group of people, which must represent a proportion of a total market when carrying out market research

Question 13

What is a market?

Answer 13

Set of arrangements that allows sellers and buyers to communicate and trade in goods and services

Question 14

What is marketing?

Answer 14

Identifying customer needs and satisfying them profitably

Question 15

What does retain mean?

Answer 15

To keep something or to continue having something

Question 16

What is product orientated?

Answer 16

Where a business focuses on design and manufacture rather than the needs of the customer

Question 17

What is market orientated?

Answer 17

Where a business focuses on the needs of a customer when developing a product

Question 18

What is market share?

Answer 18

Proportion of sales in a total market that a business or product enjoys

Question 19

What is market analysis?

Answer 19

Quantitative and qualitative assessment of a market

Question 20

What are mass markets?

Answer 20

Very large markets in which products with mass appeal are marketed

Question 21

What are niche markets?

Answer 21

Smaller market, usually within a large market or industry

Question 22

What does responsive mean?

Answer 22

Reacting quickly, in a positive way

Question 23

What is the marketing mix?

Answer 23

Elements of a firm’s marketing that are designed to meet the needs of customers (often called the 4ps, they include product, price, promotion and place)

Question 24

What is the product life cycle?

Answer 24

Level of sales at the different stages through which a product passes over time

Question 25

What is skimming?

Answer 25

Setting a high price initially and then lowering it later

Question 26

What is penetration pricing?

Answer 26

Setting a low price to start with in order to get established in the market; price may be raised once established

Question 27

What are extension strategies?

Answer 27

Methods used to lengthen the life of a product

Question 28

What is a product portfolio?

Answer 28

Range of products a business is currently marketing

Question 29

What is the Boston Matrix?

Answer 29

2x2 matrix that describes products according to the market share they enjoy and whether the market has any potential for growth

Question 30

Who are early adopters?

Answer 30

Consumers who are keen to buy new products as soon as they're released

Question 31

What is cost-plus or cost-based pricing?

Answer 31

Adding a percentage to the costs of making the product to get the price

Question 32

What is mark-up?

Answer 32

Percentage added to costs that makes a profit for a business when setting the price

Question 33

What is competition-based pricing?

Answer 33

Pricing strategies based on the prices charged by rivals

Question 34

What is destroyer or predatory pricing?

Answer 34

Setting a low price until rivals have gone out of business

Question 35

What does differentiate mean?

Answer 35

To recognize or express the difference between things

Question 36

What is a patent?

Answer 36

Legal documents giving a person or company the right to make or sell a new invention, product or method of doing something and stating that no other person or company is allowed to do this

Question 37

What is a loss leader?

Answer 37

Product sold below cost to draw in customers

Question 38

What is a distribution channel?

Answer 38

Route taken by a product from the producer to the consumer

Question 39

What is an intermediary?

Answer 39

Person or organization that helps to arrange agreements or business deals between other people or organizations

Question 40

What is a wholesaler?

Answer 40

Persons or business that buy goods from manufacturers and sell them in small quantities to retailers

Question 41

What are retailers?

Answer 41

Businesses that buy goods from manufacturers and wholesalers and sell them in smaller quantities to consumers

Question 42

What is bull breaking?

Answer 42

Dividing a large quantity of goods received from a supplier before selling on in smaller quantities to consumers

Question 43

What is e-commerce?

Answer 43

Use of electronic system to sell goods and services

Question 44

What is business to consumer?

Answer 44

Selling of goods by business to consumer

Question 45

What is direct selling?

Answer 45

Where businesses sell their products directly to consumers

Question 46

What is an agent or broker?

Answer 46

Intermediary that brings together buyers and sellers

Question 47

What is above-the-line promotion?

Answer 47

Placing adverts using the media

Question 48

What is below-the-line promotion?

Answer 48

Any promotion that does not involve using the media

Question 49

What is merchandising?

Answer 49

The way which goods are arranged and placed in a store

Question 50

What are coupons?

Answer 50

Printed piece of paper which allows the customer to pay less than usual for the next buy

Question 51

What is direct mail?

Answer 51

Advertisements that are sent to people in the post

Question 52

What is advertising?

Answer 52

Communication between a business and its customers using the media

Question 53

What is public relations?

Answer 53

Attempt by a business to communicate with interested parties

Question 54

What is sponsorship?

Answer 54

Making a financial contribution to an event in return for publicity

Question 55

What is viral advertising?

Answer 55

Direct marketing technique in which a company persuades internet users to forward its publicity material in emails or via social media

Question 56

What is exposure in marketing?

Answer 56

Advertising and publicity that is used to sell a product or a service

Question 57

What is product positioning?

Answer 57

Way that people think about a product in relation to the company's other products and to competing products

Question 58

What is subscription pricing?

Answer 58

Amount of money you pay regularly to receive a newspaper, magazine

Question 59

What is a brand?

Answer 59

Having a unique name/logo/identity

Question 60

What is branding?

Answer 60

A promotional method that involves the creation of an identity for the business that distinguishes the firm and its products from other firms