Marketing

Question 1

Decisions related to the features, quality, branding, and lifecycle of a product to meet customer needs and business goals.

Answer 1

Product Strategy

Question 2

Approaches to setting a product’s price to balance profitability with customer demand and market conditions.

Answer 2

Price Strategy

Question 3

Methods used to inform and persuade customers, including advertising, sales promotions, public relations, and digital marketing

Answer 3

Promotion Strategy

Question 4

Decisions about how and where a product will be distributed and sold to reach the target customers efficiently (deciding distribution channels).

Answer 4

Place Strategy

Question 5

Prioritazation of research and development of high-quality products, instead of market research and customer needs.

Answer 5

Product Orientation

Question 6

Prioritazation on identifying and meeting the needs and wants of customers in a market segment.

Answer 6

Market Orientation

Question 7

Utilizaiton of marketing to meet the need of customers in a profitable way.

Answer 7

Commercial Marketing

Question 8

Implementation of marketing to bring positive social change.

Answer 8

Social Marketing

Question 9

The total sales volume or potential demand within a market, usually measured in revenue or units (Cumulative sales of all orgs in the industry).

Answer 9

Market Size

Question 10

The group of clients who repeatedly purchase a company’s products or services.

Answer 10

Customer Base

Question 11

Rival companies offering similar products or services, competing for the same customers.

Answer 11

Competition

Question 12

(%) The value of a company’s sales/revenues compared with the sales of all businesses in a market; compnay’s portion of total sales in a market. (Percentage of total sales a business holds in a market)

Answer 12

Market Share

Question 13

A position held by the company with the highest market share or influence in an industry.

Answer 13

Market Leadership

Question 14

The expansion of businesses across international borders, which affect marketing, operations, and customer reach.

Answer 14

Globalization

Question 15

A document that oultines a company’s entire marketing process, regarding objectives, strategies, and other elements. (Process of setting marketing objectives and determining strategies)

Answer 15

Marketing Planning

Question 16

A good or service offered to meet consumer needs or wants.

Answer 16

Product

Question 17

The amount of money that a business charges for its product. (Based on objectives, cost of production, consumer expectations, competition, and strategy).

Answer 17

Price

Question 18

How products travel from producers to consumers. (Distribution channels).

Answer 18

Place

Question 19

Tools and tactics used to communicate the value of a product to customers; the publicising of a product, org, or activity to increase sales or public awareness.

Answer 19

Promotion

Question 20

Group of customers with similar characteristics.

Answer 20

Market Segment

Question 21

Consumer segment at which a product is aimed (potential customers).

Answer 21

Target Market

Question 22

A small part of a larger market where customers have very specialised needs.

Answer 22

Niche Market

Question 23

A market for goods that are produced in very large quanitites.

Answer 23

Mass Market

Question 24

Involves creating new information gathered through surveys, interviews, observations, focus groups, camera studies, etc. from potential customers.

Answer 24

Primary Market Research

Question 25

Involves using evidence about a market gathered by others through reports, statistics, etc.

Answer 25

Secondary Market Research

Question 26

Research report usually published by a market research company, which includes the assessment of various market conditions.

Answer 26

Market Analysis

Question 27

Peer-reviewed publications offering research findings and theoretical insights.

Answer 27

Academic Journal

Question 28

Official documents and statistics provided by public institutions. Are considered reliable and up to date and are usually free.

Answer 28

Government Publication

Question 29

News and magazine content used to identify trends or public sentiment. Are published trhough printed/electronic newspapers and are up to date.

Answer 29

Media Articles

Question 30

The total group a company wants to study or research.

Answer 30

Target Population

Question 31

Sampling method where everyone in the population has the same chance of being selected to take part in a research.

Answer 31

Random Sampling

Question 32

Sampling method where the population is randomly divided into strata (layers) and a random sample is taken from each stratum (layer).

Answer 32

Stratified Sampling

Question 33

Sampling method where the population is divided into strata based on a given characteristic, a sample is then taken from each stratum based on convenience.

Answer 33

Quota Sampling

Question 34

Sampling method where the population is divided into groups (clusters) and entire clusters are randomly selected for research.

Answer 34

Cluster Sampling

Question 35

Sampling method where existing participants help recruit future participants, often used in hard-to-reach populations.

Answer 35

Snowball Sampling

Question 36

The length of time from when a product is first introduced in a market to when it is removed from it. Involves product stages as Introduction, Growth, Maturity, and Decline.

Answer 36

Product Life Cycle

Question 37

Second stage of Product Life Cycle, where there is an increase of sales over time.

Answer 37

Growth

Question 38

Fourth stage of Product Life Cycle where sales start decreasing.

Answer 38

Decline

Question 39

Creating a distinct identity for a product/company through name, logo, design, and messaging.

Answer 39

Branding

Question 40

Branding focused on a specific product of a company; same company can have different brands for individual products.

Answer 40

Product Branding

Question 41

Using a single brand name for a range of related products; same company has same brands.

Answer 41

Family Branding

Question 42

Promoting the overall company name rather than individual products, is braded after buying, but before selling to retailers.

Answer 42

Company Branding

Question 43

Offering a high price on new product and reduce it as time goes by so that people with a high desire for the product (and want to have it earlier) pay more for it, maximising profits.

Answer 43

Market Skimming

Question 44

When a leading company sets the price of a product, which others in the market follow. This “leader” company is trusted in the market.

Answer 44

Price Leadership

Question 45

Ilegal (in many countries) practice of setting unreallistically low prices to a product so that all competition is eliminated as they are forced to leave the market because they cannot compete.

Answer 45

Predatory Pricing

Question 46

Individuals who purchase goods and services for personal use.

Answer 46

Consumers

Question 47

Businesses who purchase goods from wholesalers/producers and sells them to the final consumer in small quantities for use or consumption.

Answer 47

Retailers

Question 48

A business who buys large quantities of stock from producers and sells these goods in large quanitities to retailers, generally at low prices.

Answer 48

Wholesalers

Question 49

People who act on behalf on another person or group, acting as buyers or sellers (often) without taking ownership of the product.

Answer 49

Agents

Question 50

All the processes involved in identifying and satisfying customer needs. It’s one of 4 key business functions that ensures the right goods/services reach the right customers at the right time/place.

Answer 50

Marketing