Marketing

Question 1

Marketing

Answer 1

Identifying and meeting the needs of customers

Question 2

Market share

Answer 2

(Sales from a business $ / Total market sales $) x 100 (

[in %]

Question 3

Customer loyalty

Answer 3

The willingness of a customer to continue to buy the same products from a business

Question 4

Customer relationships

Answer 4

Communication with customers to encourage customer loyalty

Question 5

Mass market

Answer 5

Large number of sales of a product to a broad market segment

Question 6

Niche market

Answer 6

A small specialized market segment of a large market

Question 7

Market segment

Answer 7

Identifiable sub-group of a whole market in which consumers have similar characteristics and prefrences

Question 8

Market research

Answer 8

Gathering, analyzing and interpreting data about the market

Question 9

Market orientated

Answer 9

Carrying out market research to find out what consumers want, before developing and producing a new product

Question 10

Product orientated

Answer 10

A business that cares and focuses on the product rather than the market for it

Question 11

Primary research

Answer 11

Field research-Collecting original data

Question 12

Secondary research

Answer 12

Desk research-Information already collected by others but is available for others to use

Question 13

Sample

Answer 13

A group of people chosen to extract research information from

Question 14

Quota group

Answer 14

Sample is selected on a particular basis eg between ages 18-25

Question 15

Focus group

Answer 15

A group which represents the market segment which provide information in the form of market research

Question 16

Marketing mix

Answer 16

All the activities that go into marketing a service or goods (4 ps) Product, Price, Place, Promotion

Question 17

Unique Selling Point (USP)

Answer 17

The special features of a product that differentiate it from its competitors

Question 18

Brand name

Answer 18

The unique name of a product that distinguishes it from another brand

Question 19

Brand image

Answer 19

The identity of a product that consumers can identify and which gives it a “personality” distinct from other products

Question 20

Packaging

Answer 20

The physical container or wrapping used for a product

Question 21

Product life cycle

Answer 21

The stages the sales of a product go through from introduction, growth, maturity, and decline

Question 22

Extension strategy

Answer 22

A way to keep a product at the maturity stage of its life cycle and therefore extending the cycle

Question 23

Cost-plus pricing

Answer 23

The unit cost + a profit markup

Question 24

Competitive pricing

Answer 24

The price of the product is the same or just below the price of the competitor products

Question 25

Psychological pricing

Answer 25

The price of the product is set to match the consumers perception and expectations of the product

Question 26

Price skimming

Answer 26

The product is set high for a new product on the market

Question 27

Penetration pricing

Answer 27

Setting prices lower that competitors in order to enter the market and gain market share

Question 28

Promotional pricing

Answer 28

The price is set at a low level for a short period of time

Question 29

Price elasticity

Answer 29

A measure in responsiveness of demand following a change in price

Question 30

Promotion

Answer 30

Marketing activities that aim to raise awareness of a product

Question 31

Advertising

Answer 31

Paid-for communication with customers which is informative and persuasive increasing the desire for the product

Question 32

Sales promotion

Answer 32

Incentives such as special rewards or offers to increase sales for the short term

Question 33

Target market

Answer 33

Consumer groups who are potential buyers of the product

Question 34

E-commerce

Answer 34

Buying and selling products or services using a computer connected to the internet

Question 35

Distribution channel;

Answer 35

The means by which a product is passed on from the place of production to the customer

Question 36

Agent

Answer 36

A person appointed to the sales of a product typically in another country

Question 37

Marketing strategy

Answer 37

A plan with the appropriate marketing mix to achieve the marketing objectives of a business