marketing ( section 2 )

Question 1

define the term marketing

Answer 1

business promoting and selling products or services, including market research and advertising.

Question 2

would a large or small company be more likely to market themselves ?

Answer 2

large company

Question 3

define target market

Answer 3

who a business aims its products or services at

Question 4

what does market research avoid ?

Answer 4

unnecessary investment

Question 5

what’s the two types of market research ?

Answer 5

primary + secondary

Question 6

what’s primary research ?

Answer 6

collecting information that is new

Question 7

what’s secondary research ?

Answer 7

looking at research information that has been collected by another organisation

Question 8

what’s another word for primary research ?

Answer 8

field research

Question 9

what’s another word for secondary research ?

Answer 9

desk research

Question 10

list four methods that business use when they perform primary research

Answer 10

. questionnaires
. interviews
. trials
. focus groups

Question 11

what’s an advantage of a questionnaire ?

Answer 11

they are cheaper than interviews to collect data

Question 12

what’s a disadvantage of using questionnaires ?

Answer 12

its difficult to predict how many questionnaires will be filled out

Question 13

how will market research help a business ?

Answer 13

by letting a business be clear on whether there is a demand for a product or service

Question 14

what’s an advantage of using interviews ?

Answer 14

the interviewer can explain questions if there’s a misunderstanding

Question 15

what’s a disadvantage of using interviews ?

Answer 15

they can be expensive because an interviewer has to be paid

Question 16

what’s an advantage of using trials ?

Answer 16

it builds brand trust

Question 17

what’s a disadvantage of using trials?

Answer 17

it can be costly

Question 18

what are focus groups ?

Answer 18

small groups of people who are carefully selected to represent the target market for a product or service

Question 19

what is an advantage of focus groups ?

Answer 19

can help identify problems early

Question 20

what is a disadvantage of focus groups ?

Answer 20

results can be biased

Question 21

name 4 sources for secondary research

Answer 21

. census data
. websites
. internal data
. magazines and newspapers

Question 22

what are 3 advantages of secondary research ?

Answer 22

. cost and time saving
. helps identify research gaps
. access to a wider range of information

Question 23

what are 3 disadvantages of secondary research ?

Answer 23

. lack of specificity
. outdated
. biased

Question 24

what is qualitative data ?

Answer 24

a type of research that aims to gather and analyse non-numerical in order to gain understanding

Question 25

what is quantitative data ?

Answer 25

information that can be counted , measured and expressed numerically

Question 26

define segmentation

Answer 26

the splitting of the market for a product or service into different parts or segments

Question 27

what are 5 methods by which a market can be segmented ?

Answer 27

. age . gender . income . location . lifestyle

Question 28

what are the 4p's ?

Answer 28

. price . place . promotion . product

Question 29

what are 4 methods of pricing used by businesses ?

Answer 29

. skimming . competitor pricing . penetration pricing . promotional pricing

Question 30

what's competitor pricing ?

Answer 30

when you create product prices based on the prices being offered by your competitors

Question 31

what's skimming ?

Answer 31

charging a high price initially and then lowering the price

Question 32

what's penetration pricing ?

Answer 32

when a business initially sets a low price for a new product or service to attract customers quickly

Question 33

what's promotional pricing ?

Answer 33

lowering the price for a temporary period of time in order to attract customers