Marketing Test

Question 1

Boston Matrix

Answer 1

The method of analysing brands in a company’s product portfolio in terms of market share and market growth. Using cashcow, dogs, Q marks, stars

Question 2

Confidence levels

Answer 2

Probability that the research is correct.
-expressed as a percentage

Question 3

Correlation

Answer 3

Statistical technique that establishes strength of a relationship between two sets of values
-e.g temperature rising and sales of coats

Question 4

Distribution channels

Answer 4

Ways of getting the products to where the customer can buy them
-e.g selling on the internet or a physical shop

Question 5

Extension strategy

Answer 5

Attempts to raise sales when products are reaching the end of their product life cycle.
-e.g repackaging/modification

Question 6

Extrapolation

Answer 6

Using previous patterns of numerical data to estimate future values

Question 7

Market growth

Answer 7

The % change in the volume or value of sales of all the brands in the product category

Question 8

Market segmentation

Answer 8

Dividing the market up into groups of potential customers, each with different traits

Question 9

Niche marketing

Answer 9

Targeting a small specific section of a larger market e.g gluten free bread

Question 10

Pricing strategy

Answer 10

Long term goal regarding pricing

Question 11

Pricing tactic

Answer 11

Short-term approach to pricing designed to deal with a short term threat or opportunity