TASK 2

Question 1

What is the definition of a market?

Answer 1

A location where exchanges of goods, services and payments take place (either physically or online).

Question 2

Define marketing.

Answer 2

Where a business engages in a process of selecting their prices, product features, promotion and distribution to meet consumer or potential consumer needs and wants.

Question 3

What is market size?

Answer 3

The customer base, population or total number of potential customers that have any interest for a product or service.

Question 4

What is market share?

Answer 4

Percentage of the entire market that an individual business has (sells to).

Question 5

List the key steps involved in the market research process.

Answer 5

• Determining information needs
• Collection of market data
• Analysis of market data

Question 6

What is primary data?

Answer 6

Original data that has been collected specifically for a purpose in mind.

Question 7

What is secondary data?

Answer 7

Data that has already been collected by and readily available from other sources.

Question 8

What does competitor analysis inform in a marketing plan?

Answer 8

Marketing goals and advertising strategies.

Question 9

What is target market analysis?

Answer 9

A specific group of potential customers that a business chooses to focus their marketing and products towards.

Question 10

What is market segmentation?

Answer 10

Dividing the market into parts, groups or subsets of consumers who have common needs and characteristics.

Question 11

Define demographic segmentation.

Answer 11

Breaking the market into customer demographics such as age, income, gender, race, education, family size or occupation.

Question 12

What is geographic segmentation?

Answer 12

Characteristics related to where a consumer or group of consumers live, such as country, state, rural/urban.

Question 13

Define psychographic segmentation.

Answer 13

Grouping consumers based on their knowledge, attitude, loyalty, and lifestyle.

Question 14

What are SMART goals in marketing?

Answer 14

Goals that are Specific, Measurable, Achievable, Realistic, and Time-specific.

Question 15

What is the marketing mix?

Answer 15

The set of actions or tactics that a business uses to promote its brand or product in the market.

Question 16

List the 8 elements of the marketing mix.

Answer 16

• Product
• Price
• Promotion
• Place
• People
• Processes
• Physical presence
• Performance

Question 17

What does ‘place’ refer to in marketing?

Answer 17

How a product is made available to customers, involving distribution strategies.

Question 18

What is direct distribution?

Answer 18

Selling products directly to customers without intermediaries.

Question 19

What is indirect distribution?

Answer 19

Using intermediaries such as retailers or wholesalers to reach customers.

Question 20

What is the purpose of promotion in marketing?

Answer 20

Activities related to how a product or service is communicated to a market so that it sells.

Question 21

Define advertising.

Answer 21

A way to communicate a product or service to a mass audience through paid media.

Question 22

What is publicity?

Answer 22

Getting a high public profile and positive image through third-party sources.

Question 23

Fill in the blank: A product is any good, service, or idea offered to a market to satisfy customer _______.

Answer 23

[needs and wants]

Question 24

What is branding?

Answer 24

Using names, symbols, and other elements to create a distinct identity for a product.

Question 25

What is packaging in marketing?

Answer 25

The first point of interaction between the customer and the product, influencing brand perception.

Question 26

What is skimming pricing?

Answer 26

Setting a very high price initially and then lowering it over time.

Question 27

What is penetration pricing?

Answer 27

Setting a product or service at a lower than market price to attract customers.

Question 28

What is psychological pricing?

Answer 28

Setting a price slightly lower than a whole figure to make it appear cheaper.

Question 29

Define premium pricing.

Answer 29

Setting a significantly higher price than similar competing products due to perceived high quality.

Question 30

What is the role of customer profiling?

Answer 30

To determine customer needs and expectations based on personal factors.

Question 31

What strategies are used to manage customer relationships?

Answer 31

* Customer loyalty * Early adopter incentive

Question 32

What technologies facilitate promotional activities?

Answer 32

* Online advertising * Social media * Mobile applications * E-newsletters * E-commerce

Question 33

What are key performance indicators (KPIs) in marketing?

Answer 33

* Sales revenue * Sales returns * Customer satisfaction

Question 34

What is the significance of competitor profiling?

Answer 34

To determine competitor product range, prices, and marketing strategies.

Question 35

Fill in the blank: Market research helps a business to create good marketing _______.

Answer 35

[strategies]

Question 36

What is the purpose of advertising in business?

Answer 36

To persuade customers to use products, create an appealing image, and improve the product or brand image.

Question 37

Define publicity.

Answer 37

Publicity is done through third-party sources, making it appear more credible, and aims to build a positive public profile.

Question 38

What are some methods of gaining publicity?

Answer 38

* Positive news articles * Press releases * Social media mentions

Question 39

What is sales promotion?

Answer 39

A short-term marketing activity intended to let people know a product is available and incentivize purchases.

Question 40

List some short-term incentives used in sales promotions.

Answer 40

* Discount coupons * Prizes * Free product samples * Special offers

Question 41

What is personal selling?

Answer 41

A technique involving face-to-face selling between a sales rep and prospective customers.

Question 42

How does viral marketing function?

Answer 42

By using social media to create a buzz about a product, allowing promotions to go viral globally.

Question 43

What role do 'people' play in the marketing mix?

Answer 43

Individuals involved in delivering a product or service to customers, influencing brand perception.

Question 44

What aspects are crucial for customer service in the marketing mix?

Answer 44

* Staff interactions * Employee training * Brand ambassadors * Customer experience management

Question 45

What does the process element of the marketing mix encompass?

Answer 45

Procedures and activities involved in delivering a service or product to customers.

Question 46

What is order processing?

Answer 46

The handling of customer orders, including placement, verification, inventory management, and fulfillment.

Question 47

Define quality control.

Answer 47

Processes ensuring products or services meet predetermined standards and specifications.

Question 48

What is supply chain management?

Answer 48

Managing the flow of goods and services from suppliers to the final customer.

Question 49

What does CRM stand for?

Answer 49

Customer Relationship Management.

Question 50

What is the significance of customer feedback in marketing processes?

Answer 50

It helps identify areas for enhancement and make necessary adjustments to meet customer needs.

Question 51

What constitutes the physical presence of a business?

Answer 51

Any physical representation seen by consumers that helps form an opinion about the business.

Question 52

What should effective signage include?

Answer 52

* Logo * Slogan * Branding

Question 53

What is the role of a webpage in a business's physical presence?

Answer 53

To represent the business online effectively through design, branding, and accessibility.

Question 54

What are Key Performance Indicators (KPIs)?

Answer 54

Specific metrics used to measure and evaluate business performance.

Question 55

List three common KPIs for evaluating business marketing objectives.

Answer 55

* Sales Revenue * Sales Returns * Customer Satisfaction

Question 56

What is customer loyalty?

Answer 56

A customer’s willingness to buy from or work with a brand repeatedly due to positive experiences.

Question 57

Define an early adopter.

Answer 57

Someone willing to take a chance on a new innovation and use the product as soon as it becomes available.

Question 58

What is the importance of social media in promotional activities?

Answer 58

Facilitates business-customer interactions and showcases products effectively.

Question 59

What is e-commerce?

Answer 59

The buying and selling of goods and services online using secure payment methods.

Question 60

What should be prioritized in e-commerce for customer engagement?

Answer 60

* User-friendly platforms * Mobile compatibility * High-quality images and videos

Question 61

What is the purpose of e-newsletters in marketing?

Answer 61

To promote specials and engage subscribers with personalized recommendations.

Question 62

What is the role of mobile applications in marketing?

Answer 62

To promote products through ads or provide valuable features and a compelling user experience.