Terminology

Question 1

SWOT Analysis internal factors

Answer 1

strengths: advantages that strengthen the company
and weaknesses: limitations that put the business in a disadvantage

(refers to the product)

Question 2

SWOT analysis external factors

Answer 2

opportunities and threats (refers to the market place)

Question 3

marketing strategy

Answer 3

how the company will position itself and its products or services in the competitive market place

Question 4

marketing plan

Answer 4

the company’s written document which has the marketing methods (advertising) and marketing actions/activities (back-to-school promotion) and the resources needed to achieve the marketing objectives.

Question 5

AOSTC

Answer 5

analysis, objectives, strategies, tactics, control

Question 6

competitor analysis

Answer 6

the competition in the marketplace

Question 7

SMART objectives. what does smart stand for?

Answer 7

specific measurable achievable realistic timed

Question 8

Unique Selling Point USP

Answer 8

what distinguishes your product and service from others

Question 9

marketing segments

Answer 9

groups of consumers with similar needs or wants

Question 10

marketing methods

Answer 10

the techniques or methods used to communicate with your consumers

Question 11

marketing mix

Answer 11

a combination of the different elements used to market a product

Question 12

social marketing

Answer 12

marketing techniques used to convince people to chainge their behaviours for their own good or for the benefit of the society

Question 13

corporate social responsibility (CSR)

Answer 13

taking positive actions for the benefit of the company’s staff and society

Question 14

marketing research

Answer 14

gathering information about a market, analyzing it and interpreting it

Question 15

consumer research

Answer 15

discovers behaviour patterns and customer needs

Question 16

motivation research

Answer 16

investigates why consumers buy specific products and why they react to certain ads

Question 17

Desktop/ secondary research:

Answer 17

analysis of the information you can find easily without leaving your desk: internet, magazines, books

Question 18

Field/ primary research

Answer 18

: information gathered by talking to people about a market or product

Question 19

Qualitative research:

Answer 19

small group discussions or in depth interviews to understand a problem better

Question 20

Quantitative research:

Answer 20

collecting and gathering data and doing a statistical analysis

Question 21

Mystery shopping:

Answer 21

a person poses as a consumer to chdeck the level of service at a business

Question 22

Omnibus survey:

Answer 22

a market research institute carries this survey out by conducting research for severel companies at once.

Question 23

Time to market:

Answer 23

how long a new product or service takes to develop

Question 24

Alpha test:

Answer 24

the program is tested by employees to remove errors and bugs

Question 25

Beta test:

Answer 25

the software is sent for external testing

Question 26

Product development steps:

Answer 26

product development > test marketing > commercialization

Question 27

The boston consulting group matrix:

Answer 27

a planning tool for marketers to help them analyse their product lines and helps them decide where to distribute money

Question 28

Market Growth Rate:

Answer 28

the speed at which the market is growing

Question 29

Relative Market Share:

Answer 29

the number of consumers in the market that buy your product

Question 30

Stages of the product life cycle:

Answer 30

Product launch (problem children): products or services that are not established or well known in the market Growth (stars): high market growth rate and high relative market share. These products are in a fast growing business sector Maturity (cash cows): high relative market share and little market growth. Consumers know, trust, and consume these products so they generate profit. Decline (dogs): low relative market share and market growth. They generate no profit and have loss.

Question 31

What is a brand?

Answer 31

when a company uses a name, symbol, or design to identify it and differentiate it from its competition

Question 32

How does market segmentation work?

Answer 32

demographics and psychographics are used to target a segment and develop a customer profile (the image of a typical customer)

Question 33

Telemarketing

Answer 33

: a form of direct marketing that requires an immediate response by delivering messages individually to potential customers

Question 34

Outbound telemarketing:

Answer 34

telemarketers call potential clients from a list that can be bought from list brokers.

Question 35

Return on investment (ROI) :

Answer 35

is a performance measure used to evaluate the efficiency or profitability of an investment

Question 36

Inbound telemarketing:

Answer 36

clients call the telemarketing firm in response to an ad

Question 37

Above-the-line:

Answer 37

a form of media marketing where a fee is paid to an agency working for its clients (commercials, billboard ads)

Question 38

mission statement

Answer 38

: a public declaration about how the company conducts business

Question 39

corporate advertising:

Answer 39

advertising about the organization instead of its products

Question 40

media relations:

Answer 40

developing relationships with journalists to get the story of your brand ou t there

Question 41

financial communications:

Answer 41

developing relationships with people who have invested in the project

Question 41

financial communications:

Answer 41

developing relationships with people who have invested in the project

Question 42

public relations:

Answer 42

establishing and maintaining a good reputation for the company and an understanding between an organization and its publics

Question 43

lobbying

Answer 43

: is to influence policy-makers and voting

Question 44

inside and outside lobbying

Answer 44

Inside lobbying: directly ask a politician/lawmaker to support your cause by speaking on your behalf ex: donations to political parties Outside lobbying: influence a policy by getting the public behind a cause or getting activists to put pressure on lawmakers by campaigns or rallies

Question 45

Crisis communication plan:

Answer 45

identifies potential crisis situations and how to communicate with stakeholders during the crisis (external audience: media, government authorities) (internal audience: employees of the company)