Terms

Question 1

Marketing

Answer 1

Satisfying the needs and wants through an exchange process

Question 2

Needs

Answer 2

Something necessary for people to live a healthy, stable and safe life.

Question 3

Wants

Answer 3

Something that is desired, wished for or aspired to, not essential for basic survival

Question 4

Demand

Answer 4

When needs and wants are backed by the ability to pay, they have the potential to become economic demands.

Question 5

Product

Answer 5

An article or substance that is refined for sale

Question 6

Service

Answer 6

Useful labor that does not produce a tangible commodity

Question 7

Goods

Answer 7

Materials that satisfy human wants and provide utility

Question 8

Marketing mix

Answer 8

A combination of factors that can be controlled by a company to influence consumers to purchase its products.

Question 9

Price

Answer 9

The amount of money expected, required, or given in payment for something.

Question 10

Distribution

Answer 10

Distribution is the process of making a product or service available for the consumer or business user who needs it

Question 11

Communication

Answer 11

The means adopted by the companies to convey messages about the products and the brands they sell, either directly or indirectly to the customers with the intention to persuade them to purchase.

Question 12

Consumer

Answer 12

A person who purchases goods and services for personal use.

Question 13

Target Group

Answer 13

The group people that a policy or campaign is hoping to influence in some way.

Question 14

Customer

Answer 14

A person who buys goods or services from a shop or business.

Question 15

Segmentation

Answer 15

The process of dividing a market of potential customers into groups, or segments, based on different characteristics.

Question 16

Positioning

Answer 16

The consumer’s perception of a brand or product in relation to competing brands or products.

Question 17

Brand

Answer 17

A brand is the way in which a company, organization, or individual is perceived by those who experience it.

Question 18

Trademark

Answer 18

A symbol, word, or words legally registered or established by use as representing a company or product.

Question 19

Marketing offer

Answer 19

A marketing offer is a package of products and/or services that addresses an untapped area of a customer’s needs and wants.

Question 20

Segmentation variable

Answer 20

The characteristics of people that are used to determine if the people are similar are called segmentation variables.
(age, sex etc.)

Question 21

Mass marketing

Answer 21

Mass marketing is a market strategy in which a firm decides to ignore market segment differences and appeal the whole market with one offer or one strategy, which supports the idea of broadcasting a message that will reach the largest number of people possible.

Question 22

Differentiated marketing

Answer 22

A differentiated marketing strategy is when a company creates campaigns that appeal to at least two market segments or target groups.

Question 23

Concentrated marketing

Answer 23

Concentrated Marketing is a strategy whereby a product is developed and marketed for a very well defined and specific segment of the consumer population. “niche”

Question 24

Targeting

Answer 24

Target marketing involves breaking a market into segments and then concentrating your marketing efforts on one or a few key segments consisting of the customers whose needs and desires most closely match your product or service offerings.

Question 25

Positioning

Answer 25

The process of establishing the image or identity of a brand or product so that consumers perceive it in a certain way.

Question 26

Product strategy

Answer 26

A product strategy outlines a company's strategic vision for its product offerings by stating where the products are going, how they will get there and why they will succeed.

Question 27

Core benefit

Answer 27

The dominant benefit or satisfaction that a customer expects from a good or service he or she buys.

Question 28

Actual benefit

Answer 28

Actual Product is the physical or tangible product that a consumer buys to get the CORE benefits that this product has in offering. For example, if the core benefit that a consumer seeks is READING then a BOOK is the Actual product.

Question 29

Augmented product

Answer 29

The AUGMENTED product is the non-physical part of the product. It usually consists of lots of added value, for which you may or may not pay a premium. So when you buy a car, part of the augmented product would be the warranty, the customer service support offered by the car's manufacturer and any after-sales service.

Question 30

Inelastic demand

Answer 30

Inelastic demand in economics is when people buy about the same amount whether the price drops or rises.

Question 31

Elastic demand

Answer 31

Elastic demand is when price or other factors have a big effect on the quantity consumers want to buy.

Question 32

Supply chain

Answer 32

The marketing supply chain is the chain of suppliers that an organization relies on to produce marketing materials (print, promotional products and point of sale) to market their products and services.

Question 33

Intermediaries

Answer 33

A marketing intermediary is a link in the supply chain that links the producer or other intermediaries to the end consumer.

Question 34

Promotion

Answer 34

Any type of marketing communication used to inform or persuade target audiences of the relative merits of a product, service, brand or issue.

Question 35

Sales promotion

Answer 35

Sales promotion represents a variety of techniques used to stimulate the purchase of a product or brand. Sales promotion has a tactical, rather than strategic role in marketing communications and brand strategy, it is also a form of advertisement used within a short period of time. For example, buy two pringles cans to get a free speaker etc.

Question 36

Public relations

Answer 36

Public Relations involves a variety of programs designed to maintain or enhance a company's image and the products and services it offers.

Question 37

Personal selling

Answer 37

Personal selling is where businesses use people (the "sales force") to sell the product after meeting face-to-face with the customer. The sellers promote the product through their attitude, appearance and specialist product knowledge.

Question 38

Direct marketing

Answer 38

Direct marketing is any form of marketing through any media that reaches people directly or through which people can directly respond.

Question 39

Sender

Answer 39

The person who originates the message.

Question 40

Encoding

Answer 40

Encoding is the process of putting thoughts, ideas, and information into symbolic form. Through this process, companies can create symbols that are recognizable around the world.

Question 41

Decoding

Answer 41

Decoding is the process of interpreting messages and relies on correct encoding and the ability of the receiver to deconstruct transmitted meaning.

Question 42

Messaging

Answer 42

How an organization talks about itself and the value it provides.

Question 43

Media

Answer 43

The main means of mass communication (broadcasting, publishing, and the Internet) regarded collectively.

Question 44

Receiver

Answer 44

The receiver is the one making the decision after decoding the message. In other words, the receiver is your end customer/prospect.

Question 45

Noise

Answer 45

In marketing, "noise" is anything that distracts from your message.

Question 46

Feedback

Answer 46

Information about reactions to a product, a person's performance of a task, etc. which is used as a basis for improvement.

Question 47

Brand identity

Answer 47

Brand identity is the visible elements of a brand, such as color, design, and logo, that identify and distinguish the brand in consumers' minds.

Question 48

Brand image

Answer 48

The impression in the consumers' mind of a brand's total personality (real and imaginary qualities and shortcomings).

Question 49

Brand positioning

Answer 49

The conceptual place you want to own in the target consumer’s mind — the benefits you want them to think of when they think of your brand.

Question 50

No brand

Answer 50

Non-branded goods are generic goods that are not associated with any brand name but resemble goods produced by popular branded manufacturers/companies.

Question 51

Private brand, reseller brand

Answer 51

A private brand is a good that is manufactured for and sold under the name of a specific retailer, competing with brand-name products. Also referred to as "private label" or "store brand". (K-menu etc.)

Question 52

Manufacturer branding

Answer 52

Merchandise carrying manufacturer’s brand name rather than the private label, that is, the brand is owned by the producer.

Question 53

Premium brand

Answer 53

Premium brands are the ones that give you the best features at the best value.

Question 54

Product brand

Answer 54

Product brands refer to the individual products of a company and are the foundation of its brand world.

Question 55

Corporate branding

Answer 55

Corporate branding refers to the practice of promoting the brand name of a corporate entity, as opposed to specific products or services.

Question 56

Multi brand

Answer 56

A Multi Brand strategy is defined as the approach of the company to market several similar and competitive brands of the same company under the guise of different brand names. For example VAG concern. (Audi, Volkswagen, Skoda etc.)

Question 57

Parent brand

Answer 57

A parent brand is an existing brand that gives rise to a brand extension by supporting the allied products/services by sharing its brand identity. "Nestle Maggi which a very strong brand in the noodles category which got extended to new product categories like ketchup and soups with the names Maggi ketchup and Maggi Soups, respectively."

Question 58

Sub-brand

Answer 58

Sub-branding is when the main brand creates a subsidiary or secondary brand. (For example, Diet Coke or Nacho Cheese Doritos)