Vocabulary (Marketing)

Question 1

market research

Answer 1

collection, presentation and analysis of information relating to the marketing and consumption of goods and services

Question 2

untapped

Answer 2

supply, market or talent that is avilable but has not yet been exploited

Question 3

primary or field research

Answer 3

gathering of “new” information that does not already exist

Question 4

jargon

Answer 4

words and expressions used in a particular profession or by a particular group of people, which may be difficult for other people to understand

Question 5

consumer panels

Answer 5

groups of customers are asked for feedback about products over a set period

Question 6

secondary or desk research

Answer 6

collection of data that already exists

Question 7

qualitative data

Answer 7

information about attitudes, beliefs and intentions, usually written in words

Question 8

quantitative data

Answer 8

information that can be quantified, taht is, expressed in numbers

Question 9

sample

Answer 9

small group of people, which must represent a proportion of a total market when carring out market research

Question 10

market

Answer 10

set of arrangements that allows buyers and sellers to communicate and trade in goods and services

Question 11

marketing

Answer 11

identifying customer needs and satisfying them profitably

Question 12

product orientated

Answer 12

where a business focuses on the design and manufacture of the product itself rather than the needs of customers

Question 13

market orientated

Answer 13

where a business focuses on the needs of consumers when developing products

Question 14

market share

Answer 14

proportion of sales in a total market that a business or product enjoys

Question 15

market analysis

Answer 15

quantitative and qualitative assessment of a market

Question 16

mass markets

Answer 16

very large markets in which products with mass appeal are marketed

Question 17

niche market

Answer 17

smaller market, usually within a large market or industry

Question 18

market segments

Answer 18

part of a whole market where a particular customer group has similar characteristics

Question 19

social class

Answer 19

divisions by which individuals and groups are classified on teh basis of esteem and prestige acquired manily through economic success

Question 20

socio-economic groups

Answer 20

division of people according to social class based on employment status

Question 21

marketing mix

Answer 21

elements of a firm’s marketing that are designed to meet the needs of customers (often called the 4Ps, they include product, price, promotion and place)

Question 22

product life cycle

Answer 22

level of sales at the different stages through which a product passes over time

Question 23

skimming or creaming

Answer 23

setting a high price initially and then lowering it later

Question 24

penetration pricing

Answer 24

setting a low price to satrt with in order to get established in the market, price may be raised once established

Question 25

extension strategies

Answer 25

methods used to legthen the life of a product

Question 26

product portfolio (product mix)

Answer 26

range of products a business is currently marketing

Question 27

Boston matrix

Answer 27

2x2 matrix that describes products according to the market share they enjoy and whether the market has any potential for growth

Question 28

early adopters

Answer 28

consumers who are keen to buy new products as soon as they are launched

Question 29

cost-plus or cost-based pricing

Answer 29

adding a percentage (the mark-up) to the costs of producing a product to get the price

Question 30

mark-up

Answer 30

percentage added to costs that makes a profit for a business when setting the price

Question 31

comopetition-based pricing

Answer 31

pricing strategies based on the prices charged by rivals

Question 32

destroyer or predatory pricing

Answer 32

setting a low price until rivals have gone out of business

Question 33

patents

Answer 33

legal documents giving ap erson or company the right to make or sell a new invention, product, or method of doing something and stating that no other person or company is allowed to do this

Question 34

loss leader

Answer 34

product sold below costs to draw in customers

Question 35

distribution channel

Answer 35

route taken by a product from the producer to the customer

Question 36

intermediary

Answer 36

person or organisation that helps to arrange agreements or business deals between other people or organisations

Question 37

wholesalers

Answer 37

persons or businesses that buy goods from manufacturers and sell them in smaller quantities to retailers

Question 38

retailers

Answer 38

businesses that buy goods from manufacturers and wholesalers and sell them in smaller quantities to consumers

Question 39

bulk breaking

Answer 39

dividing a large quantitty of goods received from a supplier before selling them on in smaller quantities to customers

Question 40

e-commerce or e-tailing

Answer 40

use of electronic systems to sell goods and services

Question 41

business to consumers (B2C)

Answer 41

selling of goods by businesses to consumers

Question 42

direct selling

Answer 42

where businesses sell their producst directly to consumers

Question 43

agent or broker

Answer 43

intermediary that brings together buyers and sellers

Question 44

above-the-line promotion

Answer 44

placing adverts using the media

Question 45

below-the-line promotion

Answer 45

any promotion that does not involve using the media

Question 46

merchandising

Answer 46

the way in which goods are arranged and placed in a store

Question 47

coupons

Answer 47

printed piece of paper given to customers by the seller of a product, allowing the customer to pay less than usual for the product when they next buy it or to get a free gift

Question 48

direct mail

Answer 48

advertisements that are sent to people in the post, often people who have been chosen because they might be interested in the product

Question 49

advertising

Answer 49

communication between a business and its customers where messages are placed in the media to encourage the purchase of products

Question 50

public relations

Answer 50

attempt by a business to communicate with interested parties

Question 51

sponsorship

Answer 51

making a financial contribution to an event in return for publicity

Question 52

viral advertising

Answer 52

direct marketing technique in which a company persuades internet users to forward its publicity material in emails or via social media

Question 53

exposure

Answer 53

advertising and publicity that is used to sell a product or service

Question 54

product positioning

Answer 54

way that people think a bout aproduct in relation to the company's other products and to competing products, or the way that the company would like them to think about it

Question 55

subscription pricing

Answer 55

amount of money you pay regualarly to receive a newspaper, magazine, or broadcasting or telephone service