109-116 Marketing Key terms

Question 1

Marketing

Answer 1

Involves the understanding, anticipation and fulfilling of customer needs

Question 2

Market Orientation

Answer 2

When a business bases it’s marketing mix on the perception of what the market (customer) wants (1)
Using market research and customer opinions (1)

Question 3

Product Orientation

Answer 3

A business based its marketing mix on the business’s product strength and capabilities. Develops products in regard to what it is good at doing

Question 4

Asset-led marketing

Answer 4

Marketing strategy based on firms own strengths, not solely customer needs. Includes production techniques, distribution and branding

Question 5

Marketing mix

Answer 5

This outlines the marketing strategy (1) Consists of product, price, promotion and place

Question 6

Product portfolio

Answer 6

The collection/range of all the goods and services offered by a business

Question 7

Brand

Answer 7

Unique design, sign, symbol or words used in creating a unique image that identifies product from competitors

Question 8

Unique selling point

Answer 8

What distinguishes a product from its competitors. May involve branding, price, quality or it being the first of its kind

Question 9

Differentiation

Answer 9

Distinguishes a product or service from
others. By making a product different or appear different in the hope of attracting more customers

Question 10

Product lifecycle (Stages)

Answer 10

Represents the stages a product goes through in its life:
Stages are Introduction, Growth, Maturity, Saturation, Decline

Question 11

Extension strategy

Answer 11

A way of prolonging the life of a product (1) that stops it reaching the decline stage (1) Done through promotions, new flavours or packaging

Question 12

Boston matrix

Answer 12

A technique which allows a business to analyse its product portfolio (1)
Categorised into market growth and market share (1)
Placements are - Stars, Cash cows, Dogs or Question Marks (1)