1.1 keywords

Question 1

marketing

Answer 1

The action of a business of promoting and selling products or services, including market research and advertising.

Question 2

marketing objective

Answer 2

A marketing target or goal that an organization sets to achieve within a given period of time.

Question 3

marketing strategy

Answer 3

The medium to long term plans for achieving its marketing objectives.

Question 4

market segmentation

Answer 4

Involves dividing a broad target market into customers with similar needs and wants.

Question 5

market

Answer 5

A place where buyers and sellers meet to exchange goods or services for a set amount of cash.

Question 6

generic brand

Answer 6

A type of consumer product that lacks a recognized name or logo.

Question 7

mass market

Answer 7

The largest part of a market, where there are many similar, undifferentiated products offered by competitors

Question 8

niche market

Answer 8

A smaller segment of a larger market, where customers have specific needs and wants requiring differentiated products.

Question 9

economies of scale

Answer 9

Factors that cause costs per unit to fall when a firm operates at a higher level of production.

Question 10

market size

Answer 10

This can be measured by volume of sales or the value of sales of a product.

Question 11

market share

Answer 11

The proportion of total sales that a particular firm has. (Total Sales / Total Market Sales x 100)

Question 12

brand

Answer 12

A product manufactured by a particular company that is recognized and distinguished from competitors.

Question 13

product differentiation

Answer 13

A distinctive feature of a product that distinguishes it from competitors.

Question 14

dynamic markets

Answer 14

Competitive markets where the environment are always changing.

Question 15

franchise

Answer 15

A business that sells the rights to use its name and trading methods.

Question 16

risk

Answer 16

The potential for loss by an entrepreneur when undertaking a venture to attain rewards.

Question 17

uncertainty

Answer 17

The inability to predict what will happen in the future.

Question 18

market research

Answer 18

The collection, analysis and collation of data that enables businesses to identify what customers want and meet their demands.

Question 19

primary research

Answer 19

The collection of information first hand for a specific purpose.

Question 20

secondary research

Answer 20

The use of information that has already been collected for a different purpose.

Question 21

qualitative research

Answer 21

Non-statistical data about attitudes, beliefs and intentions that explains consumer behavior.

Question 22

quantitate research

Answer 22

Collection of data that has been quantified and informs a company by measuring consumer behavior.

Question 23

sample size

Answer 23

The number of people used as a representative for a population.

Question 24

bias

Answer 24

Inclination or prejudice for or against one person or group, especially in a way considered unfair.

Question 25

competitive advantage

Answer 25

A condition or circumstance that puts a business in a favourable/superior position.

Question 26

added value

Answer 26

The difference between the costs of production and the price a company charges for its product.

Question 27

market map

Answer 27

Involves the process of positioning competition within a market by using two key variables that differentiate the products, e.g. quality and price.

Question 28

unique selling point

Answer 28

A factor that differentiates a product from its competitors.