3.3 Marketing management Flashcards
What is meant by Sales Volume?
The total number of units of a product or service sold within a specified time period.
What is meant by Sales Value?
The total monetary worth of a product or service sold within a specific time frame, calculated by multiplying the number of units sold by their respective prices.
What is Market Size?
The total value or quantity of a specific product or service that can potentially be sold in a defined market during a given period, often measured in terms of revenue or units.
What is a Market Share?
The percentage of total sales within a specific market that a particular company or product
holds, reflecting its relative position compared to competitors.
What is Qualitative Data?
Information or data that is descriptive in nature and provides insights into opinions,
behaviours and attitudes.
What is Quantitative Data?
Information or data that is numerical in nature and can be measured and quantified.
What is Primary Market Research?
The process of collecting original data directly from the source through methods like surveys,
interviews or observations.
What is Primary Market Research?
The process of gathering existing data and information that has already been collected by others, such as industry reports, articles or government publications.
What is Secondary Market Research?
The process of selecting a subset of individuals or units from a larger population to represent
the whole.
What is Random Sampling?
A sampling technique where every member of the population has an equal chance of being selected for the sample.
What is Quota Sampling?
A sampling technique where specific quotas or proportions of the population are selected based on certain characteristics.
What is a Positive Correlation?
A statistical relationship in which the values of two variables tend to move in the same direction, meaning an increase in one variable corresponds to an increase in the other.
What is a Negative Correlation?
A statistical relationship where the values of two variables move in opposite directions, indicating that an increase in one variable is associated with a decrease in the other.
What is Confidence Interval?
A range of values the research is expected to fall between.
What is Extrapolation?
The process of estimating or projecting future data points based on existing trends or patterns.
What is Segmentation?
The process of dividing a market into distinct groups of consumers based on similar characteristics or needs.
What is Positioning?
The strategic process of creating a distinct identity or image for a product or brand in the minds of consumers relative to competitors.
What is Niche Marketing?
A marketing strategy that targets a specific segment or niche of the market with specialised products or services.
What is Mass Marketing?
A marketing strategy that targets the entire market with standardised products or messages.
What is Boston Matrix?
A strategic planning tool that categorises a company’s products or business units based on their market share and growth rate.
What is the Product Life Cycle?
The stages that a product goes through from introduction to decline, including development, growth, maturity and decline.
What are Extension Strategies?
Marketing strategies aimed at extending the life cycle of a product.
What is Penetration Pricing?
A pricing strategy where the initial price of a product is set low to gain market share quickly.
What is Price Skimming?
A pricing strategy where the initial price of a product is set high to maximise profits from the most eager customers before gradually lowering the price.
