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Business Studies > 3.3 Marketing management > Flashcards

3.3 Marketing management Flashcards

1
Q

What is meant by Sales Volume?

A

The total number of units of a product or service sold within a specified time period.

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2
Q

What is meant by Sales Value?

A

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.

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3
Q

What is Market Size?

A

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.

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4
Q

What is a Market Share?

A

The percentage of total sales within a specific market that a particular company or product
holds, reflecting its relative position compared to competitors.

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5
Q

What is Qualitative Data?

A

Information or data that is descriptive in nature and provides insights into opinions,
behaviours and attitudes.

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6
Q

What is Quantitative Data?

A

Information or data that is numerical in nature and can be measured and quantified.

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7
Q

What is Primary Market Research?

A

The process of collecting original data directly from the source through methods like surveys,
interviews or observations.

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8
Q

What is Primary Market Research?

A

The process of gathering existing data and information that has already been collected by others, such as industry reports, articles or government publications.

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9
Q

What is Secondary Market Research?

A

The process of selecting a subset of individuals or units from a larger population to represent
the whole.

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10
Q

What is Random Sampling?

A

A sampling technique where every member of the population has an equal chance of being selected for the sample.

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11
Q

What is Quota Sampling?

A

A sampling technique where specific quotas or proportions of the population are selected based on certain characteristics.

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12
Q

What is a Positive Correlation?

A

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.

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13
Q

What is a Negative Correlation?

A

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.

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14
Q

What is Confidence Interval?

A

A range of values the research is expected to fall between.

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15
Q

What is Extrapolation?

A

The process of estimating or projecting future data points based on existing trends or patterns.

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16
Q

What is Segmentation?

A

The process of dividing a market into distinct groups of consumers based on similar characteristics or needs.

17
Q

What is Positioning?

A

The strategic process of creating a distinct identity or image for a product or brand in the minds of consumers relative to competitors.

18
Q

What is Niche Marketing?

A

A marketing strategy that targets a specific segment or niche of the market with specialised products or services.

19
Q

What is Mass Marketing?

A

A marketing strategy that targets the entire market with standardised products or messages.

20
Q

What is Boston Matrix?

A

A strategic planning tool that categorises a company’s products or business units based on their market share and growth rate.

21
Q

What is the Product Life Cycle?

A

The stages that a product goes through from introduction to decline, including development, growth, maturity and decline.

22
Q

What are Extension Strategies?

A

Marketing strategies aimed at extending the life cycle of a product.

23
Q

What is Penetration Pricing?

A

A pricing strategy where the initial price of a product is set low to gain market share quickly.

24
Q

What is Price Skimming?

A

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.

25
Q

What is Branding?

A

The process of creating a unique name, design, symbol or image that identifies and differentiates a product or service from competitors.

26
Q

What is Viral Marketing?

A

A marketing technique that relies on individuals spreading a marketing message or content rapidly through word-of-mouth or online sharing.

27
Q

What is Multi-Channel Distribution

A

The use of multiple channels or methods to distribute products or services to reach a wider audience, such as online sales, retail stores and direct sales.

28
Q

What is Digital Marketing?

A

Marketing strategies and tactics that utilise digital technologies and platforms, such as social media, email and websites, to promote products or services.

29
Q

What is E-commerce?

A

The buying and selling of goods or services over the internet or through electronic channels.

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