3.3 marketing performance.

Question 1

5 different marketing objectives a business may set itself.

Answer 1

sales volume, Market size, market share, brand loyalty, sales growth

Question 2

2 types of primary research

Answer 2

interviews and surveys

Question 3

2 types of secondary research

Answer 3

statistical analysis

Question 4

2 benefits of qualitative data

Answer 4

provides depth, allows you to ask questions that cannot be answered with numbers.

Question 5

2 benefits of quantitative data

Answer 5

easy to analyse, consistent precise and reliable.

Question 6

3 different types of sampling

Answer 6

simple random sampling, systematic sampling

Question 7

what is a strong positive correlation

Answer 7

when the value of one variable increases, the other variable increases in a similar fashion.

Question 8

weak negative correlation

Answer 8

one variable increases and the other decreases

Question 9

confidence interval

Answer 9

is the probability that the research findings are correct

Question 10

extrapolation

Answer 10

is the prediction of a future trend based on an identified current trend

Question 11

4 ways market can be segmented

Answer 11

demographic, geographic, psychographic, behavioural

Question 12

difference between a niche and a mass market

Answer 12

niche provides for a small group of people, mass provided on a large scale.

Question 13

define the marketing mix (the 7’ps)

Answer 13

product, price, place, promotion, people, process, physical evidence.

Question 14

penetration pricing

Answer 14

starts low try get as many customers as possible then up the price

Question 15

price skimming

Answer 15

starts of high then gets lower

Question 16

3 distribution channels

Answer 16

direct, indirect and hybrid