3.3.2

Question 1

stratified sampling

Answer 1

a sampling technique where the population is divided into subgroups and random samples are taken from each subgroup

Question 2

quota sampling

Answer 2

a sampling technique where specific quotas or proportions of the population are selected based on characteristics

Question 3

positive correlation

Answer 3

a statistical relationship in which the values of 2 variables tend to move in the same direction meaning an increase in one variable corresponds to an increase in the other

Question 4

negative correlation

Answer 4

a statistical relationship where the values of 2 variables move in opposite directions, indicating that an increase in one variable would lead to a decrease in the other

Question 5

confidence interval

Answer 5

a range of values the research is expected to fall between

Question 5

positioning

Answer 5

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

Question 5

extrapolation

Answer 5

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

Question 5

segmentation

Answer 5

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

Question 6

niche marketing

Answer 6

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

Question 7

mass marketing

Answer 7

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

Question 8

boston matrix

Answer 8

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

Question 9

product life cycle

Answer 9

the stages that a product goes through from introduction to growth, maturity, decline

Question 10

extension strategies

Answer 10

marketing strategies aimed at extending the life cycle of a product

Question 11

penetration pricing

Answer 11

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

Question 12

price skimming

Answer 12

a pricing strategy where the initial price of a product is set high to maximise profits from the most eager customers before grafuallt lowering the price

Question 13

branding

Answer 13

the process of creating a unique name, design, symbol or image that identifies and differentiates a products or service from competitors

Question 14

viral marketing

Answer 14

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

Question 15

multi channel distribution

Answer 15

the use of multiple channels or methods to distribute products or services to reach a wider audience

Question 16

digital marketing

Answer 16

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

Question 17

E-commerce

Answer 17

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