5. Marketing Flashcards
1
Q
Market Research
A
The process of gathering, analyzing, and interpreting information about a market.
2
Q
Market Segmentation
A
Dividing a market into groups of consumers with similar characteristics or needs.
3
Q
Target Market
A
The specific group of customers a business aims to sell its products to.
4
Q
4Ps of Marketing
A
Product, Price, Place, Promotion.
5
Q
Brand
A
A unique name, term, or design that distinguishes a product.
6
Q
Price Elasticity of Demand (PED)
A
The responsiveness of demand to a change in price.
e.g. if people are not buying as much Prime as before, they lower the price to encourage people to buy it again.
7
Q
Give the formula for:
PED
A
(% Change in Quantity Demanded ÷ % Change in Price)
8
Q
Give the formula for:
Revenue
A
Price × Quantity Sold
