7

Question 1

Advertising
Standards
Authority (ASA)

Answer 1

The UK’s independent regulator of advertising across all media.

Question 2

Brand awareness

Answer 2

Recognition of a brand’s products and qualities by current and
potential customers.

Question 3

Consolidation loan

Answer 3

A loan used to pay off a number of different debts, meaning that there
is only one payment to make each month, to the loan company.

Question 4

Corporate social
responsibility (CSR)

Answer 4

Any action or project in which a company goes beyond the interests of
its shareholders and senior management in order to benefit other
stakeholder groups, normally with either a social or an environmental
purpose. Also known as citizenship or sustainable responsible
business.

Question 5

Economic climate

Answer 5

The state of the economy at a given time – in a good economic climate
people are more inclined to spend money and invest; in a poor climate
they are less likely to do so.

Question 6

Gross domestic
product (GDP)

Answer 6

The total value of goods produced and services provided in a country
during one year.

Question 7

Market
segmentation

Answer 7

Splitting up the whole market into smaller segments within which
customers share particular features, eg income, age, lifestyle.

Question 8

Market segments

Answer 8

Groups of customers sharing distinct features in terms of, for example,
age, income or lifestyle.

Question 9

Mass market

Answer 9

A broad consumer group that includes a wide range of customers with
different age, gender and income profiles.

Question 10

Promotion

Answer 10

Paid-for marketing activities, including advertising. It includes all
activities that aim to communicate with people, inform them of goods
and services, and persuade them to buy.