Business Studies Topic 3.1 Marketing

Question 0

Market research

Answer 0

The process of gaining information about customers,competitors and market trends through collecting primary and secondary data.

Question 1

Marketing

Answer 1

The management process that is responsible for anticipating, identifying and satisfying customer needs profitably.

Question 2

Primary data

Answer 2

Information that has been gathered for a specific purpose though direct investigation such as observation, surveys and experiments.

Question 3

Secondary data

Answer 3

Information that already exists such as accounts and sales records, government statistics, newspaper and internet articles and reports from advertising agencies.

Question 4

Quantitative data

Answer 4

Data that can be expressed as numbers and can be statically analysed.

Question 5

Qualitative data

Answer 5

Data about opinions, judgements and attitudes.

Question 6

Respondents

Answer 6

Those who provide data for a survey usually by answering questions.

Question 7

Market segment

Answer 7

Part of a market that contains a group of buyers with similar buying habits.

Question 8

Sample

Answer 8

A small group out of the total population which is selected to take part in a survey.

Question 9

Questionnaires

Answer 9

A list of questions to be answered by the respondents, designed ti give information about consumers tastes.

Question 10

Product trial

Answer 10

When consumers buy a good for the first time and assesses whether or not they want to buy it again.

Question 11

Public relations

Answer 11

Promotion of a positive image about a product or business through giving information about the product to the general public, other businesses or the press.

Question 12

Viral marketing

Answer 12

Getting individuals to spread a message about a product through social networks like Facebook or their group of friends.

Question 13

Penetration pricing

Answer 13

Setting an initial low price for a new product so that it is attractive to customers. The price is likely to be raised later as the product gains market share.

Question 14

Trade buyers

Answer 14

Buyers of goods which then sell those goods on to consumers or other buyers; they include supermarket chains and wholesalers.

Question 15

Wholesalers

Answer 15

Businesses which buy in bulk from a manufacturer or other supplier and then sell the stock on in smaller quantities to retailers.

Question 16

Retailers

Answer 16

Businesses which specialise in selling goods in small quantities to the consumer.

Question 17

Customer loyalty

Answer 17

The willingness of the buyers to make repeated purchases of a product or from a business.

Question 18

Repeat purchase

Answer 18

When a customer buys a product more than once.

Question 19

Product life cycle

Answer 19

The stages through which a product passes from its development to being withdrawn from sale; the phases are research and development, launching the product, growth, maturity, saturation and decline.

Question 20

Research and development

Answer 20

The process of scientific and technological research and then development of the findings of that research before a product is launched.

Question 21

Extension Stategy

Answer 21

Method used to increase the life of a product and prevent it falling into decline.

Question 22

Product portfolio or product mix

Answer 22

The combination or range of products that a business sells.

Question 23

Product portfolio analysis

Answer 23

Investigation of the combination of products sold by a business.

Question 24

Boston Matrix

Answer 24

A model which analyses a product portfolio according to the growth rate of the whole market and the relative market of a product within that market; a product is placed in one of four categories - star, cash cow, problem child or dog.

Question 25

Brand

Answer 25

A named product which consumers see as being different rom other products and which they can associate and identify with.

Question 26

Generic product

Answer 26

A product made by a number of different businesses in which customers see very little or no difference between the product of one business compared to the product of another business.

Question 27

Own brand

Answer 27

A product which is sold under the brand name of a supermarket chain or other retailer rather than under the name of the business which manufactures the product.

Question 28

Product differentiation

Answer 28

Making one product different from another in some way, for instance through the quality of a product, its design, packaging or advertising.

Question 29

Premium price

Answer 29

A price which is above the average for the products of a particular type.

Question 30

Marketing mix

Answer 30

A combination of factors which help a business to take into account customer needs when selling a product, usually summarised as the 4p’s (price, product, place and promotion)