Chapter 24 (Marketing planning)

Question 1

Consumer profiles

Answer 1

Characteristics of consumers

Question 2

Differentiation

Answer 2

Distinguishing a business or its products from rivals

Question 3

Market segmentation

Answer 3

Categorizing customers into groups with similar characteristics to meet their specific desires

Question 4

Marketing audit

Answer 4

A review of the current position of business’s marketing mix (SWOT)

Question 5

Marketing mix

Answer 5

Key elements of a marketing strategy (7 Ps)

Question 6

Marketing plan

Answer 6

A document outlining marketing objectives and strategies

Question 7

Market segment

Answer 7

Distinct group of customers with similar characteristics

Question 8

Mass marketing

Answer 8

Undifferentiated marketing

Question 9

Niche marketing

Answer 9

Differentiated marketing

Question 10

Product position map

Answer 10

Visual tool to see customer’s perceptions of a business or product (price and quality)

Question 11

Repositioning

Answer 11

Changing the market’s perception of a business or product

Question 12

Target market

Answer 12

Identifiable group of customers that marketers focus on

Question 13

Targeting

Answer 13

Market segments having its own marketing mix

Question 14

Unique selling point (USP)

Answer 14

Aspect that makes a product unique