commerce definitions

Question 1

Product differentiation?

Answer 1

When products that are the same or similar are made to appear different and/or better than those of their competitors

Question 2

Corporate social responsibility?

Answer 2

When businesses consider the interests of stakeholders, society and the environment when making economic and business decisions

Question 3

Promotion?

Answer 3

Methods used by a business to inform, persuade and remind customers about its products

Question 4

Promotion mix?

Answer 4

The various promotion strategies a business uses in its promotional campaign

Question 5

Advertising?

Answer 5

A paid, non-personal message communicated through a mass medium

Question 6

Personal selling?

Answer 6

Involves the activities of a sales representative directed to a customer in an attempt to make a sale

Question 7

Relationship marketing?

Answer 7

The development of long-term relationships with individual customers

Question 8

Opinion leader?

Answer 8

A person who influences others

Question 9

Publicity?

Answer 9

Any free news story about a business

Question 10

Public relations?

Answer 10

Activities aimed at creating and maintaining favourable relations between a business and its customers

Question 11

Sales promotion?

Answer 11

A temporary campaign or offer to increase interest or demand in its product or service

Question 12

Primary target market?

Answer 12

The market segment at which most of the marketing resources are directed

Question 13

Secondary target market?

Answer 13

A smaller and less important market segment

Question 14

Target market?

Answer 14

The group of customers to whom a business intends to sell its product

Question 15

Ethics?

Answer 15

Standards that define what is acceptable and unacceptable behaviour; it is concerned with what is morally right or wrong

Question 16

Product placement?

Answer 16

The inclusion of advertising in entertainment

Question 17

Market segmentation?

Answer 17

When the total market is subdivided into groups of people who share one or more common characteristics

Question 18

Social media advertising?

Answer 18

A form of online advertising using social media platforms to deliver targeted commercial messages to potential customers

Question 19

Standardised approach?

Answer 19

When a business uses the same marketing strategies in all markets

Question 20

Customised approach?

Answer 20

When a business modifies their marketing strategies to take into account the differences among countries’ cultures, religion and tastes

Question 21

Celebrity endorsements?

Answer 21

Involves using a well known person to use their product and become a brand ambassador to help sales

Question 22

Green marketing?

Answer 22

The practice of promoting products or services that are environmentally friendly or have a positive impact on our planet

Question 23

Niche marketing?

Answer 23

A highly targeted form of advertisement. these businesses promote their products and services to a small, specific audience.