Definitions

Question 1

Define ‘marketing’.

Answer 1

Marketing is the management process responsible for identifying, anticipating and satisfying customer
requirements profitably. (CIM Definition)

Question 2

What is the marketing mix?

Answer 2

The factors that can be controlled and changed in order to influence customers to buy your business’ product/service.

Question 3

What is the Ansoff Matrix, and what are its four quadrants?

Answer 3

A framework to help executives, senior managers and marketers devise strategies for future growth. The quadrants are Market Penetration, Market Development, Product Development, and Diversification.

Question 4

What is market penetration?

Answer 4

A focus on increasing sales of an existing product in an existing market.

Question 5

What is market development?

Answer 5

A focus on selling an existing product in a new market.

Question 6

What is product development?

Answer 6

A focus on selling a new product in an existing market.

Question 7

What is diversification?

Answer 7

A focus on selling a new product in a new market.

Question 8

Define ‘branding’.

Answer 8

Any name, design, style, words or symbols, singly or in any combination that distinguish one product from another in the eyes of the customer.

Question 9

Define ‘DMP’.

Answer 9

Decision Making Process; the process by which a consumer/buyer arrives at the decision to buy (or not buy) a business’ offering.

Question 10

Define ‘DMU’.

Answer 10

Decision Making Unit; the team/collection of individuals involved in making a purchase decision.

Question 11

Define segmentation.

Answer 11

The act of dividing the market into specific groups of consumers who share common needs, and who might require separate products and marketing mixes.

Question 12

Define targeting.

Answer 12

The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.

Question 13

Define positioning.

Answer 13

The process of creating an image in the minds of the target market relative to competitor products/services.

Question 14

Define ‘persona’.

Answer 14

A summary of the characteristics, needs, motivations, environment and behaviour of typical distinct audience types.

OR

A fictional character that communicates the primary characteristics of a group of users, identified and selected as a key target through use of segmentation data, across the company in a usable and effective manner.

Question 15

Define PESTELE/STEEPLE.

Answer 15

A framework for evaluating the macro environment of an organisation.
Political
Economic
Social/Cultural
Technological
Environmental
Legal
Ethical