Definitions

Question 1

What does DAGMAR stand for?

Answer 1

Defining advertising goals for a measured advertising response

Question 2

4 steps of AIDA

Answer 2

Attention, interest, desire, action

Question 3

What does ATR stand for?

Answer 3

Awareness, trial, repurchase

Question 4

4 stages of the product life cycle

Answer 4

Introduction, growth, maturity, decline

Question 5

4 types of leadership style

Answer 5

Autocratic, democratic, Laissez-faire, paternalistic

Question 6

What does SWOT stand for?

Answer 6

Strength, Weakness, Opportunities, Threats

Question 7

What makes up the extended marketing mix?

Answer 7

Place, price, product, promotion, people, process, physical evidence

Question 8

What is a SCORE analysis?

Answer 8

S-  size and sector
C-  competition 
O-  ownership
R-  resources
E-  external environment 

(Used to help to analyse a business)

Question 9

External influences on marketing

Answer 9

PESTELE

Political, economic, social, technological, ethical, legal, environmental

Question 10

The business/trade cycle

Answer 10

Boom, recession, depression, recovery

Question 11

What is TSA?

Answer 11

Time series analysis

A forecasting technique used to predict future sales

Question 12

Fiscal policy changes…

Answer 12

Fiscal policy changes government spending and taxation

Question 13

Monetary policy changes…

Answer 13

Monetary policy changes interest and credit available

Question 14

Expansionary government policy

Answer 14

Increased government spending and credit available

Decreased interest rates and taxation

Question 15

Contractionary government policy

Answer 15

Increased interest rates and taxation

Decreased government spending and credit available

Question 16

What is innovation?

Answer 16

When a new idea is brought to market

Question 17

What are the four sections to the Boston matrix?

Answer 17

Star - (high market share, high market growth)
Cash cow - (high market share, low market growth)
Question mark/problem child - (low market share, high market growth)
Dog - (low market share, low market growth)

Question 18

What are the three types of trade bloc?

Answer 18

A free trade area
A customs union
A common market

Question 19

What are the factors involved in logistics/supply chain managemen?

Answer 19

Warehousing
Info systems
Transport
Customer perceptions/requirements

Question 20

What is market size?

Answer 20

The number of individuals who are potential buyers or sellers of a product or service in a market

Question 21

What is market growth?

Answer 21

This is the percentage increase/decrease in demand for a product or service

Question 22

What is a cooperative?

Answer 22

A business that is owned and run by its members (employees and customers). Profits are shared between members rather than being distributed to shares

Question 23

What is hot money?

Answer 23

Flow of money from county to country, which is chasing the highest rate of interest it can possibly get

Question 24

What is a monopoly?

Answer 24

When a business holds more than 25% of the market share

Question 25

What are the seven principles of accounting?

Answer 25

Consistency
Going concern
Matching (accruals)
Materiality
Objectivity 
Prudence (conservatism)
Realisation

Question 26

What is ‘below the line’ promotion?

Answer 26

Where the business can directly contact the potential consumer

(E.g. Sales promotion, packaging, direct marketing, digital marketing, telesales, personal selling, email, trade fairs, merchandising)

Question 27

What is ‘above the line’ promotion?

Answer 27

Uses of media where there is no direct contact with the potential consumer. The business will have no control over the media involved

(E.g. Radio, television, cinema, sponsorship, newspapers)

Question 28

What is added value?

Answer 28

The difference between the the actual price charged for a product and the actual costs of the components and assembly of the product

Question 29

What is product orientation?

Answer 29

When a business concentrates its activities on improving the quality or efficiency of the product

Question 30

What are the three aspects of value analysis?

Answer 30

Function
Cost
Aesthetics

Question 31

What is market segmentation?

Answer 31

Dividing a market of potential customers into groups

Question 32

What are the different types of market segmentation?

Answer 32

Age
Geography 
Gender 
Social class
Residence 
Religion or ethnic grouping