Half Term Test

Question 1

Boston Matrix

Answer 1

A method of analysing brands in a firms product portfolio in terms of market share and market growth. BRANDS ARE CLASSIFIED AS CASH COWS, DOGS, QUESTION MARKS AND STARS.

Question 2

Confidence Levels

Answer 2

The probability that the research findings are correct. This expressed as a percent e.g. 99% confidence that the finding are accurate.

Question 3

Correlation

Answer 3

A statistical technique used to establish the strength of a relationship between two sets of values. Eg. ice cream sales and season/temp

Question 4

Distribution Channels

Answer 4

Ways of getting products to where the customer can buy them. Eg. wholesaler, online, in store

Question 5

Extension Strategy

Answer 5

Attempts to raise sales when products are reaching the end of their product life cycle and have been declining. Eg. modification, packaging, etc.

Question 6

Extrapolation

Answer 6

Using previous patterns of numerical data to estimate future values

Question 7

Market growth

Answer 7

The percentage change in the volume or value of sales of all the brands in the product category

Question 8

Market segmentation

Answer 8

Dividing the market up into groups of potential customers, each with different characteristics.

Question 9

Niche Marketing

Answer 9

Targeting a small specialised part of the overall market. Eg. Left handed golf clubs, vegan cookies, etc.

Question 10

Pricing Strategy

Answer 10

Long Term goal regarding pricing eg. John Lewis “Never knowingly undersold” was a longstanding commitment.

Question 11

Pricing Tactics

Answer 11

Short-term approach to pricing designed to deal with a short term threat or oppitunity.

Question 12

Types of marketing research

Answer 12

Primary Research
Secondary Research

Question 13

Primary Research

Answer 13

gathering data that has not been collected before. Methods to collect it can include interviews, surveys, observations or any type of research that you go out and collect yourself.

Question 14

Secondary Research

Answer 14

a research method that uses data that was collected by someone else. This includes internal sources (e.g.in-house research) or, more commonly, external sources (such as government statistics, organisational bodies, and the internet).

Question 15

Qualitative research.

Answer 15

a type of research that explores and provides deeper insights into real-world problems

Question 16

Quantitative research

Answer 16

the process of collecting and analysing numerical data. It can be used to find patterns and averages, make predictions, test causal relationships, and generalise results to wider populations.

Question 17

Market analysis

Answer 17

The activity of gathering information about conditions that affect a marketplace.

Question 18

Confidence intervals

Answer 18

a range of values in which we estimate the true mean will lie with a specified probability

Question 19

Mass market

Answer 19

a market for goods produced on a large scale to target a large number of customers. The mass market differs from the niche market in that the former focuses on consumers with a wide variety of backgrounds with no identifiable preferences and expectations in a large market segment.

Question 20

Segmentation

Answer 20

a visual display of data that shows prospect or customer perceptions of brands, relative to their competition. Eg. chocolate bars.

Question 21

Marketing Mix

Answer 21

Includes multiple areas of focus as part of a comprehensive marketing plan

Question 22

Product

Answer 22

Physical goods or services sold to make a profit for the business. The product is why marketing exists, and the best products are created to solve consumers’ real-world problems.

Question 23

Price

Answer 23

Pricing is the only revenue-generating element in the marketing mix. If the price is too high you may not get as many customers. If too low you won’t gain as high profit margin.

Question 24

Promotion

Answer 24

Advertising, sales promotion, personal selling, and public relations. One key consideration is the budget assigned to the marketing mix.

Question 25

Place

Answer 25

The aspect of selling a product that relates to where and how a company delivers a product to consumers. This includes the distribution channels a company uses, how they transport and store goods and a product’s placement within a retail outlet.