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Question 1

Brand

Answer 1

A name, logo, symbol or Sign that recognizes the maker of the product

Question 2

Brand extension

Answer 2

Using an established brand name for a new (or other) product this is sometimes called stretching the brand to another product e.g apple using the brand they use on their phones on their cars

Question 3

Brand personality

Answer 3

The characteristics of a brand

Question 4

Brand value

Answer 4

The monetary value of a brand

Question 5

Buisness to business

Answer 5

Businesses selling to other businesses

Question 6

Businesses to customer

Answer 6

Businesses selling to customers for personal consumption

Question 7

Capital goods

Answer 7

Goods used to make another profit

Question 8

Consumer goods

Answer 8

Products purchased for personal consumption.

Question 9

Corporate objectives

Answer 9

The aims of the business

Question 10

Customers

Answer 10

Individuals and businesses who purchase product

Question 11

Data mining

Answer 11

Computers are used to analyze large volumes of information in an attempt to solve marketing problems, aid fore casting and generate useful marketing data

Question 12

Extension strategy

Answer 12

How to increase the life of a product by making slight changes ex:Sony introduce a slim version of their Playstation

Question 13

E business

Answer 13

Business operations like stock control are linked by technology

Question 14

Elasticity of demand

Answer 14

How much demand increases ( or falls) as a result of change in price

Question 15

Market growth

Answer 15

How much the market is worth each year is it growing or declining

Question 16

Marketing

Answer 16

The processes involved in making a profit thr9ugh developing promoting and selling products and services

Question 17

Marketing mix

Answer 17

Product price place promotion strategies

Question 18

Marketing model

Answer 18

Focuses on meeting needs and building relationships with customers. Sales come from this loyalty

Question 19

Marketing plan

Answer 19

The activities required to achieve the corporate objectives

Question 20

Market oriented

Answer 20

A business focuses on the needs and wants of the customer

Question 21

Market share

Answer 21

Shows the popularity of a product or service

Question 22

Penetration pricing

Answer 22

Charging a lower price than competitors or the actual value of the product to quickly generate a large number of sales to gain market share

Question 23

Premium pricing

Answer 23

Asking a high price for a desirable luxury product

Question 24

Product life cycle

Answer 24

The life stages a product goes through
Introduction
Growth
Maturity
Decline

Question 25

Product mix

Answer 25

The variety of products offered by an organization eg Samsung sells a range of mobile phones

Question 26

Product oriented

Answer 26

This is strategy that focuses on products sometimes at the cost of other things

Question 27

Qualitative data

Answer 27

Data collected on views and opinions

Question 28

Quantitative data

Answer 28

The collection of numerical data

Question 29

Sales model

Answer 29

Selling the product in order to increase revenue. Bonuses and commission are often given to staff to motivate them

Question 30

Secondary data

Answer 30

Data that exists elsewhere

Question 31

Situational analysis

Answer 31

Assessing how a firm's situation is affected by trends and development Pestle

Question 32

Skimming pricing

Answer 32

Charming a high price for a new product

Question 33

SWOT analysis

Answer 33

Strengths weaknesses opportunities and threats

Question 34

Viral marketing

Answer 34

Encouraging people to tell others about your product. The popular way of doing this is through social media

Question 35

PED

Answer 35

Price elasticity demand

Question 36

PED formula

Answer 36

%change in quantity demanded/ % change in price

Question 37

PESH

Answer 37

Use for 8 mark Problem evidence solution help

Question 38

Ethical factors

Answer 38

Respect, honesty, accountability, good communications and responsibility

Question 39

Ecommerce

Answer 39

The buying or selling of goods or services using the internet and the transfer of money and data to execute these transactions

Question 40

cost plus pricing

Answer 40

Calculate how much the product cost to make then add on a percentage profit

Question 41

Mark up pricing

Answer 41

Calculate how much the product cost to make add on a percentage mark up

Question 42

Competitive pricing

Answer 42

Check the price that competitors charge, ask about the same. This is used by supermarkets and mass market clothes shops

Question 43

Price taking

Answer 43

Check the going price and ask exactly the same. This is used for identical products that customers can compare Such as eggs or tomatoes On market stalls

Question 44

Skimming

Answer 44

Oscar high price at the start To take advantage of the "novelty" value. This is often used for high tech products