Key Terms Ch 17

Question 1

Advertising

Answer 1

Is a process of communication that persuades consumers to desire and then buy a particular product.

Question 2

Ethics

Answer 2

Is the adherence to moral principles which is motivated by ideas of right and wrong or good and bad.

Question 3

The market

Answer 3

Is a group of people who have similar characteristics and who buy the same kinds of products.

Question 4

Marketing

Answer 4

Involves a series of planned activities and techniques that aim to develop products that consumers need or want and then sell these products for a profit.

Question 5

Market research

Answer 5

Is an important first stage in the process of determining what consumers need and want.

Question 6

A niche market

Answer 6

Is a small portion of the target market that is not being readily served by other products.

Question 7

SWOT analysis

Answer 7

Is a framework that can be used to identify and analyse the strengths, weaknesses, opportunities and threats involved in the development of a product or and aspect of a business.

Question 8

The target market

Answer 8

Is a large group of consumers who share common needs or characteristics and which a company determines to be a focal point of a marketing strategy.