Market Research

Question 1

What is product portfolio analysis

Answer 1

The market position of all the product of a business

Question 2

What is positioning

Answer 2

Identifying the benefit and price combination of a product relative to competitors

Question 3

What is target population

Answer 3

All the teams or people that are relevant to the market research being undertaken

Question 4

What is marketing research

Answer 4

The gathering and analysis of data relevant to the marketing process

Question 5

What is market mapping

Answer 5

Analysing the market conditions to indemnify the position of one product or brand relative to others in the market in terms of given criteria

Question 6

What is the marketing mix

Answer 6

The combination of marketing choices that can be used to influence consumers to buy products

Question 7

What is a marketing objective

Answer 7

A target set for the marketing functions

Question 8

what is on the market mapping axis

Answer 8

price on y-axis

quality on x-axis

Question 9

What is STP marketing

Answer 9

Segment -> Target -> Position ->

Question 10

How can you segment a market

Answer 10

demographic, geographic, income and behaviour

Question 11

what is concentrated marketing

Answer 11

targeting one or two segments

Question 12

what is differentiated marketing

Answer 12

where several segments are targeted

Question 13

what is undifferentiated marketing

Answer 13

where the segments are ignored and they try to reach the entire market with one product

Question 14

what are some influences on positioning

Answer 14

state of the market
company’s current products
attributes of the company

Question 15

what are the 7 p’s

Answer 15

product, price, place, promotion, people, physical environment, process

Question 16

what does the process include

Answer 16

waiting times, ordering and payment systems and any after-sales services

Question 17

what is the product life cycle

Answer 17

development, introduction, growth, maturity and decline

Question 18

how can businesses keep a product going strong for longer

Answer 18

extension strategies

Question 19

what is price skimming

Answer 19

setting high prices for new and innovative products when they first reach the market e.g PS5

Question 20

what is penetration pricing

Answer 20

launching a product at a low price in order to attract customers and gain market share

Question 21

what is predatory pricing

Answer 21

setting low prices to force competitors out of the market. This is illegal

Question 22

what is competitive pricing

Answer 22

when companies monitor their competitor’s price so they can set theirs equally or lower

Question 23

what is psychological pricing

Answer 23

setting prices based on customers’ expectations

Question 24

what is a loss leader strategy

Answer 24

products sold at or below cost price

Question 25

what is price discrimination

Answer 25

different prices for different groups

Question 26

what is the promotional mix

Answer 26

advertising, sales promotion, personal selling, direct marketing and public relations

Question 27

what is a direct selling

Answer 27

manufacturer -> consumer

Question 28

what is single-channel indirect selling

Answer 28

manufacturer -> retailer -> consumer

Question 29

what is direct selling through an agent

Answer 29

Manufacturer -> agent -> consumer

Question 30

what is double-channel indirect selling

Answer 30

Manufacturer -> wholesaler -> retailer -> consumer

Question 31

what is multi-channel distribution

Answer 31

when businesses sell through more than one method