marketing

Question 1

what is a competitive environment

Answer 1

it is where there are a number of businesses attempting to persuade consumers to buy their products. such competition will be based on such factors as price, design and quality.

Question 2

what is the marketing mix

Answer 2

the marketing mix is the combination of factors which help a business to sell its products. it usually considered to involve the 4Ps which are product, price, promotion and place

Question 3

what is meant by the term product

Answer 3

a product is any good or services offered for sale to customers

Question 4

what is product portfolio

Answer 4

the collection/range of all the goods and services offered by a business

Question 5

what is product differentiation

Answer 5

product differentiation involves distinguishing a product or service from others. this is done by making a product different or appearing to be different from similar products sold by rivals, a business will hope to attract more custom

Question 6

what is meant by the term brand

Answer 6

brand is the unique design, symbol, and/ or words used in creating a unique image that identifies a product and differentiates it from competitors

Question 7

what is secondary research

Answer 7

(desk research) secondary research involves using information that already exists this can be collected internally or externally

Question 8

what is primary research

Answer 8

(field research) primary research is collecting primary data. it is collecting information that does not already exist and it is collected for a specific purpose

Question 9

what is meant by product life style

Answer 9

the stages a product passes from its earliest development until it is no longer available on the market

Question 10

what is meant by manufacturer

Answer 10

the manufacturer is the maker of the products

Question 11

what is meant by wholesaler

Answer 11

a wholesaler buys goods from the manufacture and sells these goods in smaller quantities to retailers

Question 12

what is meant by E-Commerce

Answer 12

(electronic commerce) involves buying and selling of goods and services via the internet

Question 13

what is meant by M-Commerce

Answer 13

(mobile commerce) Involves buying goods and services through hand-held mobile devices such as smartphones

Question 14

what is multi-channel distribution

Answer 14

multi-channel distribution involves a business using more than one channel to distribute its goods perhaps through traditional shops and catalogues and online

Question 15

what is direct marketing

Answer 15

direct marketing occurs when there’s a direct link from the producer to the customer with no intermediaries

Question 16

what is a ware house

Answer 16

a place where recourses or finished products are stored before they are sold

Question 17

what is market growth and what does sales value and sales volume measure

Answer 17

measures the percentages of increase in the sales volume or value

sales value - measures the revenue generated
sales volume - measures the number of items sold

Question 18

what is market research

Answer 18

the way in which information and data is gathered about consumers, competitors and market trends

Question 19

what are niche markets

Answer 19

a smaller part of a large market with products tailored to specific consumers needs

Question 20

what is meant by mass markets

Answer 20

a large market of customers which is undifferentiated and that sells products and services to suit a large number of people

Question 21

what is market segmentation

Answer 21

market sales involves dividing the market (target market / niche market) into parts which have specific characteristics e.g age / gender / income / socio-economic group.

Question 22

what is the promotional mix

Answer 22

the combination of promotional materials used by a business to communicate with its customers

Question 23

what is meant by promotion

Answer 23

promotion involves information and techniques used by business to make consumers aware of products and to persuade them to buy those products now and in the future