Marketing

Question 1

Marketing objective?

Answer 1

A marketing target for the business, setting out what it wants to achieve and when

Question 2

Corporate objective

Answer 2

A target set for the business as a whole

Question 3

Marketing strategy

Answer 3

A marketing plan to achieve the objective

Question 4

Niche marketing

Answer 4

When a firm targets a specific market segment

Question 5

Mass marketing

Answer 5

When a business targets the majority of the market

Question 6

PRice elasticity of demand

Answer 6

The responsiveness of demand to a change in price

Question 7

Elastic demand

Answer 7

Demand change is greater than the change in price

Question 8

Inelastic demand

Answer 8

Demand change is less than the change in price

Question 9

Income elasticity of demand

Answer 9

The change of the demand of a product in response to the change in a customers income

Question 10

Promotional elasticity of demand

Answer 10

The sensitivity of demand in relation to changes in promotional expenditure.