MARKETING

Question 1

product orientation

Answer 1

business is focused on the production process - believe high quality product will sell well

Question 2

market orientation

Answer 2

business is focused on continually identifying customer needs

Question 3

commercial marketing

Answer 3

using marketing strategies to meet the wants and needs of customers

Question 4

social marketing

Answer 4

use of mainstream marketing to bring about social change

Question 5

market share

Answer 5

the percentage of the product market that a particular company holds

Question 6

market leadership

Answer 6

the company holding the highest amount of market share in the industry

Question 7

marketing objectives

Answer 7

for profits
- increased sales revenue
- higher market share
- improved brand awareness

for non profits
- build membership
- generate awareness

Question 8

market planning

Answer 8

the process of devising marketing objectives and marketing strategies to achieve these goals

Question 9

4 p’s of marketing

Answer 9

product - physical good or intangible service
price - the amount customers pay for a good or service
place - the methods of distributing products to customers
promotion - strategies used to attract customers

Question 10

market segments

Answer 10

a distinct group of customers with similar characteristics and wants and needs

Question 11

niche markets

Answer 11

targets a specific and well defined market segment

Question 12

mass marktets

Answer 12

various different markets targeted to maximise sales volume

Question 13

unique selling point

Answer 13

any aspect of a business that makes it stand out from other comptetition

Question 14

advantages and disadvantages of unique selling point

Answer 14

• source of competitive advantage
• hard to find USP

Question 15

purpose of market research

Answer 15

• provides up to date information
• helps predict future trends
• allows improvement of marketing strategies

Question 16

primary market research

Answer 16

involves collecting primary data

Question 17

secondary market research

Answer 17

involves the collection of old data

Question 18

quantitative research

Answer 18

• numerical answers
• close ended
• bigger sample size

Question 19

qualitative research

Answer 19

• non numerical answers
• understands behaviours and opinions
• provides richer data

Question 20

random sampling

Answer 20

gives each member an equal chance of being chosen

Question 21

stratified sampling

Answer 21

random but population divided into groups based on previous knowledge

Question 22

quota

Answer 22

population divided into groups that share similar characteristics

Question 23

stages of product life cycle

Answer 23

development - product being researched and designed
introduction - product is launched and sales are slowly growing
growth - sales begin to grow as product
maturity - growth in sales gradually levels
decline - sales eventually decline

Question 24

brand

Answer 24

a name term sign or signal that allows consumers to identify goods

Question 25

brand awareness

Answer 25

how much people know a brand by its branding and products

Question 26

brand development

Answer 26

the result of efforts that a company makes to improve branding

Question 27

brand loyalty

Answer 27

extent to which participants are tied to a brand

Question 28

brand value

Answer 28

the extent to which participants consider the brand when buying

Question 29

cost plus pricing

Answer 29

calculating average cost of production and adding mark up for profit

Question 30

market oriented pricing

Answer 30

deciding price based off of condition of the market

Question 31

penetration pricing

Answer 31

lower price to encourage retailers to purchase goods in higher quanititys

Question 32

loss leader

Answer 32

very low price to attract customers and expected to be compensated by another product

Question 33

promotion

Answer 33

the attempt to draw a product or business in order to gain new customersa

Question 34

above the line promotion

Answer 34

promotion through independent media such as
- tv
- newspaper
- radio
- posters and billboard

Question 35

below the line promotion

Answer 35

promotion not through advertising such as
- public relations
- merchandising
- sales promotion
- direct selling

Question 36

distribution channel

Answer 36

the route it takes from the manufacturer to the consumer