Marketing

Question 1

What is marketing?

Answer 1

The process of identifying, anticipating, and satisfying customer needs profitably.

Question 2

What is market research?

Answer 2

The process of gathering, analyzing, and interpreting information about a market.

Question 3

What is a target market?

Answer 3

A specific group of consumers a business aims its products or services at.

Question 4

Define “market segmentation.”

Answer 4

The process of dividing a market into distinct groups of consumers with similar needs or characteristics.

Question 5

What is a “niche market”?

Answer 5

A smaller, specialized segment of a larger market.

Question 6

What is a “mass market”?

Answer 6

A market aimed at a wide range of consumers with general product offerings.

Question 7

What is the marketing mix?

Answer 7

The combination of product, price, place, and promotion (the 4 Ps) used to market a product.

Question 8

What is a product life cycle?

Answer 8

The stages a product goes through from development to decline: introduction, growth, maturity, and decline.

Question 9

Define “brand.”

Answer 9

A unique name, symbol, or design that identifies a product and differentiates it from competitors.

Question 10

What is “product differentiation”?

Answer 10

Making a product distinct from competitors through unique features or branding.

Question 11

What is pricing strategy?

Answer 11

The method a business uses to set the price of its products.

Question 12

Define “penetration pricing.”

Answer 12

Setting a low price to enter a competitive market and attract customers.

Question 13

What is “price skimming”?

Answer 13

Setting a high price initially to maximize profits before gradually lowering it.

Question 14

What is competitive pricing?

Answer 14

Setting prices based on what competitors charge.

Question 15

Define “cost-plus pricing.”

Answer 15

Pricing based on production cost plus a markup.

Question 16

What is “promotion”?

Answer 16

Activities used to communicate with consumers to boost sales, such as advertising or sales promotions.

Question 17

Define “advertising.”

Answer 17

A paid form of promotion that communicates a message about a product or service.

Question 18

What is “sales promotion”?

Answer 18

Short-term incentives to encourage purchases, like discounts or free samples.

Question 19

What is direct marketing?

Answer 19

Selling products directly to consumers without intermediaries, often using personalized communication.

Question 20

What is digital marketing?

Answer 20

Promoting products or services through digital channels like social media or email.

Question 21

What is place (distribution)?

Answer 21

How a product is made available to consumers, including the selection of sales channels.

Question 22

What is a distribution channel?

Answer 22

The path a product takes from the producer to the consumer, such as wholesalers or retailers.

Question 23

Define “e-commerce.”

Answer 23

Buying and selling goods or services over the internet.

Question 24

What is a product portfolio?

Answer 24

The range of products a company offers.

Question 25

What is the Boston Matrix?

Answer 25

A tool used to analyze a company’s product portfolio based on market growth and market share

Question 26

What is “market orientation”?

Answer 26

A business strategy focused on understanding and meeting the needs of customers

Question 27

Define “market share.”

Answer 27

The percentage of total sales a company holds within a particular market.

Question 28

What is market penetration?

Answer 28

A strategy focused on increasing sales of existing products in existing markets.

Question 29

Define “primary research.”

Answer 29

Gathering new, firsthand data specifically for the research purpose.

Question 30

What is secondary research?

Answer 30

Using existing data that has already been collected for other purposes.