Marketing

Question 1

Marketing

Answer 1

identifying customer wants and satisfying them profitably

Question 2

Customer

Answer 2

a person, business or other organisation which buys goods or services from a business

Question 3

Customer loyalty

Answer 3

when existing customers continually buy products from the same business

Question 4

Customer relationships

Answer 4

communicating with customers to encourage them to become loyal to the business and its products

Question 5

Market share

Answer 5

the percentage of total market sales held by one brand or business

Question 6

Consumer

Answer 6

someone who buys goods or services for personal use - not to re-sell

Question 7

Mass market

Answer 7

where there is a very large number of sales of a product

Question 8

Niche market

Answer 8

a small, usually specialised, segment of a much larger market

Question 9

Market segment

Answer 9

is an identifiable sub-group of a whole market in which consumers have similar characteristics or preferences

Question 10

Market research

Answer 10

the process of gathering, analysing and interpreting information about a market

Question 11

Product oriented

Answer 11

a business whose main focus of activity is on the product itself

Question 12

Marketing budget

Answer 12

a financial plan for the marketing of a product, or product range for a specific period of time

Question 13

Primary research

Answer 13

collection of original data via direct contact with potential or existing customers

Question 14

Secondary research

Answer 14

information that has already been collected and is available for use by others

Question 15

Questionnaire

Answer 15

a set of questions to be answered as a means of collecting data for market research

Question 16

Online surveys

Answer 16

target sample answering a collection of questions over the internet

Question 17

Interviews

Answer 17

asking individuals a series of questions, often face to face or over the phone

Question 18

Focus groups

Answer 18

a group of people who are representative of a target market

Question 19

Sample

Answer 19

a group of people who are selected to respond to a market research exercise

Question 20

Random sample

Answer 20

people selected at random as a source of information for market research

Question 21

Quota sample

Answer 21

people selected on the basis of a certain characteristic as a source of information for market research

Question 22

Marketing mix

Answer 22

product
price
place
promotion

Question 22

Product life cycle

Answer 22

introduction
growth
maturity
decline

Question 23

Extension strategy

Answer 23

keeping a product at the maturity stage of the life cycle extending the cycle

Question 24

Cost-plus pricing

Answer 24

cost of manufacturing the product plus a profit mark-up

Question 25

Competitive pricing

Answer 25

when a product is priced in line with or below competitors prices to try to capture more of the market

Question 26

Penetration pricing

Answer 26

when a product is set lower than competitors prices to try to capture more of the market

Question 27

Promotional pricing

Answer 27

when a product is sold at a very low price for a short period of time

Question 27

Price skimming

Answer 27

where a high price is set for a new product on the market

Question 28

Dynamic pricing

Answer 28

when businesses change product prices, usually when selling online

Question 29

Price elastic demand

Answer 29

where consumers are very sensitive to changes in price

Question 30

Price inelastic demand

Answer 30

where consumers are not sensitive to changes in price