Marketing

Question 1

Skimming price

Answer 1

High price and gradually decrease

Question 2

Penetration pricing

Answer 2

Start low and slowly increase

Question 3

Premium pricing

Answer 3

High price to show high quality

Question 4

Psychological pricing

Answer 4

Set price so seems cheaper

Question 5

Loss leader

Answer 5

Loosing profit on goods

Question 6

Competitive pricing

Answer 6

Below competitors pricing

Question 7

Destroyer pricing

Answer 7

Low price so competitors can’t compare

Question 8

Market based pricing

Answer 8

Similar to everyone in the market

Question 9

Discrimination pricing

Answer 9

Different prices to different people

Question 10

Cost plus pricing

Answer 10

Cost of making product - markup

Question 11

Marginal pricing

Answer 11

Selling price - variable costs

Question 12

Area effect on price

Answer 12

Different prices for same product in different parts of the world
Due to costs of transport

Question 13

Time effect on price

Answer 13

Price change at different parts of the day

Question 14

Service marketing

Answer 14

Price is significant market tool
Best value for money

Question 15

Factors effecting price

Answer 15

Cost of production
Level of demand
Level of competition
Stage in product lifecycle

Question 16

PED equation

Answer 16

Quality / price

Question 17

Advertising equation

Answer 17

Change in Quality / change in advertising

Question 18

Income equation

Answer 18

Change in demand / change in income

Question 19

Market leader strategie

Answer 19

Dominate market has control
Use different strategies

Question 20

Challenger strategy

Answer 20

Business in small market try to attack dominate market

Question 21

Follower strategy

Answer 21

Competitors follow market leader

Question 22

Niche market

Answer 22

Small 0 corner of large market for specific customers

Question 23

Differentiation

Answer 23

Firms try to highlight difference in product or service

Question 24

Mass market

Answer 24

Large market with little needs between consumer

Question 25

Low cost

Answer 25

Maintain dominance in market

Question 26

Swot analysis

Answer 26

Strength and weakness - internal Opportunity and threat - external Method of forecasting

Question 27

Marketing objective

Answer 27

SMART Needs for consumers Action of competitors Adv- identify target market Dis- don’t look at consumer time consuming

Question 28

Satisfaction survey

Answer 28

Sampling section of customers and ask for view on product

Question 29

Quantitive data

Answer 29

Objective Collection of facts Numerical data and statistics analysis

Question 30

Qualitative data

Answer 30

Subjective Opinions not numeric

Question 31

Primary (field) research

Answer 31

Interview - detailed, expensive, Survey- quick, brief Observation- good insight Consumer panel- testing product Focus group- rating without comparison Trail marketing - quick results

Question 32

Secondary (desk) research

Answer 32

Customer info Company results Sales data Newspapers Census

Question 33

Describe

Answer 33

Be able to identify customer

Question 34

Explain

Answer 34

Understand why changes have made place

Question 35

Predict

Answer 35

Know how consumers will react to price changes

Question 36

Simple random sampling

Answer 36

Individuals are selected from list

Question 37

Systematic

Answer 37

Every Nth person

Question 38

Quota

Answer 38

Splitting population into sub groups

Question 39

Convenience

Answer 39

Using people who come into hand

Question 40

Stratified

Answer 40

Subgroups according to characteristics

Question 41

Cluster

Answer 41

Random selection of subgroup from population

Question 43

Non sampling error

Answer 43

Social desirability False answers

Question 44

Sampling error

Answer 44

Difference between mean value and true mean

Question 45

Normal distribution

Answer 45

Bell shaped curve

Question 46

Standard deviation

Answer 46

How spread out your data is compared to mean

Question 47

Type of market segmentation

Answer 47

Age Gender Income Location Lifestyle Social class Religion

Question 48

Market share

Answer 48

Percentage of sales a business has in overall market

Question 49

Product life cycle

Answer 49

Introduction - negative cashflow, slow sales Growth- sales grow quickly Maturity- profitable product Decline- sales declining

Question 50

Product portfolio

Answer 50

Range of products a business has

Question 51

Product positioning

Answer 51

Setting product in right segment

Question 52

Bosten matrix

Answer 52

Cash cow- high market share, low market growth Shining star - high market share , high market growth Dog- low market share, low market growth Problem child- low market share, high market growth

Question 53

Above the line

Answer 53

One way communication of a persuasive message

Question 54

Below the line

Answer 54

Promotion usually involved a immediate incentive for buyer

Question 55

Wholesaler

Answer 55

Buys from manufacturers in large volume and breaks down into smaller units

Question 56

Retailer

Answer 56

Responsible for final part of distribution chain

Question 57

Agent

Answer 57

Negotiations between buyer and seller Several sectors of distribution

Question 58

Online and digital distribution

Answer 58

Delivers directly to customer

Question 59

Physical distribution

Answer 59

Road transport most common Physical product being distributed

Question 60

Sales of good act

Answer 60

If fault found in first 6 months assumed it was faulty from purchase Satisfactory quality As described Fir for purpose

Question 61

Weight and measurement act

Answer 61

Incorrect indication of amount Should contain what it states

Question 62

Working time directive

Answer 62

No employee works more than 48 hours per week on average

Question 63

Unsolicited good act

Answer 63

Illegal to demand goods or service that’s not be ordered