Marketing

Question 1

What is a marketing?

Answer 1

It is the action of promoting and selling products or services.

Question 2

Market research

Answer 2

Finding out what your customers want.

Question 3

Primary data

Answer 3

A data that is original and has been collected by the first hand.

Question 4

Secondary data

Answer 4

A data that already exist and was collected by some else.

Question 5

Mintel report

Answer 5

Provides market research reports about business.

Question 6

Product trial

Answer 6

Is getting people to buy a first time.

Question 7

Repeat purchase

Answer 7

Is moving customers on from trial to buying it again.

Question 8

Introduction

Answer 8

The product is introduced on the market. Sell rate is very low.

Question 9

Growth

Answer 9

People buy product and sell rate is growing.

Question 10

Maturity

Answer 10

The sell rate reached the highest point it is steady.

Question 11

Decline

Answer 11

Something more innovative was introduced on market and the sell rate of elder product is decreasing.

Question 12

Boston Matrix

Answer 12

A model which helps business to analyse their portfolio of products using measurements of market growth and share.

Question 13

Star products

Answer 13

High market growth, high market share.

Question 14

Cash Cow

Answer 14

High market share, low market growth.

Question 15

Product portfolio

Answer 15

The range of items sold by a business.

Question 16

Problem children/Question marks

Answer 16

Low market share, high market growth.

Question 17

Dogs

Answer 17

Low market share, low market growth.

Question 18

Family branding

Answer 18

Involves marketing many related products under single brand.

Question 19

Line branding

Answer 19

Complementary products combine to form a complete whole with a common concept.

Question 20

Own branding

Answer 20

Product that is sold by a retailer with the retailer’s own brand name.

Question 21

Global brands

Answer 21

Brands that are recognised throughout world.

Question 22

Advantages of strong barnding

Answer 22

• Customer recognition
• Easy introduction of new product
• Customer loyalty

Question 23

Disadvantages of strong brand

Answer 23

• High investment required to build a strong brand
• May create a bad image, if the brand fails
• Customers would not to pay extra amount for goods
• Difficult and expensive to change