Marketing

Question 1

Market size

Answer 1

The value of total amount of sales with in a market

Question 2

Market share

Answer 2

% of a market that a business or an individual has

Question 3

Market growth

Answer 3

Increase in the market size. Annual

Question 4

Market segment

Answer 4

Section of consumers in a market that share similar characteristics. Eg- age, gender, culture & lifestyle

Question 5

Sampling

Answer 5

Method used to select consumers to take part in market research

Question 6

Random sampling

Answer 6

All consumers have equal chance of being selected

Question 7

Quota sampling

Answer 7

Candidates picked depending on their characteristics. Opposite of random

Question 8

Marketing budget

Answer 8

Sets out the total costs allocated to marketing

Question 9

Sales Forecasting

Answer 9

Making a target / prediction of the overall sales of a product

Question 10

Sales forecast influences:

Answer 10

• Cash flow forecast
• Production schedule
• Human Resources decisions

Question 11

Predicting a sales forecast:

Answer 11

• Historical data of past sales
• Market research
• Company’s best educated guess
• the nature of the product in the current market situation

Question 12

Problems with sales forecast:

Answer 12

• Sudden changes in consumer buying behaviour
• Poor market research
• Wrong educated guess

Question 13

A Reliable Forecast

Answer 13

• Data extrapolated from past data
• Steady patterns in past data
• Using sample representative of the whole market
• forecast in near future is more reliable