Marketing Keywords

Question 1

Market Research

Answer 1

Collection, presentation and analysis of info relating to the marketing and consumption of goods and services

Question 2

Untapped

Answer 2

Market or talent that is available but has not yet been exploited

Question 3

Primary or field research

Answer 3

Gathering of new info that does not already exist

Question 4

Consumer panels

Answer 4

Groups of customers are asked for feedback about products over a set period

Question 5

Secondary or desk research

Answer 5

Collection of data that already exists

Question 6

Qualitative data

Answer 6

Info about attitudes, beliefs, and intentions, usually written in words

Question 7

Quantitive data

Answer 7

Info that can be quantified, that is, in numbers

Question 8

Sample

Answer 8

Small group of people which must represent a proportion of the total market when carrying out market research

Question 9

Market

Answer 9

Set of arrangements that allows buyers and sellers to communicate and trade in goods and services

Question 10

Marketing

Answer 10

Identifying customer needs and satisfying them profitably

Question 11

Product oriented

Answer 11

Where a business focuses on the design and manufacture of the product rather than the needs of customers

Question 12

Market oriented

Answer 12

Where a business focuses on the needs of consumers when developing new products

Question 13

Market share

Answer 13

Proportion of sales in a total market that a business or product enjoys

Question 14

Market analysis

Answer 14

Quantitive and qualitative assessment of a market

Question 15

Mass markets

Answer 15

Very large markets in which products with mass appeal are marketed

Question 16

Niche markets

Answer 16

Smaller market, usually within a large market of industry

Question 17

Market segments

Answer 17

Part of a whole market where a particular customer group has similar characteristics

Question 18

Socio economic groups

Answer 18

Division of people according to social class based on employment status

Question 19

Marketing mix

Answer 19

Elements of a firms marketing that are designed to meet the needs of customers

Question 20

Product life cycle

Answer 20

Level of sales at the different stages through which a product passes over time

Question 21

Skimming

Answer 21

Setting a high price initially and then lowering it over time

Question 22

Penetration pricing

Answer 22

Setting a low price to begin with in order to get established in the market. Price may be raised once established

Question 23

Extension strategies

Answer 23

Methods are sed to lengthen the life of a product

Question 24

Product portfolio

Answer 24

Range of products a business is currently marketing

Question 25

Boston matrix

Answer 25

2x2 matrix that describes products according to the market share they enjoy and wether the market has any potential for growth

Question 26

Cost plus pricing

Answer 26

Adding a percentage to the costs of producing a product to get the price

Question 27

Mark up

Answer 27

Percentage added to costs that makes a profit for a business when setting the price

Question 28

Competition based pricing

Answer 28

Pricing strategies based on the prices charged by rivals

Question 29

Destroyer pricing

Answer 29

Setting a low price until rivals have gone out of business

Question 30

Parents

Answer 30

Legal documents giving a person or company the right to make or sell a new invention, product, or method of doing something. No one else can do or make what is patented

Question 31

Loss leader

Answer 31

Product sold below cost to lure customers

Question 32

Early adopters

Answer 32

Consumers who are keen to buy new products as soon as hey are launched

Question 33

Distribution channel

Answer 33

Route taken by a product from the producer to the customer

Question 34

Intermediary

Answer 34

Person or organization that helps arrange agreements or business deals between other people or organization

Question 35

Wholesalers

Answer 35

Persons or businesses that buy goods from manufacturers and sell them in smaller quantities to retailers

Question 36

Retailers

Answer 36

Business that buy goods from manufacturers and wholesalers and sell them in smaller quantities to consumers

Question 37

Bulk breaking

Answer 37

Dividing a large quantity of goods received from the supplier before selling them on in smaller quantities to customers

Question 38

E commerce

Answer 38

Use of electronic systems to sell goods and services

Question 39

Business to customers

Answer 39

Selling of goods by businesses to consumers

Question 40

Direct selling

Answer 40

Where businesses sell their products directly to consumers

Question 41

Agent or broker

Answer 41

Intermediary that brings together buyers and sellers

Question 42

Above the line promotion

Answer 42

Placing adverts using the media

Question 43

Below the line promotion

Answer 43

Any promotion that does not involve using the media

Question 44

Merchandising

Answer 44

The way the goods are arranged and placed in store

Question 45

Coupons

Answer 45

Printed piece of paper given to customers by the seller of a product, allowing the customer to pay less than the usual price for a products

Question 46

Direct mail

Answer 46

Advertisements that are sent to people in the post, often people who have chosen because they night be interested in the products

Question 47

Advertising

Answer 47

Communication between a business and its customers where messages are placed in the media to encourage the purchase of products

Question 48

Public relations

Answer 48

Attempt by a business to communicate with interested parties

Question 49

Viral advertising

Answer 49

Direct marketing technique in which a company persuades internet users to forward its publicity via social media

Question 50

Exposure

Answer 50

Advertising and publicity that is used to sell a product or a service

Question 51

Product positioning

Answer 51

Way that people think about a product in relation to the competing products, or the wya that a business would like them to think about it