Marketing Terms Test

Question 1

Market Size

Answer 1

The volume of sales of a product or the value of sales of a product by all organisations in the market

Question 2

Business ethics

Answer 2

Refers to whether a business decision is perceived as morally right or wrong

Question 3

Sales value

Answer 3

Measures the financial worth of the items sold

Question 4

Relationship marketing

Answer 4

Is an approach to marketing in which a company seeks to build long-term relationships with its customers by providing consistent satisfaction. It focuses on customer retention rather than one off sales

Question 5

Sales volume/quantity

Answer 5

Measures the number of items sold or produced

Question 6

Marketing objectives

Answer 6

The goals of the marketing function in an organisation

Question 7

Corporate objectives

Answer 7

Targets for company as a whole usually after boardroom discussion

Question 8

Competition and market authority

Answer 8

The renamed competition commission set up in 2014 to intervene when necessary to protect customers from anti competitive business practices

Question 9

Market share

Answer 9

The percentage of total sales in the market held by one brand or company

Question 10

Short termist

Answer 10

Taking decisions on the basis of short-term needs rather than long-term benefit

Question 11

Brand

Answer 11

A name sign simple design or slogan that links to a particular product or service in order to differentiate it from its competitors

Question 12

Repositioning

Answer 12

We can get the product branding and image to shift the proposition to a slightly different place in the market sector e.g. towards younger more affluent adults

Question 13

Market growth

Answer 13

Is that percentage change in the total sales in the market over a given period

Question 14

Sales growth

Answer 14

The percentage change in sales (volume or value) for a specific business over a period of time eg sales growth of Brompton Bicycles

Question 15

Internal factors

Answer 15

On marketing objectivists and decisions refer to factors with in the business such as employees and operational resources

Question 16

Brand loyalty

Answer 16

The degree of attachment that a customer has for a particular product. Attachment for one product will chase the chance of a customer

Question 17

External influences

Answer 17

On marketing objectivists and decisions refer to factors outside of the business such as the state of the economy.