powell test

Question 1

what is the Boston matrix

Answer 1

a method of analysing a firms product portfolio in terms of market share and market growth. Brands are classified as cash cows, dogs, question marks and stars.

Question 2

Confidence levels

Answer 2

The probability that the research findings are correct, This is expressed as a percentage

Question 3

what is correlation

Answer 3

a statistical technique used to establish the strength of a relationship between two sets of values. e.g ice cream sales and rise in temperature- positive correlation

Question 4

what are distribution channels

Answer 4

ways of getting the products to where the customer can buy them. e.g selling directly on the internet or selling to a shop or via a wholesaler.

Question 5

what are extension strategies

Answer 5

attempt to rise sales when products are reaching the end of their product life cycle and have been declining e.g repackaging

Question 6

extrapolation

Answer 6

using previous patterns of numerical data to estimate future values.

Question 7

what Is market growth

Answer 7

the percentage change in the volume or value of sales of all the brands in the product category

Question 8

what is market segementation

Answer 8

dividing the market up into groups of potential customers, each with different characteristics

Question 9

what is niche marketing

Answer 9

targeting a small specialised part of an overall market e.g left handed golf clubs

Question 10

what is pricing tactic

Answer 10

short term approach to pricing designed to deal with a short term threat or opportunity.