term test

Question 1

Boston matrix

Answer 1

method of analysis brands in a firms product portfolio in terms of market share and market growth. (put into four categories)

Question 2

confidence levels

Answer 2

probability that the research findings are correct. this is expressed as a percent e.g. 99% confidence that the findings are accurate.

Question 3

correlation

Answer 3

a statistical technique used to establish the strength of a relationship between two sets of values. E.g. the sales of ice cream may tend to rise as temperatures rises i.e. positive correlation

Question 4

distribution channels

Answer 4

ways of getting 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

extension strategy

Answer 5

attempts to raise sales when products are reaching the end of their product life cycle and have been declining. E.g via repackaging or modification.

Question 6

extrapolation

Answer 6

using previous patterns of numerical date to estimate future values

Question 7

market growth

Answer 7

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

Question 8

market segmentation

Answer 8

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

Question 9

niche marketing

Answer 9

targeting small specialised part of the overall market. E.g. left handed golf clubs for left handed people.

Question 10

pricing strategy

Answer 10

long term goal regarding pricing e.g. John Lewis ‘never knowingly unsold’ was a longstanding commitment

Question 11

pricing tactic

Answer 11

short-term approach ti pricing designed to deal with short term threat or opportunity