Theme 1 Introduction to the Market

Question 1

Marketing Definition

Answer 1

The department tasked with targeting the right production at the right target market using the right combination of price, promotion and place.

Question 2

Marketing Objective

Answer 2

Is a marketing target or goal that an orgninistion hope to achieve, such as to boost market share from example 9%-12% within two.

Question 3

Marketing stratergy

Answer 3

Is the medium to long term plan for how to achieve your marketing objectives.

Question 4

Marketing Mix

Answer 4

Carefuly combining the four main marketing levers: product, price, promotion and place.

Question 5

Segments

Answer 5

Firms that market their products effectivly in this situation produce a range of products each targeted at a diffrent market segments.

Question 6

The Market

Answer 6

The market is where buyers meet sellers, either face to face or online.

Question 7

ecomies of scale

Answer 7

Factors that avaerage cost to decline as the scale of output increases

Question 8

Product defferantion

Answer 8

The degree to which a product is persived by customers to be diffent from it rivals

Question 9

Franchise

Answer 9

When a company with a sucseful business model sells the rights to allow the other business to follow that model

Question 10

pimary research

Answer 10

Research done first hand e.g. interviewing recent buyers of your product.

Question 11

secondary research

Answer 11

Second-hand research for general use, not tailored to any company specific.

Question 12

bias

Question 13

sample size

Answer 13

the number of people who responded to a survey