U2 AOS2

Question 1

marketing

Answer 1

the process that provides the link between procedures or providers of goods and services and the consumers of these

Question 2

brand

Answer 2

a powerful business asset that is essentially a marker’s mark; it creates and brings with it awareness, desirability, and power

Question 3

marketing concept

Answer 3

where the business focuses on satisfying the needs of the customer/consumer rather than just selling a product or service

Question 4

market-oriented approach

Answer 4

a business strategy that focuses on the needs and wants of consumers and develops products to meet them

Question 5

customer base

Answer 5

the people or entities that regularly purchase products or services from a business

Question 6

pareto principle

Answer 6

referred to as the 80/20 rule- approximately 80% of the business revenue is generated by approximately 20% of the customer base

Question 7

external environment

Answer 7

consists of two environments, the operating and the macro environment

Question 8

operating environment

Answer 8

the environment immediately external to a business (have some control over) eg customers, competitors

Question 9

macro environment

Answer 9

consists of factors directly affecting businesses that are outside of their control eg laws and regulations, global issues

Question 10

internal environment

Answer 10

compromises all of the elements within a business eg stakeholders (employees, managers), business model

Question 11

market

Answer 11

a group of customers with similar needs and desires who may purchase products or services from sellers through the exchange of money or other thigs of value

Question 12

target market attributes

Answer 12

consumers who display similar characteristics eg age, location, income and are considered most likely to buy a business’s market offerings or are likely to be the most profitable segments for the business to service

Question 13

market dimensions

Answer 13

size of the market for a business’s product or service

Question 14

mass marketing

Answer 14

a marketing strategy that seeks to attract the attention of all market segments through the use of mass distribution and mass media

Question 15

niche market

Answer 15

a subset of a larger market with its own particular needs or preferences

Question 16

market segment

Answer 16

relatively similar groups of customers who are likely to respond in similar ways

Question 17

market positioning

Answer 17

where a product is placed within a market with regards to its image, price and age of the target market

Question 18

market segmentation

Answer 18

total consumer market is subdivided into groups with one or more common
characteristics or features

Question 19

consumer trends and behaviour

Answer 19

buying habits amongst a group of consumers - the decisions they make to buy goods and services for personal or household use

Question 20

businesses market to a particular group based on

Answer 20

demographic, geographic, psychographic, behavioural

Question 21

factors that influence consumer trends nd behaviours

Answer 21

psychological influences, sociocultural influences, economic influences, government influences

Question 22

product

Answer 22

a good or service in its final state after having gone through all the stages of the production process

Question 23

price

Answer 23

the amount for which something is sold

Question 24

place

Answer 24

encompasses the distribution channels used to market products to customers

Question 25

promotion

Answer 25

the use of advertising, branding, sales promotion, and public relations to inform and persuade consumers

Question 26

people

Answer 26

relates to every person in a business having contact with a customer, and the impressions these people make on the customer

Question 27

physical evidence

Answer 27

Physical evidence can take a variety of forms including:
Evidence showing a service was performed, acting to remind the consumer that the service took place.
The physical environment in which the consumer experiences the service.
The signs and symbols of the business that supports its image and identity.

Question 28

process

Answer 28

relates to the process through which a customer finds out about a business, researches its products, chooses and purchases the product, the actual delivery of the product or service, and the behaviour of those involved in the delivery process

Question 29

product life cycle

Answer 29

1. introduction
2. growth
3. maturity or saturation
4. decline or extension