unit 2 - marketing

Question 1

what are the 4Ps

Answer 1

price, product, place and promotion

Question 2

what is primary research

Answer 2

data collected first hand often in the form of questionnaires, interviews and focus groups.

Question 3

secondary research is

Answer 3

collection of data provided by others eg magazines and the internet

Question 4

what is qualitative data

Answer 4

data based on the opinion of those being asked

Question 5

quantitive data is…

Answer 5

data collected that is based on facts or numbers

Question 6

examples of market segmentation

Answer 6

income, age, gender, location, lifestyle

Question 7

what are the 4 stages of the product lifestyle?

Answer 7

introduction, growth, maturity, decline

Question 8

define price skimming

Answer 8

charging a high price then price is reduced when demand declines

Question 9

define cost plus pricing

Answer 9

adds a percentage for profit to the total cost of making a product

Question 10

define penetration pricing

Answer 10

initially charging a low price but increasing price when demand increases

Question 11

define promotional pricing

Answer 11

lowing the price to persuade customers to buy

Question 12

define competitor pricing

Answer 12

price set based on competitors price on the same or similar product

Question 13

what is distribution channel 1?

Answer 13

producer - consumer

Question 14

what is distribution channel 2?

Answer 14

producer - retailer - consumer

Question 15

what is distribution channel 3?

Answer 15

producer - wholesaler - retailer - consumer

Question 16

ways to raise finance internally

Answer 16

owners capital ( money saved up by an entrepreneur) , retained profit ( profit ), sale of assets

Question 17

ways to raise finance externally

Answer 17

overdrafts (An agreement with the bank to overspend on an account.) , trade credit (The ability to buy stock now and pay for it at a later date) , loan, share issue ( money raised by shareholders)