Unit 3 - Decision making to improve marketing performance

Question 1

Relationship marketing

Answer 1

A tool used to build long-term bonds between customers and a brand, or between two businesses.

Question 2

Business ethics

Answer 2

The moral behavior of individuals and businesses as they undertake business activities.

Question 3

Marketing objectives

Answer 3

A set of clearly defined, measurable goals established as part of a marketing plan.

Question 4

Market growth

Answer 4

The process of using data gained through marketing campaigns and experimentation to drive growth.

Question 5

Primary market research

Answer 5

Primary market research is done by collecting data yourself, often through surveys or interviews with your target market.

Question 6

Secondary market research

Answer 6

Secondary research is a type of research that has already been compiled, gathered, organized and published by others.

Question 7

Price elasticity of demand

Answer 7

The ratio of the percentage change in quantity demanded of a product to the percentage change in price.

Question 8

Income elasticity of demand

Answer 8

Measures the responsiveness of demand for a particular good to changes in consumer income.

Question 9

Segmentation

Answer 9

The process of dividing a company’s target market into groups of potential customers with similar needs and behaviors.

Question 10

Market segment

Answer 10

A marketing strategy that uses well-defined criteria to divide a brand’s total addressable market share into smaller groups.

Question 11

Targeting

Answer 11

The selection of potential customers to whom a business wishes to sell products or services.

Question 12

Mass marketing

Answer 12

A strategy that business owners use to appeal to the largest portion of a market.

Question 13

Sales value

Answer 13

The total sales revenue of a particular business over a period of time, usually one year.

Question 14

Sales volume

Answer 14

The number of units your company sells during a specific reporting period.

Question 15

Market share

Answer 15

The proportion of total sales in a market made by one business.

Question 16

Sales growth

Answer 16

Measures your company’s ability to generate revenue through sales over a fixed period of time.

Question 17

Internal influences

Answer 17

Internal factors are those which the business has some control over, such as finance and employees

Question 18

External influences

Answer 18

The factors that are outwith the control of a business.

Question 19

Competitiveness

Answer 19

The ability of a business to deliver better value to customers than competitors.

Question 20

Target population

Answer 20

The group of individuals that the intervention intends to conduct research in and draw conclusions from.

Question 21

Brand

Answer 21

A name, sign, symbol, design, or slogan linked to a particular product or service in order to differentiate from the competition.

Question 22

Patent

Answer 22

The right to be the only user or producer of a specified product or process.

Question 23

Trademark

Answer 23

A word, symbol, or phrase used to identify a particular company’s product and differentiate it from other companies products.

Question 24

Globalisation

Answer 24

Operating on an international scale to provide or produce goods and services

Question 25

Market research

Answer 25

The process of gathering data about the product, customers, and influences on the sales of the product.

Question 26

Market mapping

Answer 26

The process of using a graph to plot competitors and their products to understand competitor behavior and spot a gap in the market.

Question 27

Confidence interval

Answer 27

A measure of the reliability of a sample mean compared to the actual mean of the entire population.

Question 28

Big data

Answer 28

The process of collecting and analysing large data sets from traditional and digital sources to identify trends and patterns that can be used in decision-making.

Question 29

Positioning

Answer 29

How the individual products or brands are seen in relation to their competition

Question 30

Marketing mix

Answer 30

4P's - product, price, place, and promotion.

Question 31

Consumer products

Answer 31

Goods and services intended for use by individuals and households

Question 32

Industrial products

Answer 32

Goods that are destined to be sold primarily for use in producing other goods or rendering services

Question 33

Product life cycle

Answer 33

The length of time from a product first being introduced to consumers until it is removed from the market

Question 34

Product portfolio analysis

Answer 34

A n assessment of the position of all of the products of a business to help with planning. Boston Matrix

Question 35

Viral marketing

Answer 35

Viral marketing also uses existing social media networks to promote a product.

Question 36

Multichannel distribution

Answer 36

Where businesses use several methods to sell their products to customers.

Question 37

E-commerce

Answer 37

The buying and selling of goods and services using an electronic network, such as the internet.