Unit 3- Decision Making To Improve Market Performance

Question 1

Marketing objective

Answer 1

a target set for the marketing function

Eg, increase sales by 10% within 3 years

Question 2

Sales value

Answer 2

The level of sales in a given period in pounds sterling

Question 3

Sales volume

Answer 3

The level of sales in a given period in terms of units sold

Question 4

Market share

Answer 4

The sales of one brand or business as a percentage of total market

Question 5

Sales growth

Answer 5

Percentage change in sales volume or value over a given time

Question 6

Market growth

Answer 6

The percentage change in the total sales in the market over a given period

Question 7

Internal influences on marketing objectives and decisions

Answer 7

Factors within the business such as employees and operational resources

Question 8

External influences on marketing objectives and decisions

Answer 8

Factors outside of the business such as the state of the economy

Question 9

Globalisation

Answer 9

Increasing trade between countries and the growing internalisation of the business

Question 10

Market research

Answer 10

Gathering and analysing data

Question 11

Competitiveness

Answer 11

The extent to which a business offers good value for money relative to competitors

Question 12

Primary market research

Answer 12

Involves gathering data for the first time

Question 13

Secondary market research

Answer 13

Using data that already exists

Question 14

Target population

Answer 14

All the items or people relevant to the market research being undertaken

Question 15

Business ethics

Answer 15

Whether a business decision is perceived as morally right or wrong

Question 16

Sample

Answer 16

A group of people or items selected to represent the target population

Question 17

Market Mapping

Answer 17

Analyses market condition to identify the position of one product or brand relative to others in a given criteria.
Used to identify a gap in the market

Question 18

Confidence level

Answer 18

The probability that research findings are correct

Question 19

Confidence interval

Answer 19

Possible range of outcome for a given confidence level

Eg. You might have a 95% confidence level that sales will be between £500,000 and £700,000

Question 20

Price elasticity of demand

Answer 20

How responsive demand is to changes in the price, all other factors consistent

Question 21

Income elasticity of demand

Answer 21

How responsive demand to changes in income, all other factors consistent

Question 22

Big data

Answer 22

Large complex data sets
These have been difficult to analyse in the past but improvements in technology is making the use of big data more feasible

Question 23

Segmentation

Answer 23

When similar customers needs and wants are grouped within a market

Question 24

Market segments

Answer 24

Groups of similar wants or needs within a market

Question 25

Targeting

Answer 25

When a business decides which segments it wants to operate in

Question 26

Niche Marketing

Answer 26

Focussing on a particular segment of the market

Question 27

Mass market

Answer 27

Provides products that meet some of the needs of a large proportion of the market

Question 28

Positioning

Answer 28

Identifying the benefit and price combination of a product, relative to competitors

Question 29

Marketing mix/7 P’s

Answer 29

Price
Product
Place
Promotion
People
Physical environment
Process

Question 30

Marketing mix

Answer 30

The combination of marketing choices that can be used by a business to influence consumers to buy products

Question 31

Consumer products

Answer 31

Goods bought for consumption of the general public

Question 32

Industrial products

Answer 32

Goods bought for the use in a business process