Unit 3 Marketing

Question 1

What is the market share?

Answer 1

The percentage of total market sales held by one brand or businesse

Question 2

What is a mass market?

Answer 2

Where there is a very large number of sales of a product

Question 3

What is a niche market?

Answer 3

A small, usually specialised, segment of a much larger market

Question 4

What a Market segment?

Answer 4

An indentifiable sub-group of a whole market in which consumers have similar characteristics or preferences

Question 5

What is a product-oriantated buiness?

Answer 5

A business which it’s main focus of activity is on the product itself

Question 6

What is a market-orientated business?

Answer 6

A business which carries out market research to find out consumer wants before a product is developed and produced

Question 7

What is a marketing budget?

Answer 7

A financial plan for the marketing of a product or product range for some specified period of time. It specifies how much money is availble to market the product or range, so that the Marketing department know how much they can spend

Question 8

What is Market research?

Answer 8

The process of gathering analysing and interpreting information about a market

Question 9

What is primary research?

Answer 9

The collection and collation of original data via direct contact with potential or existing customers. Also called field research

Question 10

What is secondary research?

Answer 10

Information that already been collected and is availble for use by others

Question 11

What is a questionaire?

Answer 11

A set of questions to be answered as a means of collecting data for market research

Question 12

What is a sample?

Answer 12

A group of people who are selected to respond to a market research exercise, such as a questionaire

Question 13

What is a random sample?

Answer 13

When people are selected at random as a source of indormation for market research

Question 14

What is a quota sample?

Answer 14

When people are selected on the basis of certain characteristics such as ae gender income.

Question 15

What is a focus group?

Answer 15

A group of people who are representative of the target market

Question 16

What is the marketing mix?

Answer 16

All activites which go into marketing a prodcut or service. These activities are often summarised as the four Ps - product, place, promotion, price

Question 17

What is an USP

Answer 17

The special feature of a product that differentiates from the products of competitors

Question 18

What is the Brand name?

Answer 18

The unique name of a product that distiguishes it from other brands

Question 19

What is the brand name?

Answer 19

A unique name of a product that distinguishes it from other brands.

Question 20

What is brand loyalty?

Answer 20

When consumers keep buying the same brand again and again instead of choosing a competitor’s brand

Question 21

What is brand image?

Answer 21

An image or identity given to a prodcut which gives it a personalit of its own and distiguishes it from its competitors brands

Question 22

What is packaging?

Answer 22

The physical container or wrapping for a product. It is also used for promotion and selling appeal

Question 23

What is the product life cycle?

Answer 23

The stages a product will pass through from its introduction, through its growth until it is mature and then finally its decline

Question 24

What is Cost-plus pricing?

Answer 24

The cost of manufacturing the product plus a profit mark-up

Question 25

What is competitive pricing

Answer 25

The product is priced in line with or just below competitors prices to try to capture more of the market

Question 26

What is penetration pricing?

Answer 26

The price set lower that the competitors’ prices in order to be able to enter a new market

Question 27

What is price skimming?

Answer 27

Where a high price is set for a new product on the market

Question 28

What is promotional pricing?

Answer 28

When a product is sold at a very low price for a short period of time.

Question 29

What is price elasticit?

Answer 29

A measure of responsiveness of demand to a change in price

Question 30

What is informative advertising?

Answer 30

The emphasis of advertising or sales promotion is to give full information about the product

Question 31

What s persuasive advertising?

Answer 31

Advertising or promotion which is trying to persuade the consumer that they really need the product and should buy it

Question 32

What is the target audience?

Answer 32

The peopl who are potential buyers of a product or service

Question 33

What is sales promotion?

Answer 33

Incentives such as special offers or special deals aimed a consumers to achieve short-term increases in sales

Question 34

What is marketing budget?

Answer 34

A finicial plan for the marketing of a product or product range for a specified period of time

Question 35

What is a distribution channel?

Answer 35

A product is passed from the place of production to the customer or retailer

Question 36

What is an agent?

Answer 36

An independent person or business that is appointed to deal with the sales and distribution of a product or range of products

Question 37

What is e-commerce?

Answer 37

The buying and selling of goods and services using computer systems linked to the internet

Question 38

What is a marketing strategy?

Answer 38

A plan to combine the right combination of the four elements of the marketing mix for a product or servoce to achieve a particular marketing objective