Unit 4 - Marketing

Question 1

Market research

Answer 1

Market research is used to identify customer needs which informs decision making, planning and product development.

Question 2

Types of market research

Answer 2

Primary research
Secondary research

Question 3

Primary research

Answer 3

Gathering of ‘new’ information that does not already exist.

Question 4

Types of primary research

Question 5

Secondary research

Answer 5

Collection of data that already exists.

Question 6

Types of secondary research

Question 7

Qualitative data

Answer 7

Information about attitudes, beliefs, and intentions, usually written in words.

Question 8

Quantitative data

Answer 8

Information expressed in numbers.

Question 9

Product orientation

Question 10

Market orientation

Question 11

Market share

Question 12

Market share calculation

Question 13

Define PESTLE and what it stands for

Answer 13

Factors affecting change:
Political
Economical
Social
Technological
Legal
Environmental

Question 14

What would a business want to find out about a market?

Answer 14

Size
Growth Potential
Number of businesses currently operating in the market
PESTLE factors affecting change
Opportunities for segmentation
Consumer behaviour

Question 15

Market segments

Answer 15

Part of a whole market where a particular customer group has similar characteristics

Question 16

Niche marketing

Question 17

Mass marketing

Question 18

Boston matrix

Answer 18

2x2 matrix that describes products according to the market share they enjoy and whether the market has any potential for growth.

Question 19

Different categories in Boston Matrix

Answer 19

Star
Cash cow
Question mark
Dog

Question 20

Star products

Answer 20

Stars are valuable products for a business. They have a high market share but also the potential for growth. They are likely to be profitable.

Question 21

Cash cow products

Answer 21

Cash cows are mature products. They have a high market share but the market is not likely to grow very much. Cash cows generate a steady flow of income for the business.

Question 22

Question mark products

Question 23

Dog products

Answer 23

Dogs are at the end of their life cycle. They have a low market share and the market is not likely to grow anymore. Dogs are likely to be replaced with new products.

Question 24

Product portfolio

Answer 24

Range of products a business is currently marketing.

Question 25

Marketing mix 4 Ps

Answer 25

Price
Place
Product
Promotion

Question 26

Definition and types of distribution channels

Answer 26

Route taken by a product from the producer to the customer.
Direct
Wholesale
Retail

Question 27

Direct distribution and example

Answer 27

Manufacturer → Consumer
e.g. SHEIN

Question 28

Wholesale distribution and example

Answer 28

Manufacturer → Wholesaler → Consumer
e.g. Costco

Question 29

Retail distribution and example

Answer 29

Manufacturer → Wholesaler → Retailer → Consumer
e.g. Centrepoint