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| Question | Answer |
| Marketing | The management process that is responsible for anticipating, identifying and satisfying customer needs profitably |
| Market research | The process of gaining information about customers, competitors and market trends through collecting primary and secondary data |
| Primary data | Information that has been gathered for a specific purpose through direct investigation such as observation, surveys and experiments |
| Secondary data | Information that already exists such as accounts and sales records, government statistics, newspaper and Internet articles and reports from advertising agencies |
| Quantitative data | Data that can be expressed as number and can be statistically analysed |
| Qualitative data | Data about opinions, judgements and attitudes |
| Respondents | Those who provide data for a survey usually by answering questions |
| Market Segment | Part of a market that contains a group of buyers with similar buying habits |
| Sample | A small group out of the total population which is selected to take part in a survey |
| Questionnaire | A list of questions to be answer by respondents, designed to give information about consumers’ tastes |
| Product Trial | When consumers buy a good for the first time and assess whether or not they want to buy it again |
| Repeat Purchase | When a customer buys a product more than once |
| Public Relations | Promotion of a positive image about a product or business through giving information about the product to the general public |
| Viral Marketing | Getting individuals to spread a message about a product through their social networks like Facebook or their group of friends |
| Penetration Pricing | Setting an initial low price for a new product so that it is attractive to customers. The price is likely to be raised later as the product gains market share. |
| Trade Buyers | Buyers of goods which then sell those goods on to consumers or other buyers; they include supermarket chains and wholesalers |
| Retailers | Businesses which specialise in selling goods in small quantities to the consumer |
| Customer Loyalty | The willingness of buyers to make repeated purchases of a product or from a business |
| Product Life Cycle | The stages through which a product passes from its development to being withdrawn from sale; the phases are research and development, launching the product, growth, maturity, saturation and decline |
| Research and Development | The process of scientific and technological research and then development of the findings of that research before a product is launched |
| Extension Strategy | Method used to increase the life of a product and prevent it falling into decline |
| Product Portfolio or Product Mix | The combination or range of products that a business sells |
| Product Portfolio Analysis | Investigation of the combination of products sold by a business |
| Boston Matrix | A model which analyses a product portfolio according to the growth rate of the whole market and the relative market of a product within that market; a product is placed in one of four categories – star, cash cow, problem child or dog |
| Brand | A named product which consumers see as being different from other products and which they can associate and identify with |
| Generic Product | A product made by a number of different businesses in which customers see very little or no difference between the product of one business compared to the product of another business |
| Own Brand | A product which is sold under the brand name of a supermarket chain or other retailer rather than under the name of the business which manufactures the product |
| Product Differentiation | Making one product different from another in some way, for instance through the quality of a product, its design, packaging or advertising |
| Premium Price | A price which is above average for products of a particular type |
| Marketing Mix | A combination of factors which help a business to take into account customer needs when selling a product, usually summarised as the 4P’s (price, product, promotion and place) |
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