Marketing Vocab Quiz

Data

Information in an unorganized form that have a relationship with current conditions, ideas or knowledge

Sales Forecast

The projection of future sales

Open Ended Questions

A question that encourages the consumer to respond with more than a "Yes" or "No" answer

Product Life Cycle

The stages that a product goes through in its life: Introduction, Growth, Maturity and Decline

Buying signals

Actions that a consumer does to indicate that they are ready to purchase

Data collection method

The systematic process of gathering information

Professional development

Specialized training, formal education or other sources of gaining skills necessary for on-the-job success and/or advancement

Primary research

Gathering data for the first time for a specific product, service and/or business

Customer service

The process of helping a customer purchase a product or service and/or provide assistance after a purchase has been made

Direct marketing channels

Advertising that sends a promotional message to a targeted group of prospects and customer rather that a mass audience

Emotional motive

A feeling expressed by a consumer through association with a product

Mark up pricing

The practice of adding a constant percentage to the price of an item to determine its selling price.

Target marketing

The process of communicating with a particular group who is most likely to become customers. A target market is usually defined by demographic, geographic and psychographic characteristics

Product mix

All of the different products and/or services a company makes or sells

Advertising elements

The items found in an advertisement include Headline, Copy, Illustration and Signage.

Feature

a distinctive characteristic of a good or service that sets it apart from similar items

Public relations

Promotional activities that are designed to create a good image with the public

Selling proposition

A benefit of a good or service that differentiates it from other products

Error

A wrong action that can not be attributed to a lack of knowledge.

Secondary research

Data that has been previously collected for non-marketing activity and is available for a business' use

Selling process

The step-by-step process in which a salesperson advises a customer about products that suit his/her needs, leading through the decision to make a purchase

Marketing information management

The process and methods that generates, stores, analyzes and distributes information to promote good decision making for a business

Pricing

The value placed on a good or service

Trial close

An initial effort by a salesperson to close a sale.

Market planning

Typically result in a marketing strategy that can be used to enhance sales for the business producing it