Marketing - ANSWER The activity, set of institutions, and processes for creating, com-
municating, delivering, and exchanging offerings that have value for customers, clients, part-
ners, and society at large.
Marketing Concept - ANSWER The business orientation model that involves creating
value and satisfying consumer needs.
Marketing Mix - ANSWER The marketing mix consists of four elements: product, place,
price, and promotion, also called the 4 Ps
Marketing Plan - ANSWER A tool used to set up various elements of a company's market-
ing strategies and develops an accompanying tactical plan
Marketing Strategy - ANSWER The marketing strategy describes what the business wants
to achieve in its marketing efforts
SWOT Analysis - ANSWER A tool an organization uses to analyze its strengths, weak-
nesses, opportunities, and threats
Data Collection - ANSWER Gathering of information in a structured way in order to an-
swer marketing research questions
Differentiation - ANSWER Creating points of difference in the mind of the consumer that
allow a company to stand apart from its competitors. Without differentiation, a company's
product or service is just like everyone else, which can mean a slow demise in the market-
place.
1
, Likert Scale - ANSWER When an interviewer asks a question based on a scale "from one
to five," this is known as a Likert scale.
Market Segmentation - ANSWER Dividing of the entire available market into groups of
consumers with similar characteristics.
Marketing Research - ANSWER he collection, recording, and analysis of information to aid
in making marketing decisions (Marketing research, n.d.).
Perceptual Map - ANSWER A tool that uses two or three variables to graph the position
of a brand in comparison to its competitors based upon consumer perceptions.
Positioning Statement - ANSWER A declaration of a product, service, or brand's unique-
ness in the market. It is what identifies how your product or service meets the needs and
wants of the consumer needs better than other competitive options.
Positioning - ANSWER Owning a unique and compelling spot in the consumer's mind that
is different from any of your competitors.
Primary Research - ANSWER Specific to the questions that need to be answered. Much
like the scientific method, researchers define the problem, establish a hypothesis, test the
hypothesis, and draw conclusions.
Qualitative Research - ANSWER Open-ended research meant to better understand con-
sumer reasoning and behavior.
Quantitative Research - ANSWER Structured research that is meant to answer a question
in a way that can be communicated through numbers or statistics.
2
municating, delivering, and exchanging offerings that have value for customers, clients, part-
ners, and society at large.
Marketing Concept - ANSWER The business orientation model that involves creating
value and satisfying consumer needs.
Marketing Mix - ANSWER The marketing mix consists of four elements: product, place,
price, and promotion, also called the 4 Ps
Marketing Plan - ANSWER A tool used to set up various elements of a company's market-
ing strategies and develops an accompanying tactical plan
Marketing Strategy - ANSWER The marketing strategy describes what the business wants
to achieve in its marketing efforts
SWOT Analysis - ANSWER A tool an organization uses to analyze its strengths, weak-
nesses, opportunities, and threats
Data Collection - ANSWER Gathering of information in a structured way in order to an-
swer marketing research questions
Differentiation - ANSWER Creating points of difference in the mind of the consumer that
allow a company to stand apart from its competitors. Without differentiation, a company's
product or service is just like everyone else, which can mean a slow demise in the market-
place.
1
, Likert Scale - ANSWER When an interviewer asks a question based on a scale "from one
to five," this is known as a Likert scale.
Market Segmentation - ANSWER Dividing of the entire available market into groups of
consumers with similar characteristics.
Marketing Research - ANSWER he collection, recording, and analysis of information to aid
in making marketing decisions (Marketing research, n.d.).
Perceptual Map - ANSWER A tool that uses two or three variables to graph the position
of a brand in comparison to its competitors based upon consumer perceptions.
Positioning Statement - ANSWER A declaration of a product, service, or brand's unique-
ness in the market. It is what identifies how your product or service meets the needs and
wants of the consumer needs better than other competitive options.
Positioning - ANSWER Owning a unique and compelling spot in the consumer's mind that
is different from any of your competitors.
Primary Research - ANSWER Specific to the questions that need to be answered. Much
like the scientific method, researchers define the problem, establish a hypothesis, test the
hypothesis, and draw conclusions.
Qualitative Research - ANSWER Open-ended research meant to better understand con-
sumer reasoning and behavior.
Quantitative Research - ANSWER Structured research that is meant to answer a question
in a way that can be communicated through numbers or statistics.
2
