Marketing Terminology
What is quantitative research?
Research that uses numerical data and can be statistically analyzed.
What is price?
The part of the marketing mix that refers to how much customers pay.
What is internal finance?
Finance that comes from within the business.
What is trade credit?
Credit from suppliers allowing payment at a later date.
What is interest?
The cost of borrowing money, expressed as a percentage.
What is the marketing mix? (4 P's)
The combination of product, price, place, and promotion.
What is place?
The part of the marketing mix that refers to distribution channels.
What is external finance?
Finance that comes from outside the business.
What is an overdraft?
A bank service allowing a business to spend more than it has in its account.
What is a long-term loan?
Borrowed money repaid over a long period with interest.
What is a market segment?
A group of consumers with similar needs or characteristics.
What is promotion?
The part of the marketing mix that includes advertising and sales promotion.
What is owner’s capital?
Money invested into a business by its owner.
What is a short-term loan?
A loan that must be repaid within one year.
What is an angel investor?
Investment from individuals in exchange for ownership.
What is primary research?
Research collected first-hand for a specific purpose.
What is penetration pricing?
A pricing strategy where a product is introduced at a low price to gain market share.
What is retained profit?
Profit kept in the business for future use.
What is debt factoring?
Selling receivables to a third party at a discount for immediate cash.
What is venture capital?
Large-scale investment from firms in exchange for equity in high-growth businesses.
What is a unique selling point (USP)?
The unique feature that differentiates a product from competitors.
What is price skimming?
A pricing strategy where a high initial price is set and gradually reduced over time.
Question: What is price skimming?
What is equity finance?
Selling a portion of ownership in exchange for finance.
What is invoice discounting?
A form of finance where a business borrows against unpaid invoices but still manages collection.
What is leasing?
A long-term source of finance where assets are used without being owned.