Sheraz Hassan

BB-VIII

Marketing Mix

Marketing Mix is a strategy which a company uses to formulate a product/service offering for its
customers. Marketing mix strategy is created using the 4Ps of marketing - Product, Place, Price,
Promotion and 7Ps in case of service- Physical Evidence, People, Process. The term Marketing
Mix is attributed to Neil Bordon.

Franchising
Arrangement where one party (the franchiser) grants another party (the franchisee) the right to
use its trademark or trade-name as well as certain business systems and processes, to produce
and market a good or service according to certain specifications.

Licensing
A business arrangement in which one company gives another company permission to
manufacture its product for a specified payment

Globalization
Globalization is the spread of products, technology, information, and jobs across national
borders and cultures. In economic terms, it describes an interdependence of nations around the
globe fostered through free trade.

Funnel Techniques
This technique involves starting with general questions, and then drilling down to a more
specific point in each. Usually, this will involve asking for more and more detail at each level.
It's often used by detectives taking a statement from a witness: "How many people were involved
in the fight?"

Culture
Culture is the characteristics and knowledge of a particular group of people, encompassing
language, religion, cuisine, social habits, music and arts.

Survey
A Survey is defined as a research method used for collecting data from a pre-defined group of
respondents to gain information and insights on various topics of interest. Surveys have a variety
of purposes and can be carried out in many ways depending on the methodology chosen and the
objectives to be achieved.

Sampling
Sampling is a process used in statistical analysis in which a predetermined number of
observations are taken from a larger population. The methodology used to sample from a larger
Sheraz Hassan
BB-VIII

population depends on the type of analysis being performed but may include simple
random samplingor systematic sampling
Convenience sampling
Convenience sampling (also known as grab sampling, accidental sampling, or
opportunity sampling) is a type of non-probability sampling that involves the sample being
drawn from that part of the population that is close to hand.

Market Research
The process of gathering, analyzing and interpreting information about a market, about a product
or service to be offered for sale in that market, and about the past, present and potential
customers for the product or service; research into the characteristics, spending habits, location
and needs of your business's target market, the industry as a whole, and the particular
competitors you face.

Questionnaire
A questionnaire is defined as a research instrument that consists a set of questions or other types
of prompts that aims to collect information from a respondent. These typically are a mix
of close-ended questions and open-ended questions; long form questions offer the ability for the
respondent to elaborate on their thoughts. Questionnaires were developed in 1838 by the
Statistical Society of London.