Marketing Abbreviations

[bg_collapse view=”button-orange” color=”#4a4949″ expand_text=”View Answer” collapse_text=”Hide Answer”]Option “B” is correct.
A subject matter expert (SME) is an individual with a deep understanding of a particular job, process, department, function, technology, machine, material or type of equipment.[/bg_collapse]

[bg_collapse view=”button-orange” color=”#4a4949″ expand_text=”View Answer” collapse_text=”Hide Answer”]Option “D” is correct.
A small and medium business (SMB) is a business that, due to its size, has different IT requirements – and often faces different IT challenges – than do large enterprises, and whose IT resources (usually budget and staff) are often highly constrained.
For the purposes of its research, Gartner defines SMBs by the number of employees and annual revenue they have. The attribute used most often is number of employees; small businesses are usually defined as organizations with fewer than 100 employees; midsize enterprises are those organizations with 100 to 999 employees.[/bg_collapse]

[bg_collapse view=”button-orange” color=”#4a4949″ expand_text=”View Answer” collapse_text=”Hide Answer”]Option “C” is correct.
A simulated test market, or STM for short, is a specific type of qualitative research that attempts to mimic a real-life purchase experience. It involves recruiting participants for one-on-one interviews with a market research professional. The interviews may take place at a specific store, location, or at a market research facility.[/bg_collapse]

[bg_collapse view=”button-orange” color=”#4a4949″ expand_text=”View Answer” collapse_text=”Hide Answer”]Option “D” is correct.
A search engine results page, or SERP, is the page you see after entering a query into Google, Yahoo, or any other search engine. Each search engine’s SERP design is different, but since Google is the most popular it holds over 80% of the market share.[/bg_collapse]

[bg_collapse view=”button-orange” color=”#4a4949″ expand_text=”View Answer” collapse_text=”Hide Answer”]Option “C” is correct.
A search engine is a software system that is designed to carry out web searches. They search the World Wide Web in a systematic way for particular information specified in a textual web search query. The search results are generally presented in a line of results, often referred to as search engine results pages (SERPs) The information may be a mix of links to web pages, images, videos, infographics, articles, research papers, and other types of files. Some search engines also mine data available in databases or open directories. Unlike web directories, which are maintained only by human editors, search engines also maintain real-time information by running an algorithm on a web crawler.[/bg_collapse]

[bg_collapse view=”button-orange” color=”#4a4949″ expand_text=”View Answer” collapse_text=”Hide Answer”]Option “D” is correct.
Voice of the Customer (VoC) is a term that describes your customer’s feedback about their experiences with and expectations for your products or services. It focuses on customer needs, expectations, understandings and product improvement.
VoC programs have gained traction over the years and are fast-growing segments of a core business strategy for organisations. They work exceptionally well for brands as customers demand more direct engagement with a firm and because capturing and acting on customer feedback is critical to understanding a prospect’s complex decision-making process.[/bg_collapse]

[bg_collapse view=”button-orange” color=”#4a4949″ expand_text=”View Answer” collapse_text=”Hide Answer”]Option “B” is correct.
Value Added tax (VAT) is a type of indirect tax levied on goods and services for value added at every point of production or distribution cycle, starting from raw materials and going all the way to the final retail purchase. VAT was introduced on April 1, 2005. Under it, the amount of value addition is first identified at each stage, and then tax is levied on the same. Ultimately, the end consumer has to pay the complete VAT while buying goods; buyers at earlier stages of production receive reimbursements of tax they have paid. Because the consumer bears the entire tax, VAT is also a consumption tax.[/bg_collapse]

[bg_collapse view=”button-orange” color=”#4a4949″ expand_text=”View Answer” collapse_text=”Hide Answer”]Option “D” is correct.
VALS (Values and Lifestyles) is a proprietary research methodology used for psychographic market segmentation. Market segmentation is designed to guide companies in tailoring their products and services in order to appeal to the people most likely to purchase them.[/bg_collapse]

[bg_collapse view=”button-orange” color=”#4a4949″ expand_text=”View Answer” collapse_text=”Hide Answer”]Option “A” is correct.
True Market Value (TMV) is a term commonly used for a Real Estate e-auctions or online auction, as it creates transparency for the buyers and ensure that the seller maximises the price of the property to the true market value. The transparency creates a fair deal for all parties and is auditable if any twists around the deal should arise.[/bg_collapse]

[bg_collapse view=”button-orange” color=”#4a4949″ expand_text=”View Answer” collapse_text=”Hide Answer”]Option “C” is correct.
The Universal Product Code (UPC) is a bar-code symbology that is widely used worldwide for tracking trade items in stores.[/bg_collapse]