17. Glossary Flashcards
Marketing
Definition
the management task of identifying and meeting the needs of customers profitably by getting the right product at the right price to the right place at the right time.
Marketing strategy
Definition
a plan of action giving details of how a business intends to achieve its marketing objectives by creating competitive advantage.
Equilibrium price
Definition
the price level at which demand is equal to supply.
Marketing objectives
Definition
the goals set for the marketing department to help the business achieve its overall (corporate) objectives.
Corporate objectives
Definition
well-defined and realistic goals that are set for the whole company.
Demand
Definition
the quantity of a product that consumers are willing and able to buy at a given price in a specific time period.
Supply
Definition
the quantity of a product that firms are prepared to supply at a given price in a specific time period.
Market segment
Definition
subgroup of a whole market in which consumers have similar characteristics.
Industrial market
Definition
the selling of products by businesses to other businesses, also known as business to business or B2B.
Consumer market
Definition
the selling of products by businesses to the final end user, also known as business to consumer or B2C.
Customer orientation
Definition
an outward-looking approach that bases product decisions on consumer demand, as established by market research.
Product orientation
Definition
an inward-looking approach that focuses on making products that can be made - or have been made for a long time - and then trying to sell them.
Market size
Definition
the total value (or quantity) of sales of all producers within a market in a given time period.
Market growth
Definition
the percentage change in the total size of a market (volume or value) over a period of time.
Brand leader
Definition
the brand with the highest share of the market.
