3.1 What is marketing? Flashcards
Marketing
The management process responsible for identifying, anticipating and satisfying consumer’s wants and needs profitably.
Marketing objectives
The goals set for the marketing department to help the business achieve its overall objectives.
Demand
The quantity of a product that consumers are willing and able to buy at a given price in a time period.
Supply
The quantity of a product that firms are prepared to supply at a given price in a time period.
Market size
The total level of sales of all producers within a market.
Market growth
The percentage change in the total size of a market over a period of time.
Market share
The percentage of sales in the total market sold by one business.
Market orientation
Outward-looking approach basing product decisions on consumer demand, as established by market research.
Product orientation
Inward-looking approach that focuses on making products that can be made and then trying to sell them.
Consumer markets
Markets for goods and services bought by the final use of them.
Industrial markets
Markets for goods and services bought by businesses to be used in the production process of other products.
Equilibrium price
The market price that equates supply and demand for a product.
Niche market
Identifying and exploiting a small segment of a larger market and products to suit it.
Mass market
Selling the same products to the whole market with no attempt to target groups within it.
Market segment
A sub-group of a whole market in which consumers have similar characteristics.
