4.1 Intro to Marketing

Question 1

Concentration ratio

Answer 1

Is an indicator of the degree of competition in an industry by calculating the sum of the market share held by the largest specified number of firms in the industry

Question 2

Ethical code of practice

Answer 2

Refers to guidelines that help businesses to act in a moral way by considering what society accepts as ethically right or wrong

Question 3

Market concentration

Answer 3

measures the degree of competitiveness that exists within a market by calculating the market share of the largest few firms in the industry

Question 4

Market growth

Answer 4

Refers to the rate at which the size of a market is increasing, typically expressed as the percentage increase in the market size of an industry per year.

Question 5

Market leadership

Answer 5

is the position of a business which has the largest market share in a given market for a particular good or services

Question 6

Market size

Answer 6

Refers to the magnitude of an industry, usually measured in terms of the value of sales revenue from all the businesses in a particular market, per time period

Question 6

Market orientation

Answer 6

is a marketing approach adopted by businesses that are outward looking by focusing on making products that they can sell, rather than selling products they can make.

Question 6

Market share

Answer 6

Measures an organisation’s portion of the total value of sales revenue in a specific industry.

Question 7

Marketing

Answer 7

is the management process of predicting, identifying and meeting the needs and wants of customers, usually in profitable ways

Question 8

Marketing objectives

Answer 8

are the specific marketing goals of an organisation, such as increased sales revenue, greater market share and market leadership

Question 9

Marketing strategies

Answer 9

Are the medium-to long-term plans to achieve an organisation’s marketing objectives

Question 10

Needs

Answer 10

are the essential necessities that all humans must have to survive, such as food, shelter, warmth and water

Question 11

product orientation

Answer 11

Is a marketing approach used by businesses that are inward looking as they focus on selling products that they can make, rather than making products that they can sell

Question 12

Wants

Answer 12

are human desires, i.e., things that people would like to have. Irrespective of personal income or wealth, humans have infinite wants.