4.1 key terms

Question 1

Market needs

Answer 1

These are the things people need in order to survive e.g.,food, water and shelter

Question 2

Market growth

Answer 2

the increased percentage in the size of a market per year

Question 3

Market share

Answer 3

Measures the value of a firm’s sales revenue as a percentage of the total sales revenue in the industry

Question 4

Product orientation

Answer 4

An inward looking marketing approach used by businesses that focus on selling products that they can make through innovation and research and development.

Question 5

Market wants

Answer 5

These are human desires, i.e., the things people would like to have more of.

Question 6

Market leadership

Answer 6

Businesses with the largest market share in a particular market

Question 7

Market orientation

Answer 7

An outward looking marketing approach that focusses on making products that businesses can sell, rather than selling products it can make. It uses market research and gives customers what they want or need.

Question 8

Market

Answer 8

A place or process whereby customers and suppliers trade. It exists where there is a demand for a particular product and a willingness to supply these products.

Question 9

Marketing

Answer 9

The management process of predicting, identifying and meeting the needs and wants of customers in a profitable manner

Question 10

Market size

Answer 10

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.