4.1 Role of Marketing

Question 1

Marketing

Answer 1

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

Question 2

Commercial marketing

Answer 2

Using marketing strategies to meet the needs and wants of consumers in a profitable way.

Question 3

Social marketing

Answer 3

The planning and implementation of programs designed to bring about social change using concepts from commercial advertising.

Question 4

Marketing Orientation

Answer 4

A marketing approach adopted by a business that are outward looking by focusing on making products that they can sell, rather than selling the products they can make

Question 5

Product Orientation

Answer 5

A marketing approach adopted by businesses that are inward looking. They focus on selling products they can make rather than products they can sell. Such as high tech companies

Question 6

Market

Answer 6

A place or process whereby customers and suppliers trade.

Question 7

Market Leader

Answer 7

The dominant firm with the highest level of sales in the market, often uses its dominance to affect the competitive landscape and direction the market takes.

Question 8

Market Share

Answer 8

Refers to an organisation’s portion of the total value of sales revenue within a specific industry.

Question 9

Market Share Formula

Answer 9

Market share = firms sales revenue/industry sales revenue x 100

Question 10

Market Concentration

Answer 10

Measures the degree of competition in a market by calculating the market share of the largest few firms in an industry.
The sum of these market shares is known as the concentration ratio