Business 4.1 - Role of marketing

Question 1

indicator of degree of competition in an industry

Answer 1

concentration ratio

Question 2

guidelines that help businesses act in a moral way

Answer 2

ethical code of practice

Question 3

measures the degree of competitiveness that exists within a market

Answer 3

market concentration

Question 4

rate at which the size of a market is increased

Answer 4

market growth

Question 5

market growth formula

Answer 5

(current market size - original market size)/original market size

Question 6

a business which has the largest market share in a given market for a particular good/service

Answer 6

market leadership

Question 7

marketing approach that focuses on making products that they can sell, outward looking

Answer 7

market orientation

Question 8

an organization’s portion of the total value of sales revenue in a specific industry

Answer 8

market share

Question 9

magnitude of an industry, usually measured in sales revenue in market per time

Answer 9

market size

Question 10

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

Answer 10

marketing

Question 11

specific marketing goals of an organization (increased sales revenue, greater market share, market leadership)

Answer 11

marketing objectives

Question 12

medium to long-term plan to achieve an organization’s marketing objections

Answer 12

marketing strategies

Question 13

essential necessities that all humans must have to survive

Answer 13

needs

Question 14

marketing approach that focuses on selling products they can make, not making products they can sell, inward looking

Answer 14

product orientation

Question 15

human desires, things that people would like to have

Answer 15

wants