chapter 17 the nature of management

Question 1

marketing objectives

Answer 1

the goals set for the marketing department to help the business achieve its overall (corporate) objectives

Question 2

marketing

Answer 2

the management task of identifying and meeting the needs of customers profitably by getting the right product at the right price to the right place at the right time

Question 3

market segment

Answer 3

a subgroup of a whole market in which consumers have similar characteristics

Question 4

industrial segment

Answer 4

the selling of products by businesses to other businesses , also known as business to business or B2B

Question 5

consumer market

Answer 5

the selling of products by businesses to the final end user, also known as business to consumer B2C

Question 6

consumer ( or market ) orientation

Answer 6

an outward-looking approach that bases product decisions on consumer demand , as established by market research

Question 7

product orientation

Answer 7

an in-ward looking approach that focuses on making products that can be made- or have been made for a long time - and then trying to sell them

Question 8

market size

Answer 8

the total value (or quantity) of sales of all producers within a market in a given time period

Question 9

market growth

Answer 9

the percentage change in the total size of a market (volume or value) over a period of time

Question 10

brand leader

Answer 10

the brand with the highest share of the market

Question 11

consumer products

Answer 11

goods or services sold to end users

Question 12

industrial products

Answer 12

goods and services sold to businesses

Question 13

mass marketing

Answer 13

selling standardised products or ranges of products in the same way to the whole market

Question 14

niche marketing

Answer 14

identifying and exploiting a small segment of a larger market by developing differentiated products to suit that segment

Question 15

market segmentation

Answer 15

the identification of different groups of customers with common needs within a market and the marketing of different products or services to those customer groups

Question 16

consumer profile

Answer 16

a quantified picture of a business’s consumers, showing data about their age groups, income levels, location, gender and social class

Question 17

consumer relationship marketing CRM

Answer 17

using marketing activities to build and establish good customer relationships so that the loyalty of existing customers can be maintained

Question 18

corporate objectives

Answer 18

well defined and realistic goals that are set for the whole company

Question 19

marketing strategy

Answer 19

a plan of action giving details of how a business intends to achieve its marketing objectives by creating competitive advantage

Question 20

equilibrium price

Answer 20

the price level at which demand is equal to supply

Question 21

demand

Answer 21

the quantity of a product that consumers are willing and able to buy at a given price in a specific time period

Question 22

supply

Answer 22

the quantity of a product that firms are prepared to supply at a given price in a specific time period