Chapter 23 (Introduction to marketing)

Question 1

Market concentration (concentration ratio)

Answer 1

How much market share the largest businesses in an industry hold (in %)

Question 2

Ethical code of practice

Answer 2

Guidelines for a business to act in a moral way

Question 3

Market growth

Answer 3

Rate at which the size of a market is increasing

Question 3

Market leadership

Answer 3

A business with the largest market share in an industry

Question 3

Market orientation

Answer 3

Marketing approach that focuses on the customers’ desires

Question 3

Market share

Answer 3

A business’s portion of the total sales revenue in an industry

Question 3

Market size

Answer 3

Magnitude of an industry (in terms of market share)

Question 3

Marketing objectives

Answer 3

Goals in terms of marketing

Question 3

Marketing

Answer 3

Process of identifying, anticipating, and satisfying customer requirements in a profitable way

Question 4

Marketing strategies

Answer 4

Medium to long term plans in terms of marketing

Question 5

Needs

Answer 5

Essential necessities

Question 6

Product orientation

Answer 6

Marketing approach that focuses on the quality of products

Question 7

Wants

Answer 7

Human desires