Chapter 4.1 Flashcards
marketing:
The management task that links
the business to the customer
by identifying and meeting
the needs of customers
profitably
-> it does this by
getting the right product at
the right price to the right
place at the right time
market size:
the total level
of sales of all producers
within a market
market growth:
the percentage change in
the total size of a market
(volume or value) over a
period of time
ease of entry
the lack of barriers for the
establishment of new
competitors in a market
homogeneous products
goods that are physically
identical or viewed as
identical by consumers
segmentation
dividing a market into distinct
groups of consumers who
share common tastes and
requirements
target marketing:
focusing marketing activity on
particular segments of the
market
mass marketing:
selling to the whole market using
a standardised product
and the same marketing
activities
consumer good:
tangible physical product marketed
to end users (consumers)
consumer service:
intangible provision of
an activity to end users
(consumers)
market orientation:
An outward-looking approach
basing product decisions
on consumer demand,
as established by market
research
product orientation:
An inward-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
social (societal) marketing:
this approach considers
not only the demands of
consumers but also the
effects on all members of the
public (‘society’) involved in
some way when firms meet
these demands
market share:
The percentage of sales in the
total market sold by one
business
market leadership
when a business has the highest
market share of all firms
that operate in that marke
marketing objectives:
the goals set for the marketing
department to help the
business achieve its overall
objectives
