Chapter 4.1 - The Role Of Marketing

Question 1

Commercial Marketing

Answer 1

Is the use of marketing strategies to meet the needs and wants of customers in a profitable way

Question 2

Ethical Code of Practise

Answer 2

Refers to the guidelines that help businesses to act in a moral way by considering what is ethically right or wrong (from society’s point of view)

Question 3

Market

Answer 3

A place or process whereby customers and suppliers trade. A market exists where there is demand for a particular product and where there is a willingness from businesses to supply these products

Question 4

Market Concentration

Answer 4

measures the degree of competition that exists within a market by calculating the market share of the largest few firms in the industry

Question 5

Market Leadership

Answer 5

Refers to firms with the largest market share in a particular market

Question 6

Market Orientation

Answer 6

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

Question 7

Market Share

Answer 7

Measures the value of a firm’s sales revenues as a percentage of the total sales revenue in the industry

Question 8

Market Size

Answer 8

Refers to the magnitude of an industry, usually measured in terms ophthalmic value of sales revenue from all the businesses in a particular market, per time period

Question 9

Marketing

Answer 9

Is the management process of predicting, identifying and meeting the needs and wants of customers in a profitable manner

Question 10

Marketing Objectives

Answer 10

Are the specific marketing goals of an organization. The marketing objectives of for-profit (profit-seeking) organization’s include increased sales revenue, market leadership and greater market share

Question 11

Marketing strategies

Answer 11

Are the medium to long term plan to achieve a firm’s marketing objectives

Question 12

Needs

Answer 12

Are the essential necessities that humans must have to survive, i.e. Food, shelter, warmth and water

Question 13

Product Orientation

Answer 13

Is a marketing approach used by businesses that are inward looking as they focus on selling products that they can make, rather than making products that they can seek

Question 14

Social Marketing

Answer 14

Refers to any activity that seeks I to influence social behaviour to benefit the target audience and society as a whole

Question 15

Wants

Answer 15

Are human desires i.e. Things that people would like to have. Irrespective of a person’s income or wealth, all people have infinite wants