Definitions Flashcards
market concentration
degree of competitiveness that exists within a market
market growth
the rate at which the market size is increasing
market leadership
position of a firm which has the highest market share in a particular industry for a specific good or service
market orientation
marketing approach that are outwards looking and focus on making products they can sell
market share
measures a firm’s portion of the total value of sales revenue in a particular industry
market size
magnitude of an industry, measured from the value of sales revenue from all firms in a particular market
product orientation
inward-looking marketing approach that focuses on selling products they can make
marketing
management process of identifying and meeting the needs and wants of customers in profitable ways
differentiation
distinguishing of a business or its products from rivals in the industry
market segmentation
process of categorising customers into distinct groups with similar characteristics
marketing audit
review of current position of organisation’s marketing mix
marketing plan
document outlining and organisation’s marketing objectives and strategies to be used to achieve those objectives
mass marketing
undifferentiated marketing where it ignores targeting an individual market segment
target market
clearly identifiable group of customers that marketers choose to focus their efforts on
unique selling point
refers to any aspect of the good or service that makes it stand out from those offered by competitors
perception map
visual tool that reveals customer perceptions of a product or brand in relation to others in the market
sales forecasting
quantitative management technique used to predict firm’s level of sales over a given time period
cyclical variation
recurrent fluctuations in sales revenue linked to economic booms and slumps
seasonal variation
periodic fluctuations in sales revenue during different times of the year
random variation
unpredictable fluctuations in sales revenue caused by irregular and unanticipated factors
time series analysis
sales forecatsing technique that predicts sales levels by identifying the underlying trend from a sequence of actual sales figures
price discrimination
a strategy where companies charge different prices to different customers for the same goods or services
intermediary
companies who delivers or sells another company’s products to customers
distribution channel
the path used to get a product from a manufacturer to the final consumer
saturation
when the product’s market share has peaked and sales begin to slow down (stagnate)
public relations
refers to marketing activities aimed at establishing and protecting the desired image of an organisation
social enterprise
a business with specific social objectives that serve its primary purpose
