Definitions - Effective Marketing

Question 1

Marketing?

Answer 1

The management process of identifying, anticipating and fulfilling customer need profitably

Question 2

Niche market?

Answer 2

A small group of customers with specialised needs

Question 3

Niche marketing?

Answer 3

Targeting or meting the needs of a small group of customers with specialised needs

Question 4

Mass marketing?

Answer 4

Targeting the needs of very large numbers of potential customers, essentially aiming at the population as a whole

Question 5

Customer?

Answer 5

Organisations or individuals who purchase goods or services. These can be other businesses as well as final consumers

Question 6

Business to consumer marketing?

Answer 6

Creating and delivery products that meet the needs of the final individual customer

Question 7

Business to business marketing?

Answer 7

Serving the needs of business customers who will then sell on to other businesses or to final customers

Question 8

Product orientated?

Answer 8

An approach to marketing where businesses concentrate on developing products and then decide how to market them to customers

Question 9

Market orientated?

Answer 9

An approach to marketing where businesses base new products purely on the researched wants or needs of the market

Question 10

Asset led marketing?

Answer 10

An approach to marketing where firms focus on the most appropriate market opportunities that match their existing strengths, thereby reducing risks associated with purely product-led or market-led approaches