Introduction to Marketing Definitions Flashcards
Marketing
the process by which businesses identify, anticipate and satisfy customer needs and wants profitably
Market
the place where buyers and sellers come together or interact
OR the geographic location of a business(especially for customers)
OR the demand for a type of good or service
Marketing mix
the seven elements(product, price, promotion, place, people, processes and physical evidence) that contribute to the successful marketing of a product
Product
the good or service that a business is offering the customers
Product-market fit
a situation where the product offered by a business meets the needs and wants of the target market.
Price
the amount of money that a business charges for its product
Promotion
the publicising of a product, an organisation or an activity in order to increase sales or public awareness
Physical evidence
every tangible aspect of the services, that is, all the physical things a customer sees and experiences
Product orientation
a situation where a business prioritises research and development of high quality, specialised products, rather than prioritising market research
Patent
a licence or grant gives an inventor the exclusive right to make, use or sell a product for a specific period of time
Unique selling point(USP)
the distinguishing factor or characteristic of a product, service or brand that sets it apart from its competitors
Market leader
the product or brand with the highest market share
Market orientation
a situation where the sole focus of a business is on the needs and wants of a market segment
Market share
the value of a single company’s sales or revenues compared with the sales of all businesses in a market
Market growth
an increase in sales revenues or sales volume in a market over time
Retailer
a business that sells products to the public in relatively small quantities for use or consumption rather than for resale
Antitrust laws
laws that limit the market power of individual companies, encouraging competition that can promote innovation and lower prices
Product line
a group of related products all marketed under a single brand name that is sold by the same company
Price leadership
a situation where a single business is able to exert enough influence to effectively determine the price of goods and services for the entire market
Boston Consulting Group(BCG) matrix(or growth-share matrix)
a matrix that classifies the products of a business into high and low market share and market growth categories
