Introduction to Marketing Definitions

Question 1

Marketing

Answer 1

the process by which businesses identify, anticipate and satisfy customer needs and wants profitably

Question 2

Market

Answer 2

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

Question 3

Marketing mix

Answer 3

the seven elements(product, price, promotion, place, people, processes and physical evidence) that contribute to the successful marketing of a product

Question 4

Product

Answer 4

the good or service that a business is offering the customers

Question 5

Product-market fit

Answer 5

a situation where the product offered by a business meets the needs and wants of the target market.

Question 6

Price

Answer 6

the amount of money that a business charges for its product

Question 7

Promotion

Answer 7

the publicising of a product, an organisation or an activity in order to increase sales or public awareness

Question 8

Physical evidence

Answer 8

every tangible aspect of the services, that is, all the physical things a customer sees and experiences

Question 9

Product orientation

Answer 9

a situation where a business prioritises research and development of high quality, specialised products, rather than prioritising market research

Question 10

Patent

Answer 10

a licence or grant gives an inventor the exclusive right to make, use or sell a product for a specific period of time

Question 11

Unique selling point(USP)

Answer 11

the distinguishing factor or characteristic of a product, service or brand that sets it apart from its competitors

Question 12

Market leader

Answer 12

the product or brand with the highest market share

Question 13

Market orientation

Answer 13

a situation where the sole focus of a business is on the needs and wants of a market segment

Question 14

Market share

Answer 14

the value of a single company’s sales or revenues compared with the sales of all businesses in a market

Question 15

Market growth

Answer 15

an increase in sales revenues or sales volume in a market over time

Question 16

Retailer

Answer 16

a business that sells products to the public in relatively small quantities for use or consumption rather than for resale

Question 17

Antitrust laws

Answer 17

laws that limit the market power of individual companies, encouraging competition that can promote innovation and lower prices

Question 18

Product line

Answer 18

a group of related products all marketed under a single brand name that is sold by the same company

Question 19

Price leadership

Answer 19

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

Question 20

Boston Consulting Group(BCG) matrix(or growth-share matrix)

Answer 20

a matrix that classifies the products of a business into high and low market share and market growth categories