Marketing Flashcards
Marketing
the activities a company undertakes to promote the buying or selling of its goods or services
Tangible Resources
are resources that are physical substances that a company utilises
Intangible Resources
are resources that a company utilizes that have no physical existence
Asset
a useful or valuable thing, person, or quality
Resources
a source or supply from which a benefit is produced and has some utility
Tangible asset
are assets that are physical substances that are valuable to the company
Intangible asset
are assets that are valuable to the company that have no physical existence
Product orientation
a business approach where companies focus on their products (through R&D)
Market orientation
a business approach where companies prioritize the needs and desires of their customers above everything else (sellable products) - [gathered from market research]
Advantages of product orientation
- focuses on creating and offering higher quality goods or services
- focusing on R&D, reduced risk with competitive advantages
Disadvantages of product orientation
- requires highly skilled staff (and costly) to create new ideas
- no guarantee that customers will like it even with lots of capital invested
- neglects customer wants and needs
Market share
refers to the sales revenue that a business accounts for within a given market or industry
Market share %
= (firm’s sales/total sales in the world) x100
Market leader
refers to the business with the largest market share in a given industry
Marketing mix
focuses on {product, price, promotion, place,} people, processes, and physical evidence
Product
Goods or services sold to make a profit
Price
the cost of the product that the customer pays
People
the individuals who are directly or indirectly involved in the marketing of goods or services
Promotion
specific advertising that reaches the target market for the product
Place
where the customers buy your product, or where they discover it
Processess
the process of delivering the product and the behaviour of those who deliver it
Physical evidence
everything your customers see when interacting with your business
Product life cycle
X-axis: Time, Y-axis: Sales revenue
1. Research & Development
2. Launch
3. Growth
4. Maturity
5. Decline
Extension strategies
are marketing approaches used to lengthen the product life cycle
