Marketing Flashcards
Market
A set of arrangements which allows buyers and sellers to communicate and trade in goods and services
Market share
The proportion of sales in a total market that a business or product enjoys
Marketing
Identifying customer needs and satisfying them profitably
Marketing Mix
The key elements in a firm’s marketing strategy
Commonly known as the 4 P’s - Product, Price, Promotion and Place
Market orientation
Where a business focuses on the needs of customers when developing products
Marketing strategies
A set of plans designed to achieve marketing objectives
Product orientation
Where a business focuses on the design and manufacture of the the product itself rather than the needs of customers
Market segment
Part of a whole market where a particular customer group has similar characteristics
Socio-economic groups
Division of people according to social class based on employment status
Competition based pricing
Pricing strategies based on the prices charged by rivals
Cost plus or cost based pricing
Adding a percentage( the mark up) to the cost of producing a product to get the price
Destroyer or predatory pricing
Setting a low price until rivals have gone out of business
Loss leader
A product sold below cost to draw in customers
Market orientated pricing
Pricing strategies based upon the conditions of the market
Mark up
The percentage added to costs which makes a profit for a business when setting the price