Marketing Flashcards
Marketing
Management task that links the business to the customers by identifying and meeting the needs of customers profitably
Consumer markets
Markets for goods and services bought by the final user of the product
Industrial market
Markets for goods and services bought by businesses to be used in the production process of other products
Marketing objectives
The goals set for the marketing department to help the business achieve its overall objectives.
Market orientation
Bases product decisions on consumer demand as established by market research.
Product orientation
Focuses on products that can be made or have been made for a long time and then trying to sell them.
Asset led marketing
Bases marketing strategies on the firms strengths instead of purely what the consumer wants
Societal marketing
Marketing strategies consider not just the demands of consumers but also the effects on society
Unique selling point
The special feature of a product that differentiates it from competitor’s products.
Niche marketing
Identifying and exploiting a small segment of a larger market by developing products to suit it
Mass marketing
Selling the same products to the whole market with no attempt to target groups within it.
Market segmentation
Identifying different segments within a market and targeting different products or services to them.
Market segment
A sub-group of a whole market in which consumers have similar characteristics
Market research
The process of collecting, recording and analysing data about customers, competitors and the market
Primary research
Collection of first hand data that is directly related to the firms needs
