Marketing Definitions

Question 1

marketing

Answer 1

management process
responsible for identifying,anticipating and satisfying
consumer requirements
profitably.

Question 2

marketing objectives

Answer 2

the goals set for the marketing department to help the business achieve its overall objectives

Question 3

marketing strategy

Answer 3

the long term plan established for achieving marketing objectives

Question 4

demand

Answer 4

the quantity of a product that consumers
are willing and able to buy
at a given price in a time period

Question 5

supply

Answer 5

the quantity of a product that firms
are prepared to supply
at a given price in a time period

Question 6

equilibrium price

Answer 6

the market price
that equates supply and demand
for a product

Question 7

market size

Answer 7

the total level of sales

of all producers within a market

Question 8

market growth

Answer 8

the percentage change
in the total size(volume or value)
over a period of time

Question 9

market share

Answer 9

the percentage of sales
in the total market
sold by one business.
this is calculated by the following formula
firm’s sales in time period/total market sales n time period *100

Question 10

Direct competitor

Answer 10

Businesses that provide the same
Or very similar
goods or services

Question 11

Market orientation

Answer 11

An outward looking approach
basing product decisions on consumer demand
As established by market research
Firms that follow this are called market lead

Question 12

Product orientation

Answer 12

An inward looking approach that focuses on making products
that can be made-
Or have been made for a long time -
and then trying to sell them

Question 13

mass marketing

Answer 13

selling the same product to the whole market

with no attempts to target groups within it

Question 14

Niche marketing

Answer 14

identifying and exploiting
a small segment of a larger market
by developing products to suit

Question 15

market segment

Answer 15

a sub-group of a whole market in which

consumers have similar tastes

Question 16

market segmentation

Answer 16

identifying different segments within a market

and targeting different products or services to them

Question 17

consumer profile

Answer 17

a quantified picture of consumers 
of a firm’s products 
showing proportions of 
Location
Age groups
Income levels 
Gender 
Social class
Laigs

Question 18

demography

Answer 18

is the study of population data and demographic factors-
such as age,gender,family size & ethnic background-
can all be used to separate markets