the importance of marketing Flashcards
what is a market
arrangements allowing buyers and sellers to trade goods and services
what is marketing
identifying and profitably satisfying customers’ needs
what is market orientation
focusing on consumer needs rather than product design
what is product orientation
focusing on product design rather than consumer needs
what is market share
proportion of sales in a market enjoyed by a business
how is market share calculated
(business sales ÷ total market sales) × 100
what is a niche market
a small market segment within a larger market
what is a mass market
a large market where branded products are marketed
how can businesses build customer relationships
good communication and feedback via social media
why is marketing important
identifying and satisfying customer needs, building customer relationships, maintaining customer loyalty
what are ways to ensure customer loyalty
reward cards, free gifts, charitable donations, partnership deals
what is market analysis
assessing a market’s consumers, rivals, and related factors
what is the focus of product orientation
manufacturing and design
what is the focus of market orientation
consumer satisfaction
how should businesses respond to changing customer needs
adapt to changes in income, fashion, and technology and use market research to identify new spending patterns
