The nature of marketing Flashcards
Definitions
Marketing objectives
The goals set for the marketing department to help the business achieve its overall (corporate) objectives.
Marketing
The management task of identifying and meeting the needs of customers profitably by getting the right product at the right price to the right place at the right time.
Corporate objectives
Well-defined and realistic goals that are set for the whole company.
Marketing strategy
A plan of action giving details of how a business intends to achieve its marketing objectives by creating competitive advantage.
Equilibrium price
The price level at which demand is equal to supply.
Demand
The quantity of a product that consumers are willing and able to buy at a given price in a specific time period.
Supply
The quantity of a product that firms are prepared to supply at a given price in a specific time period.
Market segment
A subgroup of a whole market in which consumers have similar characteristics.
Industrial market
The selling of products by businesses to other businesses, also known as business to business or B2B.
Consumer market
The selling of products by businesses to the final end user, also known as business to consumer or B2C.
Customer (or market) orientation
An outward-looking approach that bases product decisions on consumer demand, as established by market research.
Product orientation
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.
Market size
The total value (or quantity) of sales of all producers within a market in a given time period.
Market growth
The percentage change in the total size of a market (volume or value) over a period of time.
Brand leader
The brand with the highest share of the market.
