The nature of marketing Flashcards
marketing objectives
the goal set for the marketing department to help the business achieve its overall 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 oil 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 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 (quantity) of sales of all producers within a market in a given time period
market growth
the percentage change in total size of a market (volume or value) over a period of time
brand leader
the brand with the highest share of the market
consumer products
goods or services sold to end users
industrial products
goods or services sold to businesses
mass marketing
selling standardised products or ranges of products in the same way to the whole market
niche marketing
identifying and exploiting a small segment of a larger market by developing differentiated products to suit that segment
market segmentation
the identification of different groups of customers with common needs within a market and the marketing of different products or services to those customer groups
consumer profile
a quantified picture of a business’s consumers, showing data about their age groups, income levels, location, gender and social class
Customer relationship marketing
using marketing activities to build and establish good customer relationships so that the loyalty of existing customer can be maintained
