UNIT 4 key terms

Question 1

Market growth definition

Answer 1

Refers to an increase in the size of a market and can be measured through sales revenue of the market or industry, or it can be measured by unit/ product sold

Question 2

Market leader

Answer 2

Refers to the business that has the largest market share in the industry

Question 3

Market orientation

Answer 3

Approach to marketing that focuses on meeting specific demands of existing and potential customers. This can be split into both product and market oriented businesses

Question 4

Market share

Answer 4

Refers to the percentage of a market that a company has in terms of sales revenue or sold unit(s). Expressed by comparing the firm’s sales revenue as a percentage of the whole sales revenue of the entire industry

Question 5

Market size

Answer 5

Total number of individual customers/ total value of sales revenue in a certain market

Question 6

Marketing

Answer 6

The management process of identifying