Unit 4.1 Flashcards
Market size
The total level of sales of all producers within a market
Market growth
the percentage change in the total size of a market (volume or value) over a period of time
Ease of entry
the lack of barriers for the establishment of new competitors in a market
Homogeneous products
Goods that are physically identical or viewed as identical by consumers
Segmentation
Dividing a market into distinct groups of consumers who share common tastes and requirements
Target Marketing
Focusing marketing activity on particular segments of the market
Mass marketing
selling to the whole market using a standardised product and the same marketing activities
Consumer good
tangible physical product marketed to end users (consumers)
Consumer services:
Intangible provision of an activity to end users (consumers)
Market orientation
An outward-looking approach basing 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
Social (societal) marketing
This approach considers not only the demands of consumers but also the effects on all members of the public (‘society’) involved in some way when firms meet these demands
Market share
the percentage of sales in the total market sold by one business
Market leadership
when a business has the highest market share of all firms that operate in that market
Marketing
the management task that links the business to the customer by identifying and meeting the needs of customers profitably – it does this by getting the right product at the right price to the right place at the right time
