W0 R1 Key Terms

Question 1

commodity businesses

Answer 1

A commodity market involves buying, selling, or trading a raw product, such as oil, gold, or coffee. There are hard commodities, which are generally natural resources, and soft commodities, which are livestock or agricultural goods.

Question 2

latent markets

Answer 2

markets not yet served by existing products and service offers. These markets present
opportunities for market orientated companies

Question 3

Market orientation

Answer 3

companies with a market orientation focus on customer needs as the primary drivers of
organizational performance

Question 4

Marketing concept

Answer 4

the achievement of corporate goals through meeting and exceeding customer needs
better than the competition

Question 5

marketing mix

Answer 5

a framework for the tactical management of the customer relationship, including product,
place, price, promotion (the Four-Ps); in the case of services, three other elements to be taken into
account are process, people and physical evidence