business chap 16 key terms

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  • Created by: ngaelsa
  • Created on: 19-04-17 13:56
Marketing
the management tasks that links the business with customers by identifying and meeting the needs of customer profitably - it does this by getting the right product at the right price to the right place at the right time
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Marketing objectives
the goals set by marketing department to help the business achieve its overall objectives
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Marketing strategy
long-term plan established to achieve the marketing objectives
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Market orientation
an outward-looking basing product decisions on consumer demands, as established by market research
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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
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Asset-led marketing
an approach to marketing that bases strategy on the firm's existing strengths and assets instead of purely on what the customer wants
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Societal marketing
this approach not only considers the consumer's demand but also the effects on all the members of the society involved in some way when meeting these demands
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Demand
the quantity of a product that consumers are willing and able to buy at a given price in a time period
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Supply
the quantity of a product that firms are prepared to supply at a given price in a time period
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Equilibrium price
the market price that equates supply and demand of a product
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Market size
the total level of sales of all producers within a market
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Market growth
the percentage changed in the total size of a market over a period of time
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Market share
company's sales as a proportion to the whole market's sales
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Direct competitor
businesses that provide the same or very similar products or services
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Unique Selling Price (USP)
the special feature of a product that differentiates it from competitor's product
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Product differentiation
making a product distinctive so that it stands out from competitor's product in consumer's perception
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Niche marketing
identifying and exploiting a small segment of a large market by developing products to suit in
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Mass marketing
selling the same product to the whole market with no attempt to target groups within it
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Market segment
sub-groups of a whole market in which consumers have similar characteristics
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Market segmentation
identifying different segments within a market and targeting products or services to them
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Consumer profile
a quantified picture of consumers of a firm's products, showing proportions of age groups, income levels, location, gender and social class
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Other cards in this set

Card 2

Front

the goals set by marketing department to help the business achieve its overall objectives

Back

Marketing objectives

Card 3

Front

long-term plan established to achieve the marketing objectives

Back

Preview of the back of card 3

Card 4

Front

an outward-looking basing product decisions on consumer demands, as established by market research

Back

Preview of the back of card 4

Card 5

Front

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

Back

Preview of the back of card 5
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