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
1 of 21
Marketing objectives
the goals set by marketing department to help the business achieve its overall objectives
2 of 21
Marketing strategy
long-term plan established to achieve the marketing objectives
3 of 21
Market orientation
an outward-looking basing product decisions on consumer demands, as established by market research
4 of 21
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
5 of 21
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
6 of 21
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
7 of 21
Demand
the quantity of a product that consumers are willing and able to buy at a given price in a time period
8 of 21
Supply
the quantity of a product that firms are prepared to supply at a given price in a time period
9 of 21
Equilibrium price
the market price that equates supply and demand of a product
10 of 21
Market size
the total level of sales of all producers within a market
11 of 21
Market growth
the percentage changed in the total size of a market over a period of time
12 of 21
Market share
company's sales as a proportion to the whole market's sales
13 of 21
Direct competitor
businesses that provide the same or very similar products or services
14 of 21
Unique Selling Price (USP)
the special feature of a product that differentiates it from competitor's product
15 of 21
Product differentiation
making a product distinctive so that it stands out from competitor's product in consumer's perception
16 of 21
Niche marketing
identifying and exploiting a small segment of a large market by developing products to suit in
17 of 21
Mass marketing
selling the same product to the whole market with no attempt to target groups within it
18 of 21
Market segment
sub-groups of a whole market in which consumers have similar characteristics
19 of 21
Market segmentation
identifying different segments within a market and targeting products or services to them
20 of 21
Consumer profile
a quantified picture of consumers of a firm's products, showing proportions of age groups, income levels, location, gender and social class
21 of 21
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
Card 4
Front
an outward-looking basing product decisions on consumer demands, as established by market research
Back
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
Comments
No comments have yet been made