Marketing

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  • Created by: MattSout
  • Created on: 09-03-16 11:47
What is Marketing?
The process of anticipating, understanding and satisfying customer needs at a profit
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What is Market Research?
The process of gathering, analyzine and interpreting information about a market, product or service that will be offered to sale in the market
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What is Market Segmentation?
Market segmentation splits up a market into different types to enable a business to better target its products to the relevant customers
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What is Market Orientation?
To gain a competitive advantage over rival businesses by focusing on meeting the actual needs and desires of their customers
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What is Product Orientation?
Getting customers to buy the products that a company thinks their customers wanted/needed
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What is Market Share?
The total percentage of products sold in a market in a business
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What is Mass Marketing?
Most products that appeal to most of the entire market and therefore usually has a large volume of sales
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What is Niche Marketing?
Specialized products which are sold to a small number of customers
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What is the formula for working out Market Share?
Market share = sales of firm A / total market size x 100
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Other cards in this set

Card 2

Front

What is Market Research?

Back

The process of gathering, analyzine and interpreting information about a market, product or service that will be offered to sale in the market

Card 3

Front

What is Market Segmentation?

Back

Preview of the front of card 3

Card 4

Front

What is Market Orientation?

Back

Preview of the front of card 4

Card 5

Front

What is Product Orientation?

Back

Preview of the front of card 5
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