Links product providers to buyers. It is where buyers meet sellers and exchange goods and services for money.
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Market-oriented
A business where managers take into account the needs of the consumers before making any decisions. They develop products that meet consumers' demand
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Market Segmentation
The process of splitting the market into particular groups of people, called segments, with similar characteristics, and product needs. A segment is made up of consumers with identical wants.
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Market Share
An indicator of firm's relative strength within a market. It calculates the percentage sales of one firm relative to the total market sale.
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Marketing
The process that links a business to its customers. It is a management process that identifies prevailing preferences of consumers,
predicts their possible consumption habits, and attempts to increase the profit margins.
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Marketing Mix
The elements involved in a marketing strategy. They include product, price, place and promotion.
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Marketing Plan
Marketing activities based on decisions about the marketing mix. It shows when, what and how much will be spent on a product's promotion, and distribution over the coming year.
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Marketing Strategy
A medium to long-term plan for meeting a firm's marketing objectives.
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Mass Market
A bulky market where a standard product
is sold at a relatively low price and in large quantities, allowing the enterprise to benefit from
economies of scale.
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Niche Market
A gap in the market that has not been filled. All marketing efforts will be concentrating on a small, but specific, and well-defined segment. The opposite of mass market.
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Product-Oriented
A firm that ignores its customers' needs and focuses only on the product.
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SWOT analysis
A structured planning method used to evaluate the strengths, weaknesses, opportunities and threats involved in a business venture or project.
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Other cards in this set
Card 2
Front
Links product providers to buyers. It is where buyers meet sellers and exchange goods and services for money.
Back
Market
Card 3
Front
A business where managers take into account the needs of the consumers before making any decisions. They develop products that meet consumers' demand
Back
Card 4
Front
The process of splitting the market into particular groups of people, called segments, with similar characteristics, and product needs. A segment is made up of consumers with identical wants.
Back
Card 5
Front
An indicator of firm's relative strength within a market. It calculates the percentage sales of one firm relative to the total market sale.
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