The management process involved in identifying, anticipating, and satisfying consumer needs profitably
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Product oriented
An approach to business which places the main focus of attention on the production process and the product itself
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Market orientated
An approach to business which places the requirements of the consumers at the centre of the decision making process
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Market research
The collection, collation and analysis of data relating to the marketing and consumption of goods and services
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Secondary data
Data which is already in existence and as such may not be up to date, or be perfectly suited to the aims of the research
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Primary data
Information that does not already exist, that is ether collected directly by the company or is carried out by market research companies on their behalf
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Market segmentation
Breaking down the market into subgroups which share similar characteristics
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Market
The place where buyers and sellers come together to exchange goods and services
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Market Share
The proportion of total sales in a particular market for which one or more businesses are responsible. It is expressed as a percentage and can be calculated by value or volume
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Marketing mix
The elements of a businesses marketing that are designed to meet the needs of its customers- 4 P's
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Product lifecycle
This shows the different stages of the life of a product, and the sales that can be expected at each stage
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Product portfolio
The particular mix of products a firm is marketing
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Price elasticity
The responsiveness of demand in a change in price
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Competition based pricing
Methods of pricing based upon the prices charged by competitors
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Cost based pricing
Methods of pricing based upon the cost
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Above the line promotion
Methods of promotion through the use of independent media, usually aimed at mass markets
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Below the line promotion
Methods of promotion that have a greater control over target markets i.e direct mail
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Channel of distribution
The route taken by the product as it passes from producer to consumer
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Other cards in this set
Card 2
Front
Product oriented
Back
An approach to business which places the main focus of attention on the production process and the product itself
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