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9 Cards in this Set
- Front
- Back
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Marketing
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The management task that links the business to the customer by identifying and meeting the needs of customers 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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Market size
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the total level of sales of all producers within a market
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Market growth
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the percentage change in the total size of a market (volume or value) over a period of time
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Market share
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the percentage of sales in the total market sold by one business
market share % = firm's sales in time period/ total market sales in time period |
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Consumer markets
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markets for goods and services bought by the final user of them
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Industrial markets
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markets for goods and services bought by businesses to be used in the production process of other products
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Market orientation
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an outward looking approach basing product decisions on consumer demand, as established by market research
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Product orientation
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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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Marketing plan
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a detailed report on an organization's marketing strategy
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