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21 Cards in this Set
- Front
- Back
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Marketing |
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, to the right place, at the right time. |
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Marketing Objectives |
The goals set for the marketing department to help the business achieve its overall objectives |
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Marketing Strategy |
Long-term plan established for achieving marketing objectives |
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Market Orientation |
An outward-looking approach basing product decisions on consumer demand, as established by market research |
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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 |
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Asset-led marketing |
An approach to marketing that bases strategy on the firm's existing strengths and assets, purely on what the customer wants |
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Societal marketing |
An approach which considers not only the demands of consumers, but also the effects on all members of society involved in some way when firms meet these demands |
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Demand |
The quantity of product that consumers are willing and able to buy at a given price in a time period |
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Supply |
The quantity of product that firms are willing and able to supply at a given price in a time period |
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Equilibrium price |
The market price that equates supply and demand for a product |
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Market size |
The total level of sales of all products within a market |
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Market growth |
The % change in total size of a market (volume or value) in a given time period |
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Market share |
The % of sales in a total market sold by one business. (Firm's sales in time period / total market sales in time period) * 100 |
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Direct competitor |
Businesses that provide the same or very similar goods and services |
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USP (Unique Selling Point) |
The special feature of a product that differentiates it from competitors' products |
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Product differentiation |
Making a product distinctive so that it stands out from a competitor's product in the consumer's perception |
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Niche marketing |
Identifying and exploiting a small segment of a larger market by developing products to suit it |
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Mass marketing |
Selling the same product to the whole market, with no attempt to target segments within it |
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Market segment |
A sub-group of a whole market in which consumers have similar characteristics |
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Market segmentation |
Identifying different segments within a market and targeting different products or services to them |
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Consumer profile |
A quantified picture of consumers of a firm's products, showing proportions of age groups, income levels, location, gender, and social class |
