Engels unit 3: chapter 17, 18

Marketing Objectives

the goals set for the marketing department to help the business achieve its overall objectives

Marketing

The management task of identifying and meeting the needs of customers profitably by getting the right product at the right price to the right place at the right time

Corporate objectives

well-defined and realistic goals that are set for the whole company

marketing strategy

a plan of action giving details of how a business intends to achieve its marketing
objectives by creating competitive advantage

equilibrium price

the price level at which demand is equal to supply

demand

the quantity of a product that consumers are willing and able to buy at a given price
in a time period

supply

The quantity of a product that firms are prepared to supply at a given price in a
specific time period``

market segment

a subgroup of a whole market in which consumers have similar characteristics

Industrial Market

the selling of products by businesses to other businesses, also known as business to business or B2B

Consumer Market

the selling of products by businesses to the final end user, also known as business to consumer or B2C

Customer (or market) orientation

an outward-looking approach that bases product decisions on consumer demand, as established by market research (een naar buiten gerichte aanpak waarbij productbeslissingen worden gebaseerd op de vraag van de consument, zoals vastgesteld door marktonderzoek)

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

Market size

the total value (or quantity) of sales of all producers within a market in a given time
period

Market growth

The percentage change in the total size of a market (volume or value) over a period
of time

brand leader

the brand with the highest share of the market

consumer products

goods or services sold to end users

Industrial Products

goods or services sold to businesses

Mass Marketing

selling standardized products or ranges of products in the same way to the whole
market

Niche Marketing

identifying and exploiting a small segment of a larger market by developing
differentiated products to suit that segment

Market Segmentation

the identification of different groups of customers with common needs within a market and the marketing of different products or services to those customer group

consumer profile

a quantified picture of a business's consumers, showing data about their age
groups, income levels, location, gender and social class

Customer relationship marketing (CRM)

using marketing activities to build and establish good customer relationships so
that the loyalty of existing customers can be maintained

market research

process of collecting, recording and analysing data about customers, competitors
and the market

Primary Research

the collection of first-hand data that is directly related to the needs of the business

Secondary Research

The use of existing data that was originally collected for another purpose

qualitative data

non-numerical data, which provides insights into the detailed motivations of consumers and helps to explain their buying behaviour or opinions

Quantitative data

Numerical results from research that can be statistically analysed

Sampling

The process of selecting representative units from a total population

Sample

A group of people taking part in a market research survey selected to be representative of the overall target market

sampling bias

when a sample is not a good representation of the whole population, because it
is chosen in ways which give some people a greater chance of being selected

arithmetic mean

the value calculated by totalling all the results and dividing by the number of results

Mode

The value that occurs most frequently in a given data set

Median

The value of the middle item when data has been ordered or ranked. It divides the
data into two equal parts

range

The difference between the highest and lowest value

Coding

the process of labeling and organising qualitative data to identify the main themes
and the links between them