Studied by 0 peopleSegmentation
________: dividing a market into distinct groups of consumers who share common tastes and requirements.
Homogeneous products
________: goods that are physically identical or viewed as identical by consumers.
Ease of entry
________: lack of barriers for the establishment of new competitors in a market.
Marketing
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
Market size
total level of sales of all producers within a market
Market growth
percentage change in the total size of a market (volume or value) over a period of time
Ease of entry
lack of barriers for the establishment of new competitors in a market
Homogeneous products
goods that are physically identical or viewed as identical by consumers
Segmentation
dividing a market into distinct groups of consumers who share common tastes and requirements
Target marketing
focusing marketing activity on particular segments of the market
Mass marketing
selling to the whole market using a standardized product and the same marketing activities
Consumer good
tangible physical product marketed to end users (consumers)
Consumer service
intangible provision of an activity to end users (consumers)
Market orientation
outward-looking approach basing product decisions on consumer demand, as established by market research
Product orientation
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 share
percentage of sales in the total market sold by one business
Market leadership
when a business has the highest market share of all firms that operate in that market
Marketing objectives
goals set for the marketing department to help the business achieve its overall objectives
Marketing
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
Market research; distribution; product design; customer service; pricing; packaging; advertising
Marketing involves 7 related management functions
Market size
Total level of sales of all producers within a market
Market growth
Percentage change in the total size of a market (volume or value) over a period of time
Ease of entry
Lack of barriers for the establishment of new competitors in a market
Homogeneous products
Goods that are physically identical or viewed as identical by consumers
Segmentation
Dividing a market into distinct groups of consumers who share common tastes and requirements
Target marketing
Focusing marketing activity on particular segments of the market
Mass marketing
Selling to the whole market a using a standardized product and the same marketing activities
Consumer good
Tangible physical product marketed to end users (consumers)
Consumer service
Intangible provision of an activity to end users (consumers)
Market orientation
Outward-looking approach basing product decisions on consumer demand, as established by market research
Product orientation
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
Social (societal) marketing
Social (societal) marketing considers not only the demands of consumers but also the effects on all members of the public ("society") involved in some way when firms meet these demands
Market share
Percentage of sales in the total market sold by one business
Market leadership
When a business has the highest market share of all firms that operate in that market
Marketing objectives
Goals set for the marketing department to help the business achieve its overall objectives
Market research
Process of evaluating the feasibility of a new product/service, through research conducted directly with potential consumers. This method allows organizations/businesses to discover their target market, collect and document opinions and make informed decisions
Distribution
Spreading the product throughout the marketplace such that a large number of people can buy it
Product design
Process of imagining, creating and iterating products that solve users' problems or address specific needs in a given market
Customer service
Direct one-on-one interaction between a consumer making a purchase and a representative of the company that is selling it
Pricing
Method of determining the value a producer will get in the exchange of goods/services. Simply, pricing method is used to set the price of producer's offerings relevant to both the producer and the customer
Packaging
Covering the product itself so that it is protected from damage, leakage, dust, pollution, contamination etc.
Advertising
Means of communication in which a product, brand or service is promoted to a viewership in order to attract interest, engagement and sales
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Flashcard (22)