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Vocabulary flashcards for marketing exam review.
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Market Orientation
An approach to marketing that focuses on meeting the specific demands of consumers.
Market Share
The percentage of total sales that a firm has in the industry.
Market Size
The total sales of all firms in the market.
Market Growth
The percentage change in the total market size over a period of time.
Market Leader
The business with the largest market share in a given industry.
Marketing
A management process of identifying, anticipating, and satisfying customer requirements in a profitable way.
Product Orientation
An approach to marketing that focuses on making products a business knows how to make well, rather than focusing on customer requirements.
Market Planning
The process of formulating marketing objectives and appropriate marketing strategies to achieve these goals.
Market Segment
A subgroup of consumers with similar characteristics in a given market.
Market Segmentation
The process of dividing the market into distinct groups of consumers to meet their desired needs and wants.
Target Market
A group of consumers with common needs/wants that a business needs to sell or serve.
Targeting
The process of marketing to a specific market segment.
Mass Market
A large, broad market that ignores specific market segments.
Segmented Marketing
A strategy that targets several markets and develops appropriate market mixes for each of those segments.
Niche Market
A smaller or more specific market segment.