Marketing Flashcards

Vocabulary flashcards for marketing exam review.

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.