Marketing Flashcards

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Vocabulary flashcards for marketing exam review.

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15 Terms

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Market Orientation

An approach to marketing that focuses on meeting the specific demands of consumers.

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Market Share

The percentage of total sales that a firm has in the industry.

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Market Size

The total sales of all firms in the market.

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Market Growth

The percentage change in the total market size over a period of time.

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Market Leader

The business with the largest market share in a given industry.

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Marketing

A management process of identifying, anticipating, and satisfying customer requirements in a profitable way.

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Product Orientation

An approach to marketing that focuses on making products a business knows how to make well, rather than focusing on customer requirements.

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Market Planning

The process of formulating marketing objectives and appropriate marketing strategies to achieve these goals.

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Market Segment

A subgroup of consumers with similar characteristics in a given market.

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Market Segmentation

The process of dividing the market into distinct groups of consumers to meet their desired needs and wants.

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Target Market

A group of consumers with common needs/wants that a business needs to sell or serve.

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Targeting

The process of marketing to a specific market segment.

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Mass Market

A large, broad market that ignores specific market segments.

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Segmented Marketing

A strategy that targets several markets and develops appropriate market mixes for each of those segments.

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Niche Market

A smaller or more specific market segment.