The Nature of Marketing(17)

Flashcards covering key vocabulary from the lecture notes on the nature of marketing.

Marketing Objectives

The goals set for the marketing department to help the business achieve its (corporate) 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 specific 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.

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 groups.

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.