(BM) UNIT 4- Marketing

Marketing

This is the systematic management process of predicting, identifying and satisfying the wants and needs of customers , usually in profitable and sustainable ways.

Market Orientation

A marketing approach adopted by businesses that are outward looking by focusing on making products that they can sell, rather than selling products they can make, placing customer need and wants at the centre of all operations.

Product Orientation

A marketing approach used by businesses that are inward looking as they focus on selling products that they can make, rather than making products that they can sell.

Market Share

refers to an organization's portion of the total value of sales revenue in a specific industry.

Market Concentration

measures the degree of competitiveness that exists within a market by calculating the market share of the specific number of largest firms in the industry; measured through the concentration ratio

Market Size

refers to the magnitude of an industry, usually measured in terms of the value of sales revenue from all the businesses in a particular market, per time period.

Market Growth

refers to the rate at which the size of a market is increasing, typically expressed as the percentage increase in the market size of an industry per year. These are measured through market shares, sales, value and total revenue and it provides an understanding of overall market understanding and progress.

Market Leadership

is the position of a business which has the largest market share in a given market for a particular good or services.

Marketing objectives

are the specific marketing goals of an organization, such as increased sales revenue, greater market share and market leadership.