Intro to Marketing

Flashcards for Intro to Marketing Lecture Review

Marketing

A management process involved in identifying, anticipating and satisfying consumers needs and wants to meet an organisation’s aims and objectives.

Market orientation

Focuses on making products they can sell, rather than selling products they can make. It focuses on the customer by gathering research from them.

Product orientation

Focuses on selling products they make rather than making products they can sell.

Market

An actual or virtual place where buyers and sellers interact to trade goods, services, or contracts or instruments, for money or barter.

Market share

An organization’s portion of the total value of sale revenue within a specific industry.

Market Share Formula

Firm's sales revenue / Industry's sales revenue x 100

Market concentration ratio

An industry with a high concentration ratio means that the top three firms have a large combined market share. This indicates a less competitive industry.

Market growth

The rate at which the size of a market is increasing.

Market Growth Rate Formula

Current market size - original market size / Original market size x 100

Market leadership

The position of a business having the largest market share in a given market for a particular product or service.