IB Business Management SL - 4.1. Role of marketing

Market

Any set of arrangements that allows buyers and sellers to exchange goods and services

Marketing

The process of identifying and satisfying customers' needs profitably

Market size

The total sales of all producers within one market, measured by volume or value

Market share

The percentage of all the sales within a market that are held by one company

Market worth

The percentage of sales growth within the market as a whole

Product orientation

Business is focused on the production process and the product itself. High quality will sell well.

Market orientation

Business is focused on continually analyzing customers' needs.

Asset-let marketing

Business focuses its marketing on its own strengths instead of on what the customers want.

Commercial marketing

Using strategies to meet consumer's needs profitably

Social marketing

Implementing programs to make changes in society