AICE Business Lesson 17 Vocab

Marketing

The management task of identifying and meeting the needs of customers profitably by getting the right product at the right place and time..

Marketing Objectives

The goals set for the marketing department to help the busines achieve its overall goals

Corporate Objectives

Well-defined and realistic goals that are set for the whole company

Marketing Strategies

A plan of action that gives details on how a busines is going to complete its marketing objectives by creating a competitive advantage

Equilibrium Price

The price where demand is equal to supply

Demand

The amount of a product that consumers are willing and able to buy

Supply

The quantity of a product that firms are prepared to supply

Market Segment

A subgroup of the whole market where consumers have similar characteristics

Industrial Market

The selling of products from one business to another (B2B)

Consumer Market

The selling of products by business to the final end user

Customer (or Market) Orientation

An outward-looking approach where product decisions are based on consumer demand

Product Orientation

An inward-looking approach that focuses on making products that can be made and then selling them

Market Size

The total value of sales of all producers in a market within a given time period

Market Growth

The percentage change in the total size of a market 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 and services sold to businesses

Mass Marketing

Selling standardised 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 needs of different products to those customer groups

Consumer Profile

A quantified picture of a business’s consumers with their age, income, location, and class

Customer Relationship Marketing

Using marketing activities to build and establish good customer relationships so that the loyalty of existing customers can be maintained