AICE Business Ch. 17 Vocab

marketing objectives

goals set for the marketing department to help the business achieve its overall objectives

marketing

finding and meeting customer needs profitably with the right product, price, place, and time

corporate objectives

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

marketing strategy

a plan detailing how a business will reach its marketing goals and gain a competitive edge

equilibrium price

price level at which demand is equal to supply

demand

how much of a product customers are willing and able to buy at a given price and time

supply

how much of a product businesses are willing and able to sell at a given price and time

consumer market

the selling of products by businesses to the final end user (B2C)

industrial market

the selling of products by businesses to other businesses (B2B)

market orientation

researching and understanding customer needs before creating and selling products

product orientation

focusing on making products a business is good at producing, then trying to sell them

market segment

a subgroup of a whole market in which consumers have similar characteristics

customer orientation

basing product decisions directly on customer demand found through market research

market size

the total value 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 over a period of time

market share

sales of the business as a proportion of total market shares

brand leader

the brand with the highest share of the market

consumer products

goods/services sold to end users

industrial products

goods/services sold to businesses

niche marketing

targeting a small, specific segment of a larger market with specialized products

mass marketing

selling standardized products in the same way to the entire market

market segmentation

dividing a market into distinct customer groups with similar needs to target them directly

geographic

grouping customers based on location, climate, region, or culture

demographic

grouping customers based on population data like age, gender, income, and occupation

psychographic

grouping customers based on their lifestyles, personalities, values, and interests

consumer profile

data showing key traits of a business’s customers (like income, gender, and location)

customer relationship marketing (CRM)

building strong customer relationships to retain their loyalty over time