Introduction to Marketing

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Marketing

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4.1 Oxford textbook

7 Terms

1

Marketing

Marketing is the management process of getting the right product to the right customer at the right price, the right place and the right time.

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2

Market orientation

Market orientation is an approach to marketing that focuses on meeting needs and wants of customers. 

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3

Market orientated business

Market led on establishing consumer demand in order to supplu products that meet consumers’ needs and wants.

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4

Product-orientated

Product led and assumes that supply creates its on demand. Businesses produce innovative products and tempt consumers to buy them.

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5

Market share

The percentage of total sales that a business has within an industry.

(firm’s sale/ total sales in the market) * 100

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6

Market growth

Market growth is the percentage change in the total market size over a period of time.

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7

Market leader

A market leader is a firm with the largest market share in a given market. They can influence other businesses or competitors to follow it. They might not be the most profitable due to internal costs such as production.

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