Introduction to Marketing
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7 Terms
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.
Market orientation
Market orientation is an approach to marketing that focuses on meeting needs and wants of customers.
Market orientated business
Market led on establishing consumer demand in order to supplu products that meet consumers’ needs and wants.
Product-orientated
Product led and assumes that supply creates its on demand. Businesses produce innovative products and tempt consumers to buy them.
Market share
The percentage of total sales that a business has within an industry.
(firm’s sale/ total sales in the market) * 100
Market growth
Market growth is the percentage change in the total market size over a period of time.
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.
