4.1 Introduction to Marketing

studied byStudied by 0 people
0.0(0)
Get a hint
Hint

What is marketing?

1 / 30

encourage image

There's no tags or description

Looks like no one added any tags here yet for you.

31 Terms

1

What is marketing?

the management process involved in identifying, anticipating and satisfying consumer requirements profitably

New cards
2

main objectives of marketing

products, price, place, promotion

New cards
3

products

right _______ are supplied to meet the customer’s wants and needs

New cards
4

price

set the correct ________ so products are affordable and so customers don’t buy from rival businesses

New cards
5

place

distribute the products conveniently for the customers to purchase

New cards
6

promotion

make sure there is _________ promotion to convince the customer to buy the product

New cards
7

marketing requires _____ and _____

responsibility and decision-making

New cards
8

how are needs and wants identified

market research and data analysis

New cards
9

what factors do customers look at when assessing the value on a product

price availability and quality

New cards
10

marketing is about earning profit. true or false?

true

New cards
11

market orientation

looks to the market to see what consumers need and want (what the market wants)

New cards
12

product orientation

looks at what they can make instead of making products that they can sell (what they hope the market will want)

New cards
13

advantages of market oriented firms

greater flexibility and lower risk

New cards
14

disadvantages of market oriented firms

market research and no guarantee it’ll work

New cards
15

advantages of product oriented firms

assured quality and more control over operations

New cards
16

disadvantages of product oriented firms

needs of market are ignored, high risk and high failure, and high research and development costs

New cards
17

whether a business adopts market or product orientation depends on…

the market, organizational culture, and barriers to entry

New cards
18

how to calculate market share

MS = (firm’s sales revenue / industry sales revenue) x 100

New cards
19

what’s market share?

refers to an organization's share of the total value of sales within a specific industry

New cards
20

ways to increase market share

brand promotion, product development, motivating and training the workforce, establishing intellectual property rights, and using more efficient channels of distribution

New cards
21

how to calculate market growth rate

MGR = ( (current market size - original market size) / original market size ) x 100

New cards
22

what’s market growth?

refers to the rate at which the size of a market is increasing

New cards
23

market growth is often used to measure…

success of a business in relation to market share

New cards
24

growth is a…

common business objective

New cards
25

market leadership

refers to the position of the business having the largest market share in a given market

New cards
26

benefits of being market leader

premium pricing, economies of scale, longer product life cycles, favorable distribution terms, greater publicity and brand exposure, easier to attract and recruit highly qualified employees

New cards
27

operations management

Work together to research, develop and launch products to meet needs and wants of customers

New cards
28

finance

Work together to set appropriate budgets that fulfill marketing and finance objectives

New cards
29

human resources management

Ensure the firm has the right quantity and quality of workers to meet the needs and wants of customers

New cards
30

marketing ethics are the…

moral aspects of an organization’s marketing strategies

New cards
31

unethical marketing exists when…

moral codes of practice are not adhered to and when such activities offend the general public

New cards

Explore top notes

note Note
studied byStudied by 46 people
... ago
5.0(2)
note Note
studied byStudied by 65 people
... ago
5.0(4)
note Note
studied byStudied by 217 people
... ago
4.8(4)
note Note
studied byStudied by 20 people
... ago
5.0(1)
note Note
studied byStudied by 4 people
... ago
5.0(1)
note Note
studied byStudied by 15 people
... ago
5.0(2)
note Note
studied byStudied by 2072 people
... ago
4.9(8)

Explore top flashcards

flashcards Flashcard (28)
studied byStudied by 1 person
... ago
5.0(1)
flashcards Flashcard (77)
studied byStudied by 4 people
... ago
5.0(1)
flashcards Flashcard (20)
studied byStudied by 326 people
... ago
4.4(16)
flashcards Flashcard (21)
studied byStudied by 101 people
... ago
4.0(1)
flashcards Flashcard (26)
studied byStudied by 2 people
... ago
5.0(1)
flashcards Flashcard (192)
studied byStudied by 15 people
... ago
5.0(1)
flashcards Flashcard (41)
studied byStudied by 36 people
... ago
5.0(1)
flashcards Flashcard (123)
studied byStudied by 342 people
... ago
5.0(5)
robot