Business Functions and Marketing Overview

These flashcards cover key concepts related to business functions and marketing from the lecture notes.

Marketing

The management process involved in identifying, anticipating and satisfying consumer needs and expectations profitably.

Business Functions

Processes or operations that ensure the proper functioning of an organisation and the activities carried out by an organisation to achieve its goals.

Product Orientation

A product oriented approach means the business develops products based on what it is good at making or doing, rather than what a customer wants.

Market Orientation

Firms focus on identifying, reviewing and analyzing consumers’ needs and expectations, making consumers central to a firm’s decision making.

Globalisation

The process by which businesses develop international influence or operate on an international scale, affecting trade and economic relationships.

Consumer Marketing

Where a business is marketing directly to consumers, such as the products sold in retail stores.

Business to Business Marketing (B2B)

Where one business is engaged in marketing its products to another business.

Primary Production

The production and extraction of natural resources, including agriculture, e.g., raw materials and minerals.

Secondary Production

The production from manufacturing and construction sectors, converting raw materials to finished goods.

Tertiary Production

The service sector of the economy, which includes services such as banking, transport, and insurance.