4.1 - Marketing Orientation and Market Share

Flashcards covering key concepts on marketing orientation, market share, and their respective advantages and disadvantages.

What is the primary goal of marketing according to the lecture notes?

To make customers want to buy a firm’s products or services.

What are the four key elements considered in marketing activities?

Price, product, place, and promotion.

What is market orientation?

A firm that looks to the market to see what consumers need and want.

What is product orientation?

A firm that focuses on what they can make rather than what they can sell.

What is market share?

An organization’s share of the total value of sales within a specific industry.

List one advantage of market orientation firms.

Able to respond quickly to changes in the market because of its use of market information.

List one disadvantage of product orientation firms.

Needs of the market are generally ignored, leading to a high risk strategy.

What benefit does a firm gain from having high market share?

They benefit from their status, pricing abilities, and are less threatened by competition.

Give an example of a market leader characteristic.

Favorable distribution terms.

What is the role of market research in market orientation?

To find out what consumers want, which can be very expensive.