4.1 The role of marketing Flashcards Preview

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Flashcards in 4.1 The role of marketing Deck (15):
1

Ethical code of practice

It refers to guidelines that help businesses to act in a moral way by considering what is ethically right or wrong (from society's point of view).

2

Market

It is a place or process whereby customers and suppliers trade. A market exists where there is a demand for a particular product and where there is a willingness from businesses to supply these products.

3

Market concentration

It measures the degree of competition that exists within a market by calculating the market share of the largest few firms in the industry.

4

Market leadership

It refers to firms with the largest market share in a particular market.

5

Market orientation

It is a marketing approach adopted by businesses that are outward looking by focusing on making products that they can sell, rather than selling products that they can make.

6

Market share

It measures the value of a firm's sales revenues as a percentage of the total sales revenue in the industry.

7

Market size

It refers to the magnitude of an industry, usually measured in terms of the value of sales revenue from all the businesses in a particular market, per time period.

8

Marketing

It is the management process of predicting, identifying and meeting the needs and wants of customers in a profitable manner.

9

Marketing objectives

They are the specific marketing goals of an organization. The marketing objectives of for-profit (profit-seeking) organizations include increased sales revenue, market leadership and greater market share.

10

Marketing strategies

They are the medium to long term plan to achieve a firm's marketing objectives.

11

Needs

They are the essential necessities that humans must have to survive. Examples include food, shelter, warmth, and water.

12

Product orientation

It is a marketing approach used by businesses that are inward looking as they focus on selling products that they can make, rather than making products that they can sell.

13

Social marketing

It refers to any activity that seeks to influence social behavior to benefit the target audience and society as a whole.

14

Wants

They are human desires. Things that people would like to have. Irrespective of a person's income or wealth, all people have infinite wants.

15

Commercial marketing

It is the use of marketing strategies to meet the needs and wants of customers in a profitable way.