4.1 The role of marketing Flashcards Preview

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

Ethical code of practice

A

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
Q

Market

A

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
Q

Market concentration

A

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
Q

Market leadership

A

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

5
Q

Market orientation

A

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
Q

Market share

A

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

7
Q

Market size

A

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
Q

Marketing

A

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

9
Q

Marketing objectives

A

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
Q

Marketing strategies

A

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

11
Q

Needs

A

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

12
Q

Product orientation

A

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
Q

Social marketing

A

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

14
Q

Wants

A

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
Q

Commercial marketing

A

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