Flashcards in Chapter 14 (marketing) Deck (19):
What is marketing?
Marketing is the management task that links the business to the customer by identifying and meeting the needs of customers profitably – it does this by getting the right product at the right price to the right place at the right time
What is a market?
A market is a place or mechanism where buyers and sellers meet to engage in exchange
What is a Consumer market?
Consumer markets are markets for goods and services brought by the final user of them
What is a Industrial market?
Industrial markets are markets for goods and services brought by businesses to be used in the production process of other products
What are Marketing objectives ?
Marketing objectives are the goals set for the marketing department to help the business achieve its overall objectives
A marketing strategy is
What is a marketing strategy?
A marketing strategy is a long-term plan established for achieving marketing objectives
what is meant by Market orientation ?
Market orientation is an outward-looking approach basing on product decisions on consumer demand, as established by market research
A market orientated business will attempt to produce what consumers want rather than try to sell them a product they may not really want to buy.
what is meant by Product orientation
Product orientation is an inward-looking approach that focuses on making products that can be made – or have been made for a long time – and then trying to sell them
A produce orientated business will concentrate their effort on efficiently producing high-quality goods and that consumers will want to purchase them
what is asset-led marketing?
Asset-led marketing is an approach to marketing that based strategy on the firm’s existing strengths and assets instead of purely on what the customer wants
what is Societal marketing?
Societal marketing is an approach that considers not only the demands of consumers but also the effects on all members of the public (society) involved in some way when firms meet these demands
A societal marketing business focuses on other stakeholders as well as the business and its consumers
what is demand?
Demand is the quantity of a product that consumers are willing and able to buy at a give price in a time period
what is Supply?
Supply is the quantity of a product that producers (firms) are prepared to supply at a given price in a time period
what causes demand to vary for a produce?
Demand for a produce varies with price – for all normal goods the quantity brought rises with a price fall and the quantity brought falls with a price increase
what other factors could cause demand to vary?
1 Changes in consumers’ incomes
2 Changes in the prices of substitute goods and complementary goods
3 Changes in population size and structure
4 Changes in fashion and consumers’ tastes
5 Changes in advertising and promotion spending
what causes supply to vary for a produce?
Supply for a produce varies with price – producers (firms) will be more willing to supply a product if the price rises and will supply less as the price falls
what other factors could cause supply to vary?
1 Changes in costs of production, e.g. change in labour or raw material costs
2 Changes in taxes imposed on the suppliers by government, which raises their costs
3 Changes in subsidies paid by government to suppliers, which reduces their costs
4 Changes in weather conditions and other natural factors
5 Advances in technology to make cost of production lower
what is the equilibrium price?
The equilibrium price is the market price that equates supply and demand for a product?
how to Determine the equilibrium price?
This is shown where the demand and supply curve intersect (