Marketing Flashcards
(30 cards)
What is the concentration ratio?
An indicator of the degree of competition in an industry by calculating the sum of the market share held by the largest specified number of firms in the industry.
Define ethical code of practice.
Guidelines that help businesses to act in a moral way by considering what society accepts as ethically right or wrong.
What does market concentration measure?
The degree of competitiveness that exists within a market by calculating the market share of the largest few firms in the industry.
How is market growth expressed?
As the percentage increase in the market size of an industry per year.
What is market leadership?
The position of a business which has the largest market share in a given market for a particular good or services.
What is market orientation?
A marketing approach adopted by businesses that are outward looking by focusing on making products that they can sell.
Define market share.
Measures an organization’s portion of the total value of sales revenue in a specific industry.
What does market size refer to?
The magnitude of an industry, usually measured in terms of the value of sales revenue from all the businesses in a particular market.
What is marketing?
The management process of predicting, identifying and meeting the needs and wants of customers.
What are marketing objectives?
The specific marketing goals of an organization, such as increased sales revenue, greater market share and market leadership.
What are marketing strategies?
The medium- to long-term plan to achieve an organization’s marketing objectives.
Define needs in a marketing context.
The essential necessities that all humans must have to survive, such as food, shelter, warmth and water.
What is product orientation?
A marketing approach used by businesses that are inward looking, focusing on selling products that they can make.
What are wants?
Human desires, i.e., things that people would like to have.
Define consumer profiles.
The demographic and psychographic characteristics of consumers in different markets.
What is differentiation?
The art of distinguishing a business or its products from rivals in the industry.
What is market segmentation?
The process of categorizing customers into distinct groups with similar characteristics.
What is a marketing audit?
A review of the current position of an organization’s marketing mix, in terms of its strengths and weaknesses.
What is a marketing plan?
A document outlining an organization’s marketing objectives and the marketing strategies to be used.
Define marketing planning.
A systematic process of devising marketing objectives and appropriate marketing strategies.
What is a market segment?
A distinct group of customers with similar characteristics.
What is mass marketing?
Undifferentiated marketing that ignores targeting individual market segments.
What is niche marketing?
Targets a specific and well-defined market segment.
