The management tool of predicting, identifying and meeting the needs and wants if customers
Market share
Measures the value of a firms sales revenues as a percentage of the industry total
Niche market
A small specialised segment of a much larger market
Want
an item that we desire but that is not essential to survival
4 P's of Marketing
product, price, promotion, place
Demand
Consumer willingness and ability to buy products
Industry
A collection of businesses with a common line of products or services
Anecdotal
based on personal accounts rather than facts or research
Strategic planning
Concerned with developing a future action plan for business to achieve long term goals
Processes
Giving customers a good experience
Conventions
a way in which something is usually done, especially within a particular area or activity.
Market orientation
An approach adopted by businesses that are outward looking. The focus on making products they can sell.
Professionalism
the skill, good judgment, and polite behavior that is expected from a person who is trained to do a job well
Need
something essential for survival
Product orientation business
Focus is on making what the business wants
Marketing mix
Tool used to meet customer needs
Strategy
Long term plan of action designed to achieve the marketing objectives
Business Plan
a formal written document that describes the nature of a business and how it will operate
Brand
a name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitors' products
Marketing objectives
Goals set to achieve objectives
Corporation
A business owned by stockholders who share in its profits but are not personally responsible for its debts
Market leaders
Firms that dominate market share in a certain market
Qualitative
descriptions that are expressed in words not numbers
Marketing strategy
Long term plan to achieve marketing objects
Tactic
Short term plan of action designed to achieve objectives, such as BOGO
Partnership
A business in which two or more persons combine their assets and skills
Market
a group of buyers and sellers of a particular good or service
Ergonomics
The study of workplace equipment design or how to arrange and design devices, machines, or workspace so that people and things interact safely and mos...
Good
a physical item that is produced and can be weighed or measured
Non-profit
An organization that is set up to help those in need but not to make a profit from the business.
Demographics
the characteristics of a population with respect to age, race, and gender.
Profit
The financial gain made in a transaction
Price
The amount of money exchanged for a good or service
Mass market
A large number of sales of a product, such as Pepsi
Price
Must reflect value customers place on product
Non-verbal Communication
Communicating without the use of words, such as body language and facial expression
Place
Where products are available to buy
Statistics
Collection of methods for planning experiments, obtaining data, organizing, summarizing, presenting, analyzing, interpreting, and drawing conclusions...
Market size
Refers to the magnitude of an industry.
Societal marketing
Focuses on other stakeholders, not just the business and consumers
Promotion
Making customers aware of a product and persuading them to buy it
Market
Where buyers and sellers meet to exchange products for money
LLC
limited liability company
Service
Any activity that fulfills a human want or need and returns money to those who provide it.
Consumer
A person who purchases goods and services for personal use
Industrial/commercial markets
Markets for products bought by businesses
Marketing plan
outlines a firms marketing objectives and strategies for a specific period of time
Consumer markets
Cater for private individuals, such as the general public
Attire
clothing
Physical evidence
The image portrayed by a business regarding its tangible features
Target Market
A group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that gro...
Entrepreneur
A person who organizes, manages, and takes on the risks of a business.
Quantitative
Data that is in numbers
Supply
The amount of goods available
Cost
The total dollar expenditure for labor, materials, and other items related to construction.
People
Importance or employee-customer relationship
Data Analysis
A process of describing data using graphs and numerical summaries.
Product
Features of a product which allow a business to differentiate and give it a competitive advantage EG: design
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