What is a Market?
Industrial Market
All potential customers buying for business use
Consumer Market
All potential customers buying for personal use
Market
All potential customers who share common needs, and wants and have the ability and willingness to buy the product.
Market Growth
An increase in the overall value of a given market
Promotion
How is the product promoted?
Price
Pricing methods/pricing strategies
Marketing-oriented business
Primary focus is on directing company resources to produce goods and services to meet customers wants and needs
Product-oriented business
Produces products with little regard for customers wants and needs
Product
Relates to function of product planning
Place
Relates to the marketing function of distribution
SWOT Analysis
Used to analyze a businesses internal and external strengths, weaknesses, opportunities and threats
Market Share
A business's percentage of total sales volume generated by all competitors in a given market
Market Position
The relative standing a competitor has in a given market compared to its competitors