A/AS Level Business Studies - Chapter 14 - What is Marketing?

Niche marketing

identifying and exploiting a small segment of a large market by developing products to suit it

Market segmentation

identifying different segments within a market and targeting different products or services to them

Marketing strategy

long-term plan established for achieving marketing objectives

Product differentiation

making a product distinctive so that it stands out from competitors' products in consumers' perception

Consumer markets

markets for goods and service bought by the final user of them

Industrial markets

markets for goods and services bought by businesses to be used in the production process of other products

Mass marketing

selling the same products to the whole market with no attempt to target groups within it

Marketing objectives

the goals set for the marketing department to help the business achieve its overall objectives

Marketing

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 right place and the right time

Equilibrium price

the market price that equates supply and demand for a product

Market growth

the percentage change in the total size of a market (volume or value) over a period of time

Market share

the percentage of sales in the total market sold by one business ([firm's sales in time period/total market sales in time period] x 100)

Demand

the quantity of a product that consumers are willing and able to buy at a given price in a time period

Supply

the quantity of a product that firms are prepared to supply at a given price in a time period

Unique selling point (USP)

the special feature of a product that differentiates it from competitors' products

Market size

the total level of sales of all producers within a market

Societal marketing

this approach 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

Consumer profile

a quantified picture of consumers of a firm's products, showing proportions of age groups, income levels, location, gender and social class

Market segment

a sub-group of a whole market in which consumers have similar characteristics

Asset-led marketing

an approach to marketing that bases strategy on the firm's existing strengths and assets instead of purely on what the customer wants

Product orientation

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

Market orientation

an outward-looking approach basing product decisions on consumer demand, as established by market research