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