Business management 3

Marketing

The management process through which goods and services move from concept to the customer. It includes the coordination of four elements called the 4 P's of marketing: (1) identification, selection and development of a product, (2) determination of its price, (3) selection of a distribution channel to reach the customer's place, and (4) development and implementation of a promotional strategy. For example, new Apple products are developed to include improved applications and systems, are set at different prices depending on how much capability the customer desires, and are sold in places where other Apple products are sold. Read more: http://www.businessdictionary.com/definition/marketing.html

Social marketing

1. Application of commercial marketing concepts, knowledge, and techniques to non-commercial ends (such as campaigns against smoking and drunken driving) for the society's welfare. 2. Use of commercial marketing in promotion of goods and services in a way that helps in promoting the consumers' and, by extension, the society's well being. Read more: http://www.businessdictionary.com/definition/social-marketing.html

Market orientation

A business approach or philosophy that focuses on identifying and meeting the stated or hidden needs or wants of customers. Read more: http://www.businessdictionary.com/definition/market-orientation.html Ex. Selling food

Consumer profiles*

A description of a customer or set of customers that includes demographic, geographic, and psychographic characteristics, as well as buying patterns, creditworthiness, and purchase history. Read more: http://www.businessdictionary.com/definition/customer-profile.html

Marketing mix*

A planned mix of the controllable elements of a product's marketing plan commonly termed as 4Ps: product, price, place, and promotion. These four elements are adjusted until the right combination is found that serves the needs of the product's customers, while generating optimum income. Sometimes the first P (Product) is substituted by presentation. Read more: http://www.businessdictionary.com/definition/marketing-mix.html

Market segments*

An identifiable group of individuals, families, businesses, or organizations, sharing one or more characteristics or needs in an otherwise homogeneous market. Market segments generally respond in a predictable manner to a marketing or promotion offer. Read more: http://www.businessdictionary.com/definition/market-segment.html

Market leadership*

Brand, product, or firm that has the largest percentage of total sales revenue (the market share) of a market. A market leader often dominates its competitors in customer loyalty, distribution coverage, image, perceived value, price, profit, and promotional spending. Read more: http://www.businessdictionary.com/definition/market-leader.html

Niche market

Concentrating all marketing efforts on a small but specific and well defined segment of the population. Niches do not 'exist' but are 'created' by identifying needs, wants, and requirements that are being addressed poorly or not at all by other firms, and developing and delivering goods or services to satisfy them. As a strategy, niche marketing is aimed at being a big fish in a small pond instead of being a small fish in a big pond. Also called micromarketing. Read more: http://www.businessdictionary.com/definition/niche-marketing.html

Product orientation

Developing a product based on assumption that there will always be a market for the precuts the firm makes (motivated by technical innovation not consumer needs) Ex. Electronics.

Product position map or perception map*

Marketing research technique in which consumer's views about a product are traced or plotted (mapped) on a chart. Respondents are asked questions about their experience with the product in terms of its performance, packaging, price, size, etc. Theses qualitative answers are transferred to a chart (called a perceptual map) using a suitable scale (such as the Likert scale), and the results are employed in improving the product or in developing a new one. Read more: http://www.businessdictionary.com/definition/perceptual-mapping.html

Unique selling point/position/USP*

Real or perceived benefit of a good or service that differentiates it from the competing brands and gives its buyer a logical reason to prefer it over other brands. USP is often a critical component of a promotional theme around which an advertising campaign is built. Read more: http://www.businessdictionary.com/definition/unique-selling-proposition-USP.html

Commercial marketing

The use of marketing strategies to meet the needs and wants of customers in a profitable way

Mass market

Un-segmented market in which products with mass appeal products (aspirin, orange juice, soft drinks, paperback romances, etc.) are offered to every customer through mass retailers or independent stores, and promoted through mass media. Read more: http://www.businessdictionary.com/definition/mass-market.html

Market share*

a company's product sales as a percentage of total sales for that industry

Marketing plan

roduct specific, market specific, or company-wide plan that describes activities involved in achieving specific marketing objectives within a set timeframe. A market plan begins with the identification (through market research) of specific customer needs and how the firm intends to fulfill them while generating an acceptable level of return. It generally includes analysis of the current market situation (opportunities and trends) and detailed action programs, budgets, sales forecasts, strategies, and projected (proforma) financial statements. See also marketing strategy. Read more: http://www.businessdictionary.com/definition/marketing-plan.html

Target markets*

specific customer groups or segments to whom a company wants to sell a particular product