A
The group of consumers that is interested in a product and has the resources to purchase the product.
What is a market?
A basic requirement that is essential for human survival.
What is a 'need'?
The place or mechanism where buyers and sellers meet to engage in exchange.
What is a market?
Product, Price, Place and Promotion
What are the 4 Ps of the marketing mix?
The goals set for the marketing department to help the business achieve its overall objectives.
What are marketing objectives?
The management task of understanding your customers, and identifying and meeting the needs of customers profitably.
What is marketing?
A good or service that people would like but is not essential for survival.
What is a 'want'?
The market price that equates supply and demand for a product.
What is equilibrium price?
The quantity of a product that consumers are willing and able to buy at a given price in a time period.
What is demand?
The percentage of sales in the total market sold by one business.
What is market share?
The long-term plan established for achieving marketing objectives.
What is marketing strategy?
What is market size?
The percentage change in the total size of a market (volume or value) over a period of time.
What is market growth?
The quantity of a product that firms are prepared to supply at a given price in a given time period.
What is supply?
The difference between the selling price of a product and the cost of raw materials or components.
What is added value?
Businesses that provide the same or very similar goods and services.
What are competitors?
An outward-looking approach basing product decisions on consumer research
What is 'market orientation'?
An inward-looking approach that focuses on making products and then trying to sell them.
What is product orientation?
The marketing approach based not only on the demands of consumers but also on other stakeholders like employees, shareholders, suppliers, and competitors.
What is societal marketing?
Products that are produced using sustainable and environmentally friendly methods, for which fair prices have been paid to producers.
What are fair trade products?