NATURE OF MARKETING
This is the ongoing process of profitably identifying, anticipating, and satisfying consumer requirements.
What is marketing?
One primary goal of marketing is to increase these monetary gains for the company.
What are profits?
A company with this focus first designs and produces items it believes consumers want, rather than basing decisions on prior research.
“What is product-oriented?”
When a firm produces large quantities of a single product for everyone, it is using this type of marketing.
“What is mass marketing?”
This process involves breaking down a broad market into smaller sub-groups sharing similar characteristics.
“What is market segmentation?
These are the places or systems where buyers and sellers meet to exchange goods and services (examples include stores, malls, or the internet).
“What are markets?”
This is the share of the total market a company holds, which marketing efforts often aim to increase.
“What is market share?
A product-oriented approach is riskier because there is no guarantee consumers will do this.
What is buy the product?”
Mass marketing can lead to economies of scale and reduced costs per unit, but it also requires heavy investment in this area to produce goods at such high volume.
“What is new technology (or machinery)?”
Companies often do this to sell more products, improve targeting, and avoid wasted resources promoting to the wrong people.
“What is segment the market?”
Marketing constantly aims to build these long-term connections with buyers to keep them returning.
“What are customer relationships?
Companies become more competitive when they use marketing to do this—making sure the product appeals to existing or potential buyers.
What is identify and satisfy consumer needs and wants?
Companies with a market-oriented approach conduct this type of research before producing a product.
What is market research?
This marketing approach focuses on a small segment of a larger market, often overlooked by bigger companies.
“What is niche marketing?
This segmentation approach categorizes consumers by age, gender, income, or social class.
What is demographic segmentation?
This term describes when marketing can change its methods as needed to keep customers satisfied.
What is marketing’s flexibility (or adaptability)?
In addition to increasing sales, a company’s marketing efforts can lead to creating newer or better versions of these.
What are products?
A market-oriented product can give a company this advantage over competitors, because it is specifically designed to meet customer needs.
“What is a competitive advantage?”
A newly discovered subset of the market with unmet needs is referred to as this, which niche marketing often tries to fill.
“What is a market gap?
Categorizing consumers based on their personalities, lifestyles, or social values is called this.
“What is psychographic segmentation?
When marketing efforts are successful, one of the main financial outcomes for a company is an increase in these.
What are profits?
By finding gaps in the market or changing consumer preferences, marketing helps firms do this—to stay ahead of competition by refreshing or expanding their offerings.
What is develop new products (or innovate)?”
Commonly, these everyday items (like food and clothing) are produced by product-oriented companies, while more expensive or specialized goods often come from market-oriented firms.
“What are consumer staples (foods, medicines, clothes) vs. specialty items?
Although niche markets can be lucrative early on, competition eventually does this, reducing profit margins.
What is enters the niche (or increases)?
By dividing the market in these specific ways, companies can tailor products to meet distinct behaviors or decision-making patterns.
“What is behavioral segmentation?