4.1 Introduction to Marketing

• Basic needs include food, water, clothing/warmth and shelter.
• Market orientated businesses are outward focussed and care about what the market wants. To do this they have to conduct market research and typically can mass produce produce for a lower cost.
• Product orientated businesses are inward focussed and focus on what they are good at. Typically, their products and therefore of a high cost.
• Market share= Firm's sales revenue / Industry sales revenue x 100
• Market growth rate= Current market size-original market size/original market size x 100
• Needs are essential for survival.
• Wants are human desires.
• Marketing is the management process involved in identifying, anticipating and satisfying consumer requirements profitably.
• Market leadership refers to a business having the largest market share in a given market.