Marketing key terms

• Marketing


  Process of understanding customers and finding ways to provide products and services which customers demand

  (Mutually beneficial exchange process)
• Marketing Objective


  Measurable, time-specific target for marketing function (e.g increase sales by 10% within 3 years)
• Sales Value


  Measures level of sales in a given period in terms of amount spent.
• Sales Volume


  Measures level of sales in a given period in terms of units sold.
• Market Share


  Measures sales of one brand/business as a % of total market sales in a given period
• Sales Growth


  % change in sales volume or value over a given period of time.
• Market Growth


  % change in total sales in the market over a given period of time.
• Niche Marketing


  Focuses on a specific segment of the market.
• Mass Marketing

  Aims to provide products that meet some of the needs of a large proportion of the market.
• Positioning


  Identifies the benefit and price combination of a product relative to competitors.
• Demographic segmentation


  Refers to characteristics of the people in the target population (e.g there may be similar needs and wants based on aspects such as age or gender)
• Segmentation


  Grouping similar customer needs and wants within a market.
• Geographic segmentation


  Groups needs and wants based on geographic area in which customers are based (e.g types of houses required in Iceland and Nigeria may be very different due to diff climates)
• Behavioural segmentation

  Focuses on what customers actually do (e.g when they buy and how much they buy)