Marketing

• Marketing: the management task o identifying and meeting the needs of customers profitably by getting the product at the right price to the right place the right time
• Corporate objectives: well-defined and realistic goals that are set for the whole company
• Demand: the quantity of product that customers are willing and able to buy at given price in a specific time period
• Supply: the quantity of product that firms are prepared to supply at given price in specific time period
• Market segment: a subgroup of a whole market in which consumers have similar characteristic
• Industrial market: the selling of product by business to other business
• Consumer market: the selling of products directly to final consumer
• Customer orientation: the outward-looking approach that bases product decisions on consumer demand,
• Product orientation: the inward-looking approach that focuses making product that can be made or have been made for long time, then try to sell it
• Market size: the total value of sales of all producers within a market in given time period
• Market growth: the percentage change in the total size of market over period of time
• Brand leader: the brand with the highest share of the market
• Consumer product: goods or services that sell to final end users
• Industrial product: goods or services that sold to business
• Mass marketing: selling standardised products to whole market
• Niche market: identifying and exploiting small segment of a larger market by developing differentitated products to suit segment
• Market segmentation: the identification of different groups of customers with common needs within a market
• Customer relationship marketing: using marketing activities to build and establish good customer relationship so that loyalty of existing customers can be remained
• Market research: the process of collecting, recording and analysing about customers, competitors and market
• Primary research: the collection of first hand data that is directly related to the needs of business
• Secondary research: the use of existing data that was originally collected for another purpose
• Qualitative data: non-numerical value, which provide insight into the detailed motivation of consumers and helps to explain the behaviour of customer
• Quantitative data: numerical results from research that can be statistically analysed
• Sampling: the process of selecting a group of respondents from larger population
• Sample: group of people taking part in market research survey selected to be representative of the overall market
• Random sampling: every member of target population has an equal chance of being selected
• Quota sampling: when the population has been stratified & the interviewer selects an appropriate number of respondents from each stratum