15 terms

IB Business and Management Marketing 4.1 The Role of Marketing

IB Business and Management Marketing 4.1 The Role of Marketing http://www.ibbusinessandmanagement.com
STUDY
PLAY
Asset-Led Marketing
A business strategy based on the core strengths (core competencies) of the firm. Businesses that adopt this approach use their core assets, such as brand name, to develop and launch new products.
Market Leaders
Are firms that dominate the market share in a particular market. The business that has the largest market share in an industry, as measured by value or volume of sales, is called the market leader.
Market Orientation
Is an approach adopted by businesses that are OUTWARD looking. They focus on making products that they can sell, rather than selling products they can make.
Market Share
Measures the value of a firm's sales revenue as a percentage of the industry's total; e.g. a business with 35% market share means that for every $100 sold in the industry, the firm earns $35 of the sales revenue.
Marketing
The management task that links the business to the customer by identifying and meeting the needs of customers profitably. It does this by getting the right PRODUCT at the right PRICE at the right PLACE with the right PROMOTION.
Marketing Audit
A review of the firm's current marketing mix, in terms of its strengths, weaknesses, opportunities and threats.
Marketing Mix
The main elements of a firm's marketing strategy: PRODUCT, PRICE, PROMOTION & PLACE.
Marketing Plan
The document outlining a firm's marketing objectives and strategies for a specified time period.
Marketing Strategy
Any medium-to long-term plan for achieving the marketing objectives of a business.
Product Orientation
A marketing approach adopted by businesses that are INWARD looking. They focus on selling products they can make, rather than making products they can sell.
Social Marketing
Any activity that seeks to influence social behaviour to benefit the target audience and society as a whole.
It DOES NOT mean SOCIAL MEDIA (e.g. Facebook).
Consumer Markets
Markets for goods and services bought by the final user of them.
Industrial Markets
Markets for goods and services bought by businesses to be used in the production process of other products.
Market Size
The total level of sales of all producers within a market.
Market Growth
The percentage change in the total size of a market (volume or value) over a period of time.