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IB Business and Management

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marketing
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Terms in this set (141)
marketing
management process involved in identifying, anticipating, and satisfying customers profitably
product orientation
businesses focus on the production process and the products itself
market orientation
businesses that continually identify, review, and analyze consumers needs
asset-based marketing
a business develops goods and services that make the best use of its strengths
desk research
involves the use of secondary data
secondary data
information which already exists in some form
field research
collecting primary data; must be collected by the researcher
primary data
data that does not already exist
niche marketing
aims at a tiny segment of the market
repositioning
occurs when there is a shift in consumer demand
marketing mix
elements of a firm's marketing strategies which are designed to meet the needs of customers
the 4 p's of the marketing mix
product, price, promotion, place
extension strategies
used to hopefully delay the decline in sales
product portfolio (mix)
the amount of products that a firm is selling at a given time
price sensitivity
how demand will be affected by price