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Market leaders
Firms that dominate market share in a certain market
Market orientation
An approach adopted by businesses that are outward looking. The focus on making products they can sell.
Market share
Measures the value of a firms sales revenues as a percentage of the industry total
Market size
Refers to the magnitude of an industry.
Marketing
The management tool of predicting, identifying and meeting the needs and wants if customers
Marketing mix
Tool used to meet customer needs
4 P's of Marketing
product, price, promotion, place
Marketing plan
outlines a firms marketing objectives and strategies for a specific period of time
Product orientation business
Focus is on making what the business wants
Niche market
A small specialised segment of a much larger market
Mass market
A large number of sales of a product, such as Pepsi
Tactic
Short term plan of action designed to achieve objectives, such as BOGO
Strategy
Long term plan of action designed to achieve the marketing objectives
Strategic planning
Concerned with developing a future action plan for business to achieve long term goals
Product
Features of a product which allow a business to differentiate and give it a competitive advantage EG: design
Price
Must reflect value customers place on product
