3.1 The Nature of Marketing Flashcards

Front

Marketing

Back

is the process of identifying, anticipating and

satisfying the needs of customers in a mutually beneficial exchange process.

Front

Marketing objective

Back

is a marketing target for the

business, setting out what it wants to achieve and when.

Front

Corporate objective

Back

is a target set for the business as a whole.

Front

Marketing strategy

Back

is a marketing plan to achieve the marketing objective.

Front

Business-to-consumer marketing (B2C)

Back

occurs when one business is marketing its products to the final consumers.

Front

Business-to-business marketing (B2B)

Back

occurs when one business is marketing its products to other businesses.

Front

Market size

Back

is the total number of items sold (this is

measuring volume) or the total value of sales.

Front

Market growth

Back

measures the rate at which the market as

a whole is growing over a given time period.

Front

Unique selling point (USP)

Back

is something about your product which is perceived by your customers as unique.

Front

Niche marketing

Back

occurs when a business focuses on a

particular (usually small) segment of the market.