Marketing 0.0 / 5 ? Business StudiesMarketingIGCSECIE Created by: MattSoutCreated on: 09-03-16 11:47 What is Marketing? The process of anticipating, understanding and satisfying customer needs at a profit 1 of 9 What is Market Research? The process of gathering, analyzine and interpreting information about a market, product or service that will be offered to sale in the market 2 of 9 What is Market Segmentation? Market segmentation splits up a market into different types to enable a business to better target its products to the relevant customers 3 of 9 What is Market Orientation? To gain a competitive advantage over rival businesses by focusing on meeting the actual needs and desires of their customers 4 of 9 What is Product Orientation? Getting customers to buy the products that a company thinks their customers wanted/needed 5 of 9 What is Market Share? The total percentage of products sold in a market in a business 6 of 9 What is Mass Marketing? Most products that appeal to most of the entire market and therefore usually has a large volume of sales 7 of 9 What is Niche Marketing? Specialized products which are sold to a small number of customers 8 of 9 What is the formula for working out Market Share? Market share = sales of firm A / total market size x 100 9 of 9
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