4.1 Introduction to Marketing (DP IB Business Management)

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  • What is a market?

    A market is any place where buyers and sellers meet to conclude a transaction.

  • What is the aim of marketing?

    The aim of marketing is to help identify, anticipate, and satisfy consumer needs and wants profitably.

  • What are needs?

    Needs are considered to be essential, such as shelter or food.

  • Define the term wants.

    Wants are desires which are non-essential, even if consumers consider them to be essential, such as designer trainers or foreign holidays.

  • Define the term product orientation.

    Product orientation is an approach to marketing that focuses on the characteristics of the product rather than the needs of the consumer.

  • Define the term market orientation.

    Market orientation is an approach to marketing that focuses on the needs of consumers, using this information to design products that meet their needs.

  • Define the term niche market.

    Niche markets are where products are aimed at a clearly-defined subset of the larger market.

  • Define the term mass market.

    A mass market is one where products are aimed at broad market segments.

  • What is a market segment?

    A market segment is a group of consumers who share similar characteristics, such as age, lifestyle, or income.

  • True or False?

    Niche markets typically have low average costs due to large-scale production.

    False.

    Niche markets typically have high average costs due to small-scale production.

  • Why do niche markets rarely remain small?

    Profitable niche markets rarely remain small for long as their potential attracts competition which increases sales volumes.