IB-BM-SL: 4.1-Intro to Marketing Flashcard

Front

What is the primary objective of marketing?

Back

To satisfy customer requirements profitably

Front

Which of the following is NOT a common method for measuring market size?
The potential number of customers,
Sales volume,
The number of employees in the industry,
Sales value

Back

The number of employees in the industry

Front

What is market orientation primarily focused on?

Back

Meeting the specific needs and desires of customers

Front

Which of the following is an advantage of market orientation? It is less expensive than product orientation., It guarantees the success of all products., It helps businesses adapt quickly to market trends., It reduces the need for skilled employees.

Back

It helps businesses adapt quickly to market trends.

Front

What is a significant disadvantage of market orientation?

Back

It often results in unrepresentative market research data.

Front

What is product orientation primarily focused on?

Back

Developing products based on company expertise

Front

What is one risk of product orientation?

Back

It ignores the changing demands of the market.

Front

A firm’s market share is best calculated by:

Back

Dividing the firm's sales revenue by the industry’s total sales revenue.

Front

What term is used to describe the firm with the largest market share in an industry?

Back

Market leader

Front

Which of the following is a common benefit of being the market leader? Higher production costs, Reduced brand loyalty, Economies of scale, Increased barriers to entry for competitors

Back

Economies of scale