Business Term 1 Revision Concepts

Front

The Marketing Concept

Back

The idea that an organization should try to satisfy customers’ needs through coordinated activities which will allow it to achieve its own goals.

Front

Businesses must

Back

• • Find out what consumers want

  • • Develop the good, service, or idea to satisfy that want

  • Continually alter, adapt, and add products to keep pace with changing customer demands

Front

The production orientation

Back

• • During the second half of the 19th century

  • • Industrial Revolution

    • Manufacturing efficiency

    Together with new management ideas and ways of using labor, products poured into the marketplace, where demand for manufactured goods was strong.

Front

The sales orientation

Back

• • Early 20th century

  • • Supply exceeds demand

    • businesspeople began to

    realize they would have to

    “sell” products to buyers.

Front

The market orientation

Back

• • Began in the 1950s

• • Needs customer relationship management as it can result in loyal and profitable customers

Front

The market orientation requires organizations to:

Back

• • Gather information about customers' needs

  • Share the information throughout the firm

  • Use the information to build long-term relationships with customers

Front

šMarketing

Back

A group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas

Front

Functions of marketing

Back

• Buying

• Selling

• Transporting

• Grading

• Storing

• Financing

• Market research

• Risk taking

Front

Buying

Back

A marketer must understand buyers’ needs and desires to determine what products to make available.

Front

Selling

Back

The exchange process is expedited through selling. Marketers usually view selling as a persuasive activity that is accomplished through promotion.