Marketing Vocabulary - First Batch

The level of difficulty a company has to access into an industry or market. It is important because it affects the intensity of competition and profitability in the market.

• SEGMENTATION

• TARGET MARKETING

• EASE OF ENTRY

• MARKETING OBJECTIVES

Products that are considered perfect substitutes and buyers perceive no actual or real differences between the products offered by different firms.

• TARGET MARKETING

• HOMOGENEOUS PRODUCTS

• PRODUCT ORIENTATION

• CONSUMER SERVICE

It is the percent of total sales in an industry generated by a particular company. It is calculated by taking the company's sales over the period and dividing it by the industry’s total sales over the same period.

• MARKET SHARE

• SOCIAL MARKETING

• MARKET ORIENTATION

• TARGET MARKETING

This is made up of the total number of potential buyers of a product or a service within a given market, and the total revenue that these sales can generate.

• MARKET ORIENTATION

• MARKET GROWTH

• MARKET SIZE

• MARKETING OBJECTIVES

It is the practice of dividing your target market into approachable groups. It creates subsets of a market based on demographics, needs, priorities, common interests, and other psychographic or behavioral criteria used to better understand the target audience.

• EASE OF ENTRY

• SOCIAL MARKETING

• TARGET MARKETING

• SEGMENTATION

It is defined as the rise in the demand for a product or a service in the market. Usually, it happens when a company is in its expansion phase.

• MARKET GROWTH

• MARKET SIZE

• MARKET ORIENTATION

• PRODUCT ORIENTATION

What is "Mass Marketing"?

• Dividing your target market into approachable groups.

• Goods that derive much of their value from intangible things.

• Products bought for consumption by the average consumer.

• Selling intending to get as many clients as possible.

What are "Market Objectives"?

• Actionable targets designed to provide not just overall direction, but clear and specific actions.

• Activities aimed at changing or maintaining people’s behavior for the benefit of individuals and society as a whole.

• Approach to business that prioritizes identifying the needs and desires of consumers and creating products and services that satisfy them.

• Selling intending to get as many clients as possible.

These are sold to individuals. They derive much of their value from intangible things.

• Consumer good

• Consumer sevice

• Product orientation

• Homogeneous product

Group of potential customers to whom a company wants to sell its products and services. This group also includes specific customers to whom a company directs its marketing efforts.

• Ease of entry

• Target marketing

• Market orientation

• Product orientation