Markets are a place that allows buyers and sellers to trade goods/services.
What is Market Share?
Section (share) of the total market belonging to a business or product
Splitting the market evenly for each business/product
Define the process of Marketing
Finding customers needs and satisfying them profitably
Finding customers needs
Which of the following activities does marketing involve?
Charging the right price
Persuading customers to buy products
Understanding the threats from competitors
Making products available in convenient locations
Designing products that meet customer needs
What does product oriented mean?
Businesses that avoid providing services.
Business that focus on the quality of their products.
Market oriented firms focus on customers and do not make products until they know what the people want.
The 4Ps of marketing mix include:
Profit
Public/Private
Packaging
Price
Partnerships
Promotion
Performance
Place
Production
Product
