Marketing > STUDY GUIDE > B Business Management Marketing 4.1 The Role of Marketing ALL ANSWERS 100% CORRECT SPRING FALL- 2022 (All)

B Business Management Marketing 4.1 The Role of Marketing ALL ANSWERS 100% CORRECT SPRING FALL- 2022/2023 LATEST GUARANTEED GRADE A+

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Marketing - The management task that links the business to the customer by identifying and meeting the needs of customers profitably - it does this by promoting the right product at the right price ... at the right place to the right customers. Market Leaders - Are firms that dominate the market share in a particular market. The business that has the largest market share in an industry, as measured by value or volume of sales, is called the market leader. Market Orientation - Is an approach adopted by businesses that are OUTWARD looking. They focus on making products that they can sell, rather than selling products they can make. Market Share - Measures the value of a firm's sales revenue as a percentage of the industry's total; e.g. a business with 35% market share means that for every $100 sold in the industry, the firm earns $35 of the sales revenue. Marketing - The management task that links the business to the customer by identifying and meeting the needs of customers profitably. It does this by getting the right PRODUCT at the right PRICE at the right PLACE with the right PROMOTION. Marketing Audit - A review of the firm's current marketing mix, in terms of its strengths, weaknesses, opportunities and threats. Marketing Mix - The main elements of a firm's marketing strategy: PRODUCT, PRICE, PROMOTION & PLACE. [Show More]

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