The nature of marketing
Introduced| English | Meaning |
|---|---|
| marketing/ˈmɑːkɪtɪŋ/ | Activities used to understand customers and create, communicate and deliver offerings that meet their needs. |
| anticipate/ænˈtɪsɪpeɪt/ | To recognise or expect something before it happens and consider its likely effects. |
| customer needs/ˈkʌstəmə niːdz/ | Requirements or problems that customers seek to satisfy through a product or service. |
| demand/dɪˈmænd/ | The quantity of a good or service that buyers are willing and able to purchase at different prices over a period. |
| market share/ˈmɑːkɪt ʃeə/ | A business's sales as a proportion of total sales in its market, measured by value or volume. |
| loyal/ˈlɔɪəl/ | loyal |
| market-oriented/ˈmɑːkɪt ˈɔːrɪəntɪd/ | Describing a business approach that uses information about customer needs and market conditions to guide decisions. |
| product-oriented/ˈprɒdʌkt ˈɔːrɪəntɪd/ | Describing a business approach that centres decisions on developing and supplying the product itself. |
| innovations/ˌɪnəˈveɪʃnz/ | innovations |
| mass market/mæs ˈmɑːkɪt/ | A broad market of many potential customers, served with products intended to appeal to large numbers of people. |
| niche market/niːʃ ˈmɑːkɪt/ | A relatively small, specialised segment of customers with distinctive needs or preferences. |
| segment/ˈseɡmənt/ | segment |
More than just advertising
- People think "marketing 市场营销" means adverts. It's far bigger: it's working out what customers want and making sure the business provides it profitably.
- Get marketing right and the product almost sells itself.
Marketing mix lab
See which part of the marketing mix changes in each real decision.
Marketing is best described as:
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Marketing is about meeting customer needs at a profit, not just adverts.
What marketing is
- Marketing identifies, anticipates 预见 and satisfies customer needs 客户需求 — profitably.
- Its goals: build demand 需求, grow market share 市场份额, and keep customers loyal 忠诚.
Marketing is more than advertising — it also builds a brand that customers recognise
A market-oriented business starts by:
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Market orientation puts customer needs first, lowering risk.
A business that designs a product first and then seeks buyers is ______-oriented.
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Product orientation is riskier than market orientation.
Market vs product orientation
- Market-oriented 市场导向: start from what customers want, then make it. Lower risk.
- Product-oriented 产品导向: start from the product, then find buyers. Higher risk, but right for true innovations 创新.
The marketing mix combines the four Ps
A niche market is:
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A niche serves a small, well-defined segment.
A firm sells 15m in a total market of 60m. What is its market share (%)?
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15 / 60 × 100 = 25%.
Niche vs mass markets 大众市场
- Mass market: sell to a large, broad market (everyday products). High volume, much competition.
- Niche market 利基市场: serve a small, specific segment 细分市场. Less competition, often higher margins.
Worked example. Market share = a firm's sales ÷ total market sales × 100. If a firm sells 20m in a 100m market, its market share is 20% — a key measure of marketing success.
Splitting a market into segments by age, income and lifestyle
You've got it
- marketing identifies and satisfies customer needs profitably
- market-oriented (customer-first) is lower-risk than product-oriented
- mass markets = large & competitive; niche = small, specific, higher-margin