4.1 Glossary of key terms

Unit 4.1 Glossary of key terms - Introduction to marketing

Key term	Definition
Market growth	Refers to an increase in the size of a market, usually measured by the rise in total sales revenue of the market or industry.
Market leader	Refers to the business with the largest market share in a given industry.
Market orientation	This is an approach to marketing that focuses on meeting the specific demands (desires and needs) of customers and potential customers.
Market share	Refers to the sales revenue that an organization accounts for within a given market or industry. It is measured by expressing the firm’s sales revenue as a percentage of the whole industry’s sales revenue.
Market size	The total number of individual customers or the total value of sales revenue in a certain market.
Marketing	The management process of identifying, anticipating, and satisfying customer requirements in a profitable way. It is the art of determining the goods and services required to meet the needs and wants of customers in a sustainable way.
Needs	These are the things people need in order to survive, e.g., food, water, and shelter.
Product orientation	This is an approach to marketing that focuses on making products a business knows how to make well, rather than primarily concentrating on the needs and desires of potential customers.
Sales revenue	Refers to a firm's income from selling its goods and/or services, i.e., the value of its sales.
Sales volume	Refers to the volume (quantity) of sales of a particular business.
Wants	These are human desires, i.e., things that people would like to have, or have more of.

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