Introduction to Marketing

Marketing, is, all, about, how, a, business, finds,, understands,, and, meets, customer, needs, while, making, a, profit., Topic, 4.1, gives, you, two, key, measurements, that, you'll, keep, seeing, throughout, this, unit,, and, you'll, need, to, calculate, both, for, exams.

Market, share, =, (a, firm's, sales, revenue, ÷, total, market, sales, revenue), ×, 100., This, tells, you, how, a, firm, stands, compared, to, its, competitors., Market, growth, =, ((this, year's, market, size, −, last, year's), ÷, last, year's), ×, 100., This, shows, if, the, market, itself, is, growing.

The, real, analysis, comes, from, looking, at, these, two, together., A, firm's, sales, can, go, up, while, its, market, share, drops., If, the, market, grows, faster, than, the, firm,, it's, losing, ground, even, if, revenue, looks, good., You’ll, see, this, scenario, often, on, exams., If, you, only, focus, on, rising, revenue,, you, might, miss, the, bigger, picture.

Firms, have, different, orientations., A, product-oriented, business, starts, with, what, it, can, produce, or, is, skilled, at,, and, then, looks, for, buyers., A, market-oriented, business, begins, with, researched, customer, needs, and, adapts, to, meet, them., Market, orientation, tends, to, be, lower-risk, since, demand, is, confirmed, before, making, big, commitments., That, said,, product, orientation, isn't, always, wrong., Truly, innovative, ideas, often, can't, be, researched, beforehand, because, customers, don’t, know, they, want, something, that, doesn’t, exist, yet.

Lastly, commercial, marketing, aims, to, sell, products, or, services, for, profit., In, contrast, social, marketing, focuses, on, changing, behavior, for, the, greater, good., Think, of, anti-smoking, campaigns,, road, safety, initiatives,, vaccination, drives,, or, recycling, efforts., Social, marketing, uses, similar, tools, but, faces, a, tougher, challenge., It, often, asks, people, to, give, up, something, now, for, a, benefit, that, will, come, later,, which, can, be, uncertain, and, hard, to, see.