3.1 Introduction to marketing

Marketing aim

• Help identify anticipate and satisfy customer needs and wants profitably.

Market research

• Process of systematically gathering data from consumers which can be used to influence business decisions.

Market vs product orientation

• Product orientation is when a company first innovates and develops a product then goes look for a market or create a new market to sell the product.
• Market orientation is when a company first researches the market to find out what customers need and then develop a product to meet those needs.

Market share

• The value of a single company's sales or revenue compared with the sales of all businesses in a market.
• Is expressed as percentage (%).
• Formula:

Market growth

• Is the increase in overall size value or volume of a market over a dedicated period of time.
• Is usually expressed as a percentage (%).
• Formula: