4.1 Introduction to marketing

Objective notes

4 learning objectives

4.1.1Market orientation and product orientation

• Distinguish market orientation and product orientation

• Market orientation starts with customer needs; product orientation starts with product capabilities

4.1.2Market share

• Calculate and interpret market share

• Market share measures a business's sales as a proportion of total market sales

4.1.3Market growth

• Calculate and interpret market growth

• Market growth measures change in market size over time

4.1.4(HL)—Market leadership

• Evaluate importance of market share and market leadership

• Market leadership can bring brand power, economies of scale, influence, and strategic advantage