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190 Glossary

Macro environment The external factors that affect a company’s planning and
performance, and are beyond its control (e.g. socio-eco-
nomic, legal and technological change)
Management Communication between managers and employees;
communications restricted to dyads and small groups
Manager (communi- A practitioner who makes strategy or programme
cations manager) decisions concerning communications, and is held
accountable for programme success or failure; engages
in research, strategic planning and management of
communications
Market A defined group for whom a product is or may be in
demand (and for whom an organization creates and
maintains products and service offerings)
Market development The process of growing sales by offering existing prod-
ucts (or new versions of them) to new customer groups
(as opposed to simply attempting to increase the com-
pany’s share of current markets)
Market orientation Steadfast adherence to the marketing concept; an
approach in which customer needs and wants are the
underlying determinants of an organization’s direction
and its marketing programmes
Market penetration The attempt to grow one’s business by obtaining a larger
market share in an existing market
Market research The gathering and analysis of data relating to market-
places or customers; any research which leads to more
market knowledge and better-informed decision
making
Market segmentation The division of the marketplace into distinct subgroups
or segments, each characterized by particular tastes and
requiring a specific marketing mix
Market share A company’s sales of a given product or set of products
to a given set of customers, expressed as a percentage of
total sales of all such products to such customers
Market structure The character of an industry, based on the number of
firms, barriers to entry, extent of product differentiation,
control over price, and the importance of non-price
competition
Marketing The management process responsible for identifying,
anticipating and satisfying customer requirements
profitably
Marketing audit A comprehensive and systematic review and appraisal
of every aspect of a firm’s marketing programme, its
organization, activities, strategies and people