The Marketing Process Overview

Flashcards covering key concepts and definitions from 'The Marketing Process' lecture.

Marketing

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society.

Needs

States of deprivation that are vital for basic functioning.

Wants

Preferences shaped by society and culture that may not be vital.

Customer Value

The perceived benefits of a product or service relative to its price.

4Ps Marketing Mix

Product, Price, Place, and Promotion—controllable set of decisions that a firm uses to meet the needs of the target market.

Product

The variety of goods, services, and ideas developed to satisfy customer needs.

Price

Everything a buyer gives up (money, time, energy) in exchange for a product or service.

Place

The processes necessary to get the product to the customer when they want it.

Promotion

Communication by a marketer that informs, persuades, and reminds potential buyers about a product or service.

Value Proposition

A statement that communicates the benefits of an offering and how it meets customer wants/needs.

Microenvironment

The external factors directly affecting an organization, including suppliers, competitors, customers, and market intermediaries.

Macroenvironment

Larger societal forces that can affect the microenvironment, including political, economic, social, technological, legal, and environmental factors.

Societal Marketing Concept

A marketing approach that focuses on meeting the needs of consumers, the company, and society as a whole.

Customer Relationship Management (CRM)

A system for managing a company's interactions with current and potential customers.

Ethical Marketing

A philosophy aimed at promoting fairness, honesty, and a sense of responsibility in marketing efforts.

5 evolutions of marketing

Production concept, product concept, selling concept, marketing concept, social marketing concept

Impact of CRM

Customer loyalty, Leveraging customer data, Gathering feedback