FUNDAMENTALS OF MARKETING

This set of flashcards covers the key concepts, strategies, importance, and characteristics within the fundamentals of marketing, based on the provided lecture notes.

What are the three core concepts of customer needs in marketing?

Customer needs, wants, and demands.

What are human needs according to the fundamentals of marketing?

Human needs include physical, social, and individual needs.

How are wants defined in the context of marketing?

Wants are needs influenced by society and individual character.

What defines demands in marketing?

Demands are wants backed by purchasing power.

In marketing strategy design, what is market segmentation?

Market segmentation is the classification of potential buyers.

What does target marketing involve?

Target marketing involves deciding which customers to serve.

What is market positioning?

Market positioning is how to serve customers best and differentiate a product from competitors.

Name one importance of marketing related to employment.

Marketing creates employment opportunities in various sectors.

What role does marketing play in customer satisfaction?

Marketing ensures maximum satisfaction for consumer needs and wants.

What does the term 'exchange' mean in marketing?

Exchange refers to the transfer of something of value between two or more parties.

What are the characteristics of modern consumers?

Consumers are sophisticated, tech-savvy, and influence peer and public opinion.

What does relationship marketing focus on?

Relationship marketing focuses on developing lasting relationships with customers.

How does effective marketing contribute to healthy competition?

Effective marketing leads to healthy competition and improved quality.

What is the significance of the five-step marketing process?

The five-step marketing process includes understanding the marketplace, designing strategies, preparing marketing plans, building relationships, and capturing customer value.

What is the main goal of performance marketing?

To design and apply metrics to gauge the costs and returns of marketing activities.

List one of the four key dimensions of marketing management.

Integrated marketing, which ensures effective use of the marketing mix.