Marketing Strategy and Tactics

Vocabulary flashcards covering core strategic marketing concepts, frameworks, and tactics from Chapter 1 and Chapter 2.

Marketing Management

Focuses on strategic decisions for individual products and services and the tactical activities needed to execute those strategies.

Strategic Marketing

Focuses on marketing activities that affect corporate, business, and marketing strategic plans, helping determine which products or services a firm should sell to specific markets.

Marketing (AMA Definition)

An organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

Need

A state of felt deprivation including physical needs (food, clothing, shelter, safety), social needs (belonging, affection), and individual needs (learning, knowledge, self-expression).

Want

The form that a human need takes as shaped by culture and individual personality.

Demand

Human wants backed by buying power, expressed as $\text{Demand} = \text{Wants} + \text{Buying Power}$.

Customer Perceived Value

The difference between the customer's evaluation of all benefits and all costs, representing what the customer gets versus what they give up.

Elements of Value Pyramid

A framework developed by Bain & Company categorizing customer value into four distinct tiers: Functional, Emotional, Life changing, and Social impact.

Business Model

An overarching architecture that defines how a company creates market value, consisting of two core components: strategy and tactics.

Marketing Strategy

A component of the business model that defines the target market and the value proposition.

5-C Market Analysis Framework

A framework defining the target market environment through five key factors: Customers, Collaborators, Competitors, Company, and Context.

Value Proposition

An aspect of marketing strategy defining the benefits and costs created by an offering for all relevant market entities, including target customers, collaborators, and the company.

Optimal Value Proposition (OVP)

The intersection where an offering creates value simultaneously for target customers, collaborators, and the company.

Marketing Tactics

Actionable decisions that translate a value-based strategy into a specific market offering defined by seven key elements: Product, Service, Brand, Price, Incentives, Communication, and Distribution.

Value Process in Tactics

The classification of marketing tactics into three key activities: Designing value (Product, Service, Brand, Price, Incentives), Communicating value (Communication), and Delivering value (Distribution).

Market Value Map

A comprehensive visual matrix aligning strategic elements (Target Market, Value Proposition) with tactical elements (Market Offering) to plan and evaluate a business model.