marketing card 1-7

Marketing

The process through which individuals and organizations create value for customers and build relationships to capture value.

Promotions

Activities designed to communicate the merits of a product and persuade target customers to buy.

Starbucks Example

Demonstrates globalization with coffee sourced from up to 19 countries.

Value Proposition

The unique set of benefits that satisfies targeted buyers and differentiates a company's offering.

Maslow's Hierarchy of Needs

A psychological theory that categorizes human needs in a hierarchy, emphasizing the order of need satisfaction.

Needs, Wants, and Demands

Fundamental concepts in marketing that explain consumer requirements and the motivations behind purchases.

Market Offerings

Products, services, information, or experiences provided to fulfill customer needs or wants.

Exchange

The process of obtaining a desired object by offering something in return.

Market

A collection of actual and potential buyers for a product or service with common wants and needs.

Marketing Management

The strategic planning, implementation, and control of marketing programs to create successful exchanges.

Relationship Marketing Orientation

Emphasizes developing strong, long-term relationships with customers for loyalty and repeat business.

Digital Marketing

Strategies that leverage online channels to engage customers and influence consumer behavior.

Customer Lifetime Value (CLV)

The total revenue a customer is expected to generate over their relationship with a company.

Corporate Social Responsibility (CSR)

Business practices that reflect a commitment to ethical behavior and contribute to societal well-being.

Marketing Mix (Four Ps)

A set of tactical tools—Product, Price, Place, Promotion—used to achieve marketing objectives.

Sales Orientation

Focus on aggressive selling and promotion during competitive supply periods without considering long-term consumer interests.

Production Orientation

An early business philosophy centered on efficient manufacturing and distribution with little regard for consumer needs.

Market Research

The process of gathering insights to understand consumer needs, preferences, and behaviors.

Social Media Marketing

Using social platforms for direct engagement and community building among consumers.

Customer Relationship Management (CRM)

Systems and strategies for managing interactions and data throughout the customer lifecycle.

Exchange and Relationships

The process of obtaining desired goods/services by giving something in return while building lasting connections.

Safety Needs (Maslow)

The requirement for personal and financial security, health, and well-being.

Esteem Needs (Maslow)

The desire for self-respect, confidence, achievement, and social recognition.

Self-actualization (Maslow)

The realization of one's full potential and personal growth.

Experiential Marketing

Engaging customers directly with brands to foster relationships and create memorable experiences.

Partnership Marketing

Collaborations between brands to enhance mutual value and return on investment.

Real-time Marketing

Participating in timely conversations relevant to current events to remain relevant to consumers.

Market Segmentation

The process of dividing a market into distinct groups of buyers with different needs or behaviors.

Share of Customer

The percentage of a customer's purchases that a company holds in a specific product category.

Competitive Environment

The market landscape in which businesses operate, including their competitors and industry dynamics.

Regulatory Framework

The legal and ethical guidelines that govern marketing practices.

Product Characteristics

Attributes such as design, quality, features, and branding that define a good or service.

Value Creation

The process of providing benefits that outweigh the perceived costs to the customer.

Advertising

The paid promotion of products or services through various media channels.

Sales Promotions

Short-term incentives to encourage the purchase of a product or service.

Public Relations

Strategies used to manage and enhance an organization’s image and relationships with the public.

Direct Marketing

Promotional strategies that communicate directly with consumers to generate a response.

Customer Engagement

Strategies aimed at fostering strong connections and interactions with consumers.

Marketing Environment

The external forces that could affect the success of future marketing programs.

Microenvironment

Forces within the marketer's control, including suppliers, customers, competitors, and publics.

Macroenvironment

External forces and trends that impact marketing but are outside the marketer's control.

Demographic Forces

Factors relating to the population's age, race, gender, and income that influence consumer behavior.

Cultural Forces

Belief systems and core values that affect a society's basic values and consumer behavior.

Economic Forces

Macroeconomic factors related to the economy as a whole, including inflation, unemployment, and consumer confidence.

Technological Forces

Advancements that create new markets and opportunities for meeting consumer needs and wants.

Environmental Scan

A routine process conducted by marketers to ensure products and marketing approaches remain relevant.

SWOT Analysis

A strategic planning tool used to identify Strengths, Weaknesses, Opportunities, and Threats related to a business.

The Lipstick Effect

A phenomenon where lipstick sales increase during economic downturns, indicating consumer behavior shifts.

Reactive Marketing

Waiting for changes in the environment and reacting to them.

Proactive Marketing

Anticipating changes in the marketing environment and acting to seize opportunities.

Generational Markets

Different demographic groups characterized by shared experiences and values based on their birth years.

Competition

The rivalry among businesses to attract customers and influence market sales.

Regulatory Forces

Legal restrictions that guide marketing practices to protect companies, consumers, and society.

Socio-Cultural Forces

Influences that stem from society's characteristics, such as beliefs and values, affecting consumer choices.

Market Offerings

Products or services provided to consumers based on their needs and the overall marketing environment.

Publics

Any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives. Examples include financial publics, media publics, government publics, citizen-action publics, local publics, general public, and internal publics.

Marketing Intermediaries

Firms that help the company to promote, sell, and distribute its products to final buyers. This includes resellers, physical distribution firms, marketing services agencies, and financial intermediaries.

Suppliers

Firms and individuals that provide the resources needed by the company to produce its goods and services, affecting its production costs and product quality.

Customers (Market Types)

The primary focus of marketing efforts, categorized into consumer, business, reseller, government, and international markets.

Internal Company Environment

Comprises all departments within the organization (e.g., R&D, finance, operations, HR) that work together to serve customers and create value.

Competitors

Rival firms offering similar products or services, or satisfying the same customer need, in the market.

Natural Environment

The physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities.

Marketing

The process by which companies create value for customers and build strong customer relationships to capture value from customers in return.

Consumer Behavior

The study of the processes when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy needs or desires.

Need for Uniqueness

The desire expressed by consumers through their consumption choices.

Need for Touch

Consumers' preference for tactile information when making purchasing decisions.

Loss Aversion

The tendency of consumers to avoid losses at all costs, often leading to regret after a purchase.

Extreme Aversion

The inclination of consumers to choose options that are moderate rather than extreme.

Adoption Process

The stages consumers go through in accepting and using new innovations.

Innovators

Consumers who try novel food items early, such as lab-grown meat or 3D-printed food.

Early Adopters

Health-conscious trendsetters who adopt new products, such as oat milk or kombucha.

Situational Influences

Factors affecting purchase decisions based on the specific situation.

Cultural Factors

Shared value systems within groups that influence consumer behavior.

Social Factors

The effects of social influences on consumer buying behavior, including reference groups and opinion leaders.

Personal Factors

Individual characteristics influencing buying behavior, such as age, life cycle stage, and economic situation.

Self-Concept

Beliefs a person holds about their own attributes and how they evaluate them; includes actual and ideal self.

Psychological Influences

Internal processes that stimulate behavior to satisfy needs, including attitudes and values.

Perception

The process by which sensations are selected, organized, and interpreted, shaping consumer meaning of stimuli.

Selective Attention

The tendency to filter out most information when exposed to various stimuli.

Cognitive Dissonance

The mental discomfort experienced by a consumer after making a purchase decision.

Routine Problem Solving

A habitual decision-making process with little effort, typically for low-priced, frequently purchased products.

Limited Problem Solving

A moderate effort in the decision-making process, often used when time or effort is limited.

Extended Problem Solving

A thorough decision-making process involving significant time and effort in exploring options for high-involvement purchases.

Postpurchase Behavior

Consumer reactions after purchasing a product, which can include satisfaction, dissatisfaction, or cognitive dissonance.

Motivation

The internal state that activates goal-oriented behavior, driving consumers to satisfy their needs and desires.

Learning

A relatively permanent change in consumer behavior or knowledge due to experience, often through exposure to products or advertising.

Involvement

The perceived personal relevance and importance of a product or purchase decision to a consumer, influencing the effort put into decision-making.

Reference Groups

Groups that have a direct or indirect influence on a person's attitudes or behavior, serving as points of comparison or aspiration.

Marketing Concept

The philosophy where achieving organizational goals depends on understanding target market needs and delivering satisfaction better than competitors.

Metrics

Numeric data collected to track performance, often presented in spreadsheets and dashboards.

Market Research

Systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation.

Big Data

Massive amounts of data from various sources used for ongoing analysis, characterized by the 4 V’s: volume, velocity, variety, and veracity.

Analytics

The process of turning metrics data into actionable insights to improve business decisions.

Descriptive Analytics

Focuses on what has happened in the past, often using web and social analytics.

Predictive Analytics

Combines data from various sources to reveal patterns and predict future outcomes.

Exploratory Research

Preliminary research to clarify the scope of a marketing problem or opportunity.

Descriptive Research

Research that describes basic characteristics of a population and their usage and attitudes.

Causal Research

Research that identifies cause-and-effect relationships between variables.

Neuromarketing

Research based on physical responses to advertising rather than verbal articulation of emotions.

Primary Data

Data collected directly by the researcher for a specific purpose.