Marketing Fundamentals: Branding, Era Shifts, 4 P's, and Customer Segmentation

What is the purpose of branding in marketing?

To encourage purchase.

How do Consumer Reports Ratings evaluate products?

They rate all products objectively, similar to branded products.

What was the Simple Trade Era?

A period before the 1860s when products were made by hand or traded in small quantities.

What characterized the Production Era (pre-1920s)?

An inward focus with technical developments improving efficiency, in a seller's market where demand exceeded supply.

What was the main focus during the Sales Era (1920s)?

Selling what was made through aggressive promotion and short-term profit maximization.

What significant shift occurred during the Marketing Era (1940s-1990s)?

Customers became the central focus of organizations, introducing marketing orientation.

What is the focus of the Relationship Marketing Era (1990s-2010)?

Long-term relationships and customer retention, with significant profitability improvements from retention.

What does the Societal Marketing Era (1960s-present) emphasize?

Corporate social responsibility and serving the interests of the company, customer, and society.

What are the 4 P's of the Marketing Mix?

Product, Place, Price, and Promotion.

What does 'Product' refer to in the Marketing Mix?

Goods, services, or ideas offered to customers, including features, design, packaging, and branding.

What is meant by 'Place' in the Marketing Mix?

The methods and channels used to make products available to customers, like physical stores and online marketplaces.

What is the role of 'Promotion' in marketing?

Methods used to communicate and persuade potential customers to buy products, including advertising and public relations.

What does 'Pricing' involve in marketing?

Determining product prices, including dynamic pricing based on various factors.

What is a Market Opportunity?

A situation where circumstance and timing create strategic windows for businesses.

What are Core Competencies?

Things a firm does well that contribute to its competitive advantage.

How is Competitive Advantage defined?

What makes a firm's goods or services superior to other choices.

What is the relationship between Market Opportunity, Core Competency, and Competitive Advantage?

Market opportunity combined with core competency leads to competitive advantage.

What is the starting point of all businesses?

Value, which is subjective and not the same as low price.

What is Customer Segmentation?

The process of dividing a customer base into smaller groups with similar needs or characteristics.