Marketing and Strategic Planning Review

A complete set of vocabulary flashcards covering marketing basics, Maslow's hierarchy, market environments, generational cohorts, planning types, Porter's Five Forces, and the marketing research process.

Marketing

A social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value.

Modern Marketing

The practice of creating value for customers, building profitable customer relationships, and satisfying customer needs and wants, where selling and advertising are only part of the concept.

Needs

Basic human requirements that are essential for survival.

Wants

Human needs shaped by culture and personality which are unlimited and influenced by society.

Demands

Wants that are supported by buying power, where customers are willing and able to purchase.

Products

Anything offered to a market for attention, acquisition, use, or consumption to satisfy a need or want, including goods, services, experiences, ideas, places, and people.

Services

Intangible activities, benefits, or satisfactions.

Physiological Needs

The basic level of Maslow's Hierarchy of Needs including food, water, shelter, and sleep.

Safety Needs

A level of Maslow's Hierarchy of Needs including security, protection, health, and stable employment.

Social Needs

A level of Maslow's Hierarchy of Needs including love, friendship, and belongingness.

Esteem Needs

A level of Maslow's Hierarchy of Needs including respect, recognition, achievement, and self-confidence.

Self-Actualization

The highest level of Maslow's Hierarchy of Needs involving personal growth, self-fulfillment, and achieving one's full potential.

Mission Statement

A statement that explains what the company wants to accomplish and serves as the foundation for strategic planning.

Microenvironment

Forces close to the company that directly affect its ability to serve customers, including the company, suppliers, marketing intermediaries, customers, competitors, and publics.

Marketing Intermediaries

Entities that help deliver products from producers to final consumers.

Macroenvironment

Larger societal forces affecting the company including demographic, economic, natural, technological, political, and cultural factors.

Baby Boomers

The generational market born between $1946$ and $1964$.

Generation X

The generational market born between $1965$ and $1976$, known as independent and practical consumers with growing purchasing power.

Generation Y (Millennials)

The generation born after Generation X that is technology-oriented and values convenience and experiences.

Generation Z

The youngest consumer generation, described as digital natives and heavy users of social media.

Strategic Planning

Long-term planning that focuses on the company's mission and overall goals, requiring forecasting and anticipating future opportunities.

Short-term Planning

Planning that supports and implements strategic plans by focusing on specific activities and departmental goals.

Marketing Information System (MIS)

A system consisting of people, equipment, and procedures that assesses, develops, and helps managers analyze information for decision-making.

Threat of New Entrants

One of Porter's Five Forces which measures how easily new competitors can enter the market.

Threat of Substitute Products

One of Porter's Five Forces which measures the availability of alternative products.

Bargaining Power of Buyers

One of Porter's Five Forces which measures the ability of buyers to negotiate lower prices or demand better quality.

Bargaining Power of Suppliers

One of Porter's Five Forces which measures the ability of suppliers to influence prices and supply.

Competitive Rivalry

One of Porter's Five Forces which measures the intensity of competition among existing businesses.

Marketing Research

A systematic process of planning, collecting, analyzing, interpreting, and reporting information to identify opportunities and support decisions.

Marketing Research Process Steps

A six-step process: $1$. Identify/Define problems and objectives; $2$. Create Research Design; $3$. Choose Research Approach; $4$. Collect Data; $5$. Analyze and Interpret Findings; $6$. Prepare Research Report.