Introduction to Marketing - Course Review Flashcards

Vocabulary flashcards covering core marketing concepts, strategy, environment, market research, and consumer behavior based on Chapters 1 through 5 of the lecture notes.

Marketing

Creating, communicating, delivering, and exchanging offerings that provide value to customers.

Need

A felt deprivation.

Want

A need shaped by culture and personality.

Demand

A want backed by buying power.

Market

Actual and potential buyers.

Marketing Management

Choosing target markets and building profitable customer relationships.

Target Market

The customers a company chooses to serve.

Value Proposition

Benefits and value a company promises to deliver to customers.

4 Ps of Marketing

Product (what you sell), Price (what it costs), Place (where/how it is sold), and Promotion (how you communicate it).

Societal Marketing

A marketing concept that considers consumer wants, company needs, and consumers' long-term interests.

Customer Relationship Management (CRM)

Managing customer information and relationships to build loyalty.

Partner Relationship Management

Working with partners to create value.

Customer Equity

The total value of customer relationships.

Strategic Planning

Creating and maintaining a fit between company goals/capabilities and changing opportunities.

Mission Statement

A statement of the company's purpose, values, and long-term goals.

Business Portfolio

All of a company's businesses and products.

Portfolio Analysis

Evaluating the company's businesses/products and deciding how much support each deserves.

Strategic Business Units (SBUs)

Individual businesses or product areas that can be evaluated separately.

BCG Growth-Share Matrix

A planning tool that uses resources from successful/mature businesses to support promising businesses in growing markets.

Value Chain

Company departments that create value through design, production, marketing, delivery, and support.

Value Delivery Network

The network made of the company, suppliers, distributors, and customers working together to create value.

Market Segmentation

Dividing customers into groups with different needs, characteristics, or behaviors.

Market Targeting

Choosing which market segment(s) to serve.

Market Positioning

Creating a clear and distinctive place for your product in customers' minds compared with competitors.

Microenvironment

Actors close to the company, including company, suppliers, marketing intermediaries, customers, competitors, and publics.

Macroenvironment

Larger societal forces, including demographic, economic, natural, technological, political, and cultural forces.

Generational Marketing

Segmenting people based on lifestyle or life stage, rather than just age.

Customer Insights

Fresh information about customers and the marketplace used to create value and relationships.

Big Data

Huge and complex data sets gathered from transactions, marketing research, social media, connected devices, and digital sources.

Marketing Information Ecosystem (MIE)

People, processes, and assets used to collect, develop, and apply marketing information.

Competitive Marketing Intelligence

Collecting and analyzing publicly available information about customers, competitors, and the marketing environment.

Marketing Research

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

Exploratory Research

Research conducted to explore a problem.

Descriptive Research

Research conducted to describe a situation.

Causal Research

Research conducted to find cause and effect.

Secondary Data

Information that already exists and was collected for another purpose.

Primary Data

Information collected specifically for the current purpose.

Observational Research

Collecting information by watching people and actions.

Ethnographic Research

Watching and interacting with consumers in their natural environment.

Marketing Analytics

Finding useful patterns in big data to gain insights and measure marketing performance.

Consumer Behavior

Everything people do when searching, selecting, purchasing, using, evaluating, and disposing of products or services.

Subcultures

Groups within a culture with shared values based on common experiences and situations.

Maslow's Hierarchy of Needs

A 5-level hierarchy ordered from bottom to top: 1. Physiological, 2. Safety, 3. Social, 4. Esteem, 5. Self-actualization.

Consumer Decision-Making Process

A 5-step process ordered: 1. Problem Recognition, 2. Information Search, 3. Alternative Evaluation, 4. Purchase Decision, 5. Postpurchase Evaluation.

Perception

The process of selecting, organizing, and interpreting information to create a meaningful picture of the world.

Learning

A change in behavior resulting from experience, involving drives, stimuli, cues, responses, and reinforcement.