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Marketing

The process of creating value for customers, establishing strong customer relationships, and capturing value from customers in return.

Needs

Basic requirements for human survival like food.

Wants

Desires that satisfy needs, such as choosing between burger, pasta, or rice to fulfill hunger.

Demand

When individuals have the desire and financial capacity to buy a specific product.

Value

Customer's assessment of benefits and costs of a product compared to competitors.

Satisfaction

Customer's perception when a product's performance meets or exceeds expectations.

Market

Where buyers and sellers interact, including physical locations and e-commerce platforms.

Micro Environment

Factors like company, customers, suppliers, competitors, and marketing intermediaries that directly impact a business.

Macro Environment

External factors like political, economic, social, technological, environmental, legal, and demographic influences on a business.

SWOT Analysis

Evaluation of a business's strengths, weaknesses, opportunities, and threats.

Segmentation

Dividing markets into distinct groups based on geographic, demographic, psychographic, and behavioral factors.

Targeting Strategies

Approaches like undifferentiated, differentiated, concentrated, and micro marketing to reach specific market segments effectively.

Positioning Statement

A concise summary of a brand's unique position in the market for a target segment.

Positioning Maps

Visual representations of customer perceptions of brands and competitors on key attributes.

Levels of a Product

Core (basic benefit), Actual (physical product), and Augmented (additional features beyond the physical product).

Types of Consumer Goods

Convenience goods (frequently purchased), Shopping goods (comparatively purchased), and Specialty goods (unique, high-priced, emotional attachment).

Specialty Goods

Consumer products with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase.

Unsought Goods

Consumer products that the consumer either does not know about or knows about but does not normally consider buying.

Marketing Channels

The pipeline of organizations involved in making a product or service available for use or consumption by consumers or businesses.

Transactional Functions

Marketing functions involving contacting/promotion and negotiating with suppliers.

Logistical Functions

Marketing functions involving physical distribution, storing, and sorting of products.

Facilitating Functions

Marketing functions involving researching, analyzing customer feedback, and financing.

Intensive Distribution

A channel strategy where a product is made available in as many outlets as possible to achieve maximum market coverage.

Selective Distribution

A channel strategy where a product is sold through a limited number of carefully chosen retailers or wholesalers.

Exclusive Distribution

The most restrictive form of market coverage where a single retailer or distributor is granted the exclusive right to sell a product within a specific geographic area.

Price Ceiling

The highest possible price target customers are willing to pay for a product or service.

Price Floor

The lowest possible price a company is willing to accept for its products or services.

Product Life Cycle

The stages a product goes through from introduction to decline, including introductory, growth, maturity, and decline stages.

Market Skimming

Pricing strategy starting with a high price and gradually reducing it to capture different market segments.

Market Penetration

Pricing strategy starting with a low price and gradually increasing it to attract price-sensitive consumers.

Product Line Pricing

Pricing strategy involving different prices for different lines of product offerings to cater to different customer segments.

Optional Pricing

Pricing strategy where add-ons come with additional prices to allow customers to choose and pay for what they need.

Product Bundle Pricing

Pricing strategy where a bundle of products is priced as a package, usually cheaper than buying them separately.

Captive Pricing

Pricing strategy where the base product is priced low, and refills or replenishments are priced higher to encourage repeat purchases.

Psychological Pricing

Pricing strategy setting prices at specific points to create a psychological effect of a bargain, like odd-even pricing.

Public Relations

Focuses on building good relations with the company's various publics by obtaining favourable publicity, building a good corporate image, and handling or heading off unfavourable rumours, stories, and events.

Personal Selling

Involves a process where personal presentation by the sales force encourages sales and building customer relationships.

Searching Marketing

Gaining online presence and traffic through usually paid strategies (i.e. Google AdWords, Bing, Yahoo, etc.).

Search Engine Optimisation

An organic strategy to optimize the visibility of a site or online content through the use of keywords.

Social Media

A digital platform that allows users to create and share posts (i.e. Facebook, Instagram, TikTok, LinkedIn, Twitter, etc.).

Video

A recording of moving visual-audio medium that can be broadcast and played back (i.e. YouTube, Vimeo, etc.).