Marketing: Helping Buyers Buy

This set of flashcards covers key concepts and terms related to marketing as discussed in the lecture notes.

Marketing

The activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings with value for customers, clients, partners, and society at large.

Selling Era

A marketing era where the focus was on selling and advertising to persuade consumers to buy existing products.

Production Era

An era characterized by a philosophy of producing as much as possible due to a perceived limitless market.

Marketing Concept

A three-part business philosophy focusing on customer orientation, service orientation, and profit orientation.

Customer Relationship Management (CRM)

A strategy for learning as much as possible about present customers to satisfy or exceed their expectations.

Digital Marketing

Marketing strategies that leverage the power of digital technology to reach consumers effectively.

Marketing Mix

The combination of product, price, place, and promotion strategies that marketers use to achieve their objectives.

Segmentation

Dividing the total market into groups whose members have similar characteristics.

Niche Marketing

Finding small but profitable market segments and designing products for them.

Consumer Decision-Making Process

The sequence of stages a consumer goes through when making a purchase, including problem recognition, information search, evaluation of alternatives, purchase decision, and post-purchase evaluation.