Marketing Concepts and Strategies

These flashcards cover essential marketing concepts, strategies, and the consumer buying process, providing a comprehensive review for the exam.

Core Aspects of Marketing

Marketing affects various stakeholders, satisfying customer needs and wants, and entails an exchange of value.

Value Proposition

The unique value a product or service provides to customers, communicated through product, price, place, and promotion.

Customer Excellence

A strategy focused on retaining loyal customers and providing outstanding customer service.

Operational Excellence

Emphasizing efficient operations, strong supplier relationships, and effective supply chain management.

Locational Excellence

Competitive advantage based on location that is difficult for competitors to replicate.

Market Penetration

A growth strategy focusing on existing customers to increase product usage.

Market Development

A strategy that seeks to reach new market segments with existing marketing offerings.

Product Development

Offering new products or services to current target markets.

Diversification

Introducing new products or services to market segments that are currently not served.

The 4E's of Digital Marketing

Excite, Educate, Experience, Engage - key components to effectively market in digital spaces.

Sentiment Analysis

A technique used to analyze consumer sentiments from social media and review sites.

Consumer Buying Process

A series of steps that consumers go through when recognizing a need, searching for information, evaluating alternatives, purchasing, and post-purchase behavior.

Post-Purchase Dissonance

A conflict arising from the discrepancy between expectations and actual product performance.

Derived Demand

The link between consumer demand for a company’s output and its purchase of inputs.

Buying Center

A group of individuals responsible for making purchasing decisions within a business.

Segmentation

The process of dividing a market into distinct groups with similar needs or characteristics.

Targeting Strategies

The approach a business uses to reach potential market segments, including differentiated, concentrated, and undifferentiated marketing.

Perceptual Map

A visual representation of how consumers perceive different brands or products in relation to one another.