Marketing Notes

Unique Selling Propositions (USPs)

Distinctive features or characteristics of a product/service that differentiate it from competitors and provide a compelling reason for customers to choose it.

Market

A place where buyers and sellers gather to exchange goods/services or the potential customers who can purchase a specific product.

Product Orientation

Marketing approach focusing on designing high-quality products and promoting them based on their features, quality, and uniqueness.

Sales Orientation

Marketing approach emphasizing quick sales and revenue generation through aggressive sales tactics and meeting short-term goals.

Market Orientation

Marketing approach centered on understanding and meeting customer needs through market research and tailored products/strategies.

Customer Orientation

Marketing approach prioritizing exceptional customer experiences, individual needs fulfillment, and long-term relationships over short-term profits.

The Marketing Concept

Companies analyzing customer needs to make decisions that better satisfy those needs compared to competitors.

Industrial Goods

Goods used by businesses for production, including raw materials, processed goods, and finished goods.

Consumer Goods

Goods sold to the general public, distinguishing between consumer goods and industrial goods based on the buyer's purpose.

Services (Industrial or Consumer)

Services categorized similarly to goods, distinguishing between consumer services and industrial services.

The Consumer Market

All consumers and potential consumers who purchase a product, often referred to as the target market.

Competitive Market

Market where all companies compete for consumers' spending, aiming to attract customers with their offerings.

The Marketing Mix

Product, Price, Place, and Promotion - key elements in marketing strategy to create, communicate, and deliver value to customers.

Distribution Strategies

Push, Pull, and Combination - methods used to push products to consumers, pull consumers towards products, or a mix of both.

The Buying Process

Stages consumers go through before making a purchase, including Awareness, Search, Evaluation, Trial, and Purchase.

Maslow's Hierarchy of Needs

Psychological theory categorizing human needs into five levels, from basic physiological needs to self-actualization.

Competitive Advantage

Strategies and assets that give a business an edge over competitors, aiming for sustainable advantages in the long term.

Product Life Cycle

Stages a product goes through from Introduction to Decline, including Growth, Maturity, and strategies for each stage.