Marketing Unit 1: Introduction to marketing

This is adapted from my professors ppt for quick revision of basic conceptual ideology

Marketing Mix

A blend of strategies and practices designed to drive business and promote products effectively.

4P's

Product, Place, Price, Promotion - the four controllable elements of a marketing strategy.

4C's

Customer Wants and Needs, Convenience, Cost, Communication - the consumer perspective of marketing.

Strategic Marketing

The use of marketing disciplines to achieve organizational goals and maintain a competitive advantage.

SWOT Analysis

A strategic planning tool that identifies Strengths, Weaknesses, Opportunities, and Threats.

PESTLE Analysis

A framework for analyzing the external environment, focusing on Political, Economic, Social, Technological, Legal, and Environmental factors.

Market Segmentation

The process of dividing a market into distinct subsets of consumers with common needs or characteristics.

Target Market

A specific group of consumers that a company aims to reach with its products or services.

Market Positioning

The act of designing a company's offering and image to occupy a distinctive place in the minds of the target market.

Buyer Behavior

The decision processes and acts of individuals or groups involved in purchasing and using products.

Complex Buying Behavior

Extensive research and decision-making process for high-involvement purchases.

Dissonance-Reducing Buying Behavior

Buying behavior characterized by significant research and anxiety over brand choice.

Habitual Buying Behavior

Low-involvement purchasing with minimal research, often for everyday products.

Variety-Seeking Behavior

Switching between brands for the sake of novelty rather than dissatisfaction.

Consumer Buying Process

Stages including Problem Recognition, Information Search, Evaluation of Alternatives, Purchase Decision, and Post-Purchase Evaluation.

Organizational Buyers

Entities that purchase products and services for business, government, or nonprofit use.

Selling

focuses on converting goods into money, while marketing emphasizes serving and satisfying customer needs.