Marketing Unit 1: Introduction to marketing

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Marketing Mix

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

Marketing

17 Terms

1

Marketing Mix

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

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2

4P's

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

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3

4C's

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

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4

Strategic Marketing

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

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5

SWOT Analysis

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

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6

PESTLE Analysis

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

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7

Market Segmentation

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

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8

Target Market

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

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9

Market Positioning

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

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10

Buyer Behavior

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

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11

Complex Buying Behavior

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

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12

Dissonance-Reducing Buying Behavior

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

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13

Habitual Buying Behavior

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

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14

Variety-Seeking Behavior

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

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15

Consumer Buying Process

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

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16

Organizational Buyers

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

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17

Selling

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

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