Marketing Midterm

Marketing

The activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings of value.

Needs

Basic human requirements for survival or satisfaction.

Wants

Desires shaped by culture, personality, and knowledge.

Exchange

The trade of things of value so each party is better off.

Marketing Mix (4 Ps)

Framework of controllable decisions to meet customer needs.

Product

Creating value through goods, services, or ideas offered.

Price

Capturing value by determining what the customer gives up.

Place

Delivering value by making products available when and where needed.

Promotion

Communicating value through persuasion, reminders, and education.

Stakeholders

All parties affected by marketing decisions (customers, employees, supply chain, community, society).

Value

The ratio of perceived benefits to costs.

Value-Based Marketing Era

Focus on delivering superior value and building long-term relationships.

Relational Orientation

Emphasis on customer retention over single transactions.

Customer Relationship Management (CRM)

Strategy to manage customer data and loyalty.

Technology-Augmented Era

Co-creating value with customers using digital tools.

Marketing Analytics

Using data to measure and predict consumer behavior.

Social Media Marketing

Engaging and building connections via digital platforms.

Mobile Marketing

Direct interaction with consumers through smartphones and apps.

Ethical Dilemmas in Marketing

Conflicts between profitability and social responsibility.

AI in Marketing

Using machine learning for personalization and predictive targeting.

Evolution of Marketing Eras

Production, Sales, Market-Oriented, Value-Based, and Technology-Augmented eras.

Marketing Strategy

Identifies a target market, related marketing mix, and sustainable advantage.

Target Market

Segment a firm chooses to serve.

Sustainable Competitive Advantage

Advantage not easily copied by competitors.

Customer Excellence

Retaining loyal customers with strong service.

Operational Excellence

Efficient operations, supply chains, and supplier relations.

Product Excellence

High perceived value and effective branding.

Locational Excellence

Prime geographic and digital presence.

SWOT Analysis

Tool for situation analysis.

Strengths

Internal advantages.

Weaknesses

Internal limitations.

Opportunities

External chances to grow.

Threats

External challenges or risks.

Mission Statement

Broad description of objectives and purpose.

Origin Story

Narrative explaining how a company was founded.

STP

Segmentation, Targeting, and Positioning framework.

Segmentation

Dividing the market into smaller groups.

Targeting

Selecting which group(s) to pursue.

Positioning

Designing offerings to occupy a distinct place in consumers’ minds.

Marketing Metrics

Tools to measure performance of marketing actions.

BCG Matrix

Portfolio evaluation tool.

Stars

High growth, high share products needing investment.

Cash Cows

Low growth, high share products generating steady cash.

Question Marks

High growth, low share products with uncertain future.

Dogs

Low growth, low share products with limited prospects.

Market Penetration

Increase sales to current customers.

Market Development

Introduce current products to new markets.

Product Development

Create new products for current markets.

Diversification

New products in new markets; riskiest strategy.

Business Ethics

Right and wrong decisions in a business context.

Marketing Ethics

Ethical dilemmas specific to marketing practices.

Conscious Marketing

Recognizing marketing’s higher purpose, stakeholders, leadership, and ethics.

Greater Purpose

Going beyond profit to create societal good.

Stakeholder Interdependence

Recognizing how decisions affect all parties.

Conscious Leadership

Leaders modeling responsibility and ethics.

Conscious Culture

Embedding ethical values throughout the organization.

Corporate Social Responsibility (CSR)

a business self-regulation model where companies integrate social and environmental concerns into their operations and interactions with stakeholders

Triple Bottom Line

Evaluating economic, social, and environmental outcomes.

Economic Performance

Profitability and financial health.

Social Performance

Contributions to communities and society.

Environmental Performance

Efforts to protect and sustain natural resources.

Ethical Decision-Making Framework

Four-step guide to ethical choices.

Identify Issues

Define the ethical problem.

Gather Information

Understand facts and stakeholders.

Brainstorm Alternatives

Explore possible actions.

Choose a Course of Action

Select the most ethical solution.

Employees

Need safe, fair, and motivating work environments.

Customers

Gain awareness, trust, and loyalty to acquire this

Marketplace

the strategies used by an entity to promote a multi-sided digital platform that connects various user groups

Society

This benefits from corporate responsibility initiatives.

Environment

Protected through sustainable practices.

Immediate Environment

Company, competitors, corporate partners, and physical environment.

Company Capabilities

Core competencies that drive competitive advantage.

Competitors

Other firms offering similar products/services.

Corporate Partners

External allies working with the firm.

Physical Environment

The natural world influencing marketing.

Green Marketing

Promoting genuinely sustainable products.

Greenwashing

Misleading claims about environmental practices.

Sustainable Development Goals (SDGs)

UN’s 17 global goals for sustainability.

Macroenvironment

Broad external influences on marketing.

Culture

Shared values and beliefs shaping behavior.

Demographics

Statistical traits of populations.

Social Trends

Emerging consumer behaviors (e.g., health, sustainability).

Technology

Innovations affecting marketing tools and processes.

Economic Situation

State of the economy influencing spending and pricing.

Political/Legal Environment

Laws and regulations governing business.

Gen Alpha

Born 2010–2025; digital natives.

Gen Z

Born 1997–2009; tech-driven and socially conscious.

Millennials (Gen Y)

Born 1981–1996; value experiences.

Gen X

Born 1965–1980; skeptical and practical.

Baby Boomers

Born 1946–1964; affluent and health-focused.

Federal Food and Drug Act

Prohibited misbranded food/drug sales (1906).

Federal Trade Commission Act

Established FTC to regulate unfair competition (1914).

Nutrition Labeling and Education Act

Required nutrition info on packaging (1990).

Globalization

Flow of goods, services, people, and ideas across borders.

Country Market Assessment

Evaluating a nation’s attractiveness for business.

Economic Analysis

Examining GDP, GNI, PPP, and income.

Infrastructure

Transport, communication, commerce systems.

Government Actions

Tariffs, quotas, exchange controls, trade agreements.

Sociocultural Analysis

Understanding values, language, and culture.