Introduction to Marketing - MKT324

Vocabulary-style flashcards covering the fundamental definitions and concepts of marketing, the four Ps, and market exchange based on the lecture notes.

Marketing

The activity of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Market

A group of people, organizations, or entities who have a need or want for a product, and the ability and willingness to exchange something else for it.

Exchange

A process involving at least two parties who desire to do business, where each has something of value, can communicate and deliver their offering, and is free to accept or reject the offer.

Aim of Marketing (Peter Drucker)

To know and understand customers so well that the product or service fits them and sells itself.

Product Benefits

The value provided to a customer, which can be functional (taste, caffeine) or emotional (nostalgia, coziness, comfort).

Place (Limited Edition)

A strategy that creates a sense of urgency, strengthens seasonal association, and creates anticipation for a product.

Price

A marketing mix element where higher levels can signal quality and exclusivity, or lower levels can maximize profit by matching a consumer's willingness to buy.

Promotion

The act of communicating value and tapping into specific consumer trends, seasons, or humor to ensure customers are aware of the opportunity for exchange.

Iceberg Principle

A concept illustrating that while many people only see the promotion and advertising aspect of marketing, the actual field is complex, strategic, and quantitative.

Destination Products

Products that have such a strong following that people will go out of their way to acquire them.

Good Marketing

A Win-Win scenario where both customers and marketers prosper and benefit.

Unethical Marketing

A Win-Lose scenario where the marketer takes advantage of customers.

Dumb Marketing

A Lose-Win scenario where customers take advantage of the marketer.

Wasteful Marketing

A Lose-Lose scenario where neither the customers nor the marketers prosper.

Differentiation

A process driven by competition where companies must convince customers their product is better than similar offerings.

Marketing Mix

The four core functions of marketing: Product, Price, Place, and Promotion.