Marketing Concepts and Strategies

A set of flashcards covering key marketing concepts and terms for exam preparation.

What is marketing?

The process by which companies create value for customers.

Market offerings

A combination of products, services, information, or experiences offered to a market to satisfy a want/need.

Target market

The primary group of customers a firm would prefer to exchange with.

Marketing mix

The combination of Product, Price, Place, and Promotion strategies used to create value for customers.

Customer Perceived Value

The difference between customers' perceived benefits and their perceived costs.

Customer Satisfaction

The perceived performance of a product compared to a buyer's expectations.

Mission statement

An organization's purpose and what it wants to accomplish.

SWOT Analysis

A strategic planning tool that evaluates Strengths, Weaknesses, Opportunities, and Threats of a company.

Corporate partners

Key entities in the marketing environment that provide resources for producing goods and services.

Sustainable Competitive Advantage

A marketing strategy that includes a relevant marketing mix and path toward maintaining an edge over competitors.