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Marketing
Activity for creating and exchanging value offerings.
Creating Value
Collaborating with suppliers and customers for offerings.
Communicating Value
Describing offerings to potential customers effectively.
Delivering Value
Presenting offerings to attract and optimize customer value.
Exchanging Value
Trading value for products or services offered.
Value
Benefits received minus costs incurred by customers.
Non-Financial Costs
Time and effort spent in the shopping process.
Marketing Mix
Combination of product, price, place, and promotion.
Product/Service
The goods or services offered to customers.
Promotion
Activities to inform and persuade potential buyers.
Place/Distribution
Activities to deliver products to customers effectively.
Price
Everything a buyer gives up for a product.
Market Oriented
Focus on identifying and satisfying customer needs.
Production Oriented
Emphasizes efficiency and reducing production costs.
Selling Oriented
Focuses on pushing products through direct sales.
Product Oriented
Emphasizes product innovation and differentiation.
Value Orientation
Tailoring offerings to exceed customer expectations.
Strategic Planning
Allocating resources to capitalize on market opportunities.
Situation Analysis
Evaluating internal and external marketing environments.
Mission Statement
Defines the organization's purpose and direction.
Segmentation
Dividing the market into distinct groups of consumers.
Targeting
Selecting specific segments to focus marketing efforts.
Positioning
Creating a distinct image of a product in consumers' minds.
Marketing Metrics
Tools for evaluating marketing performance and effectiveness.
Sustainability
Reducing resource use and managing product disposal.
Service-Dominant Logic
Focus on delivering value through overall offerings.
Ethics and Social Responsibility
Businesses acting ethically and improving societal conditions.
Global Environment problems
Challenges faced by businesses in international marketplace.
Micro Environment
Internal factors affecting a company's operations.
Macro Environment
External factors influencing business performance.
Corporate Partners
Allies that support a company's operations.
SWOT Analysis
Framework for identifying strengths, weaknesses, opportunities, threats.
Strengths
Internal attributes that provide a competitive advantage.
Weaknesses
Internal factors that hinder a company's performance.
Opportunities
External chances to improve performance and growth.
Threats
External challenges that could harm business success.
Organizational Objectives
Results a company aims to achieve over time.
Strategies
Plans to achieve organizational objectives effectively.
Tactics
Specific actions taken to execute strategies.
Market Penetration
Increasing sales of existing products to current customers.
Product Development
Creating new products for existing target customers.
Market Development
Entering new markets with existing products.
Diversification
Entering new markets with new products.
Sustainable Competitive Advantage
Long-term advantage that competitors cannot easily replicate.
Locational Excellence
Advantage through strategic location or online presence.
Operational Excellence
Efficiency in operations and supply chain management.
Product Excellence
Unique products with high perceived value.
Customer Excellence
Retaining loyal customers through superior service.
Strategic Business Unit (SBU)
Division with its own competitors and strategic plans.
BCG Matrix
Portfolio analysis tool categorizing products by growth and market share.
Stars
High growth and high market share products.
Cash Cows
Low growth but high market share generating cash.
Question Marks
High growth but low market share needing investment decisions.
Dogs
Low growth and low market share, often divested.
Consumer Behavior
Study of why people buy products or services.
Consumer Decision Making Process
Five-step process describing how purchases are made.
Needs/Wants Recognition
Identifying a need for a product or service.
Search
Gathering information to inform purchase decisions.
Evaluation
Comparing products based on key criteria.
Post-Purchase Evaluation
Assessing satisfaction after using a product.
Product Disposal
Deciding how to recycle or dispose of a product.
Low Involvement
Impulse buying. Less attention, peripheral processing, generates weak attitudes and increased use of cues.
High Involvement
Extending problem-solving. Greater attention, deeper processing, develop strong attitudes and purchase intentions.
Situational factors
You need something in a situation, like a gift for an anniversary; price is secondary.
Social norms
Guides the purchase, e.g., bringing a bottle of wine to someone's house.
Time
Limited before you have to do something else, e.g., only 30 minutes to eat something.
Reason for purchase
There is a reason you need to purchase it, such as to fit in.
Personal Factors
Include gender, age, and stage of life, which influence purchasing behavior.
Lifestyles, activities, interests and opinions
Activities drive your purchase decision, e.g., gym attire.
Mood
The customer's mood can influence their decision.
Personality and self-concept
How we see ourselves, e.g., neuroticism reflects emotional stability.
Motivation
Describes the driving forces behind consumer behavior.
Perception
How we perceive the world, e.g., optimist vs. pessimist.
Learning
Our decisions change due to our learning of certain categories.
Attitude
We may not own the product but feel something negative or positive about it.
Behaviour
Attitudes lead to our _____
Culture
Opinions on LGBTQ2+ rights can vary between different cultural contexts.
Subculture
Distinct cultural groups within a larger culture, e.g., Indie Rock vs. Heavy Metal Rock.
Social class
Defined social classes influence purchasing behavior.
Reference groups and opinion leaders
Influencers like celebrities can affect consumer choices.
Family
can be decision makers and influencers in purchasing.
Maslow's Hierarchy of Needs
A five-tier model of human needs arranged in a pyramid, from physiological to self-actualization.
Physiological Needs
Basic survival needs such as food, water, shelter, and sleep.
Safety Needs
The need for security, stability, and protection from harm.
Love and Belonging
The desire for social relationships, friendships, love, and connection.
Esteem Needs
The need for self-esteem, respect, recognition, and accomplishment.
Self-Actualization
The desire to achieve personal growth, reach one's potential, and pursue meaningful activities.
Marketing Research
A method used by companies to answer specific questions about consumers.
Define the Problem
Identify the underlying problem or opportunity, investigating potential causes.
Design the Research
Plan how to gather the required data, choosing between primary and secondary data.
Design Data Collection Forms
Create structured questionnaires or discussion guides for interviews.
Specify the Sample
Define the target population and create a sampling frame.
Collect the Data
Use surveys, observations, or physical measurements to gather information.
Analyze the Data
Clean, tabulate, and examine the data to draw conclusions.
Write the Research Report
Compile findings, including an executive summary, methodology, findings, and recommendations.
B2B Buying Process
Complex decisions involving multiple stakeholders and negotiations.
B2C Buying Process
Simpler decisions made by individual consumers.
Producers
Companies transforming products/services into new offerings.
Resellers
Companies selling products without modification.
Governments
Major buyers purchasing diverse goods and services.
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