Principles of Marketing Lecture Notes

Flashcards covering key vocabulary and concepts from the Principles of Marketing lecture.

Marketing Myopia

The idea that companies focus too much on the efficiency of products rather than customer needs, leading to missed growth opportunities.

4 Ps of Marketing

The integrated marketing offer consisting of Product, Price, Promotion, and Place.

Customer-Centricity

A marketing approach that prioritizes understanding and fulfilling customer needs over just technological considerations.

Transactional Focus

A marketing approach centered on single sales and product features, with limited customer commitment.

Relationship Focus

A marketing approach that emphasizes customer retention and long-term relationships over one-time sales.

AMA Definition of Marketing (1985)

Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of goods, services, and ideas to create exchanges that satisfy individual and organizational goals.

Segmentation

The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors.

Customer Value

The difference between the perceived benefits received from a product and the perceived sacrifices made to obtain it.

Market-Driven

An orientation where businesses understand and react to preferences and behaviors within the market.

Group Assessment Essay

An assignment where students work in teams to deliver a maximum 2,000 word essay on a course topic, constituting 40% of their assessment.