MKTG 310 Principles of Marketing - Week 10 Lecture Notes

The flashcards cover essential vocabulary and concepts presented in the MKTG 310 Principles of Marketing Week 10 lecture notes.

Marketing Segmentation

The process of dividing a broad consumer or business market into sub-groups of consumers based on shared characteristics.

Target Market

A specific group of consumers identified as the recipients of a planned marketing message.

Marketing Mix (4 Ps)

A combination of Product, Price, Place, and Promotion strategies used to market a product.

Product Life Cycle

The stages a product goes through from introduction to growth, maturity, and decline.

Direct Marketing Channels

Sales channels that allow consumers to buy products directly from the producer.

Logistics

The activities involved in getting the right amount of the right products to the right place at the right time.

Supply Chain

The network of companies and intermediaries that work together to produce and deliver a product.

Reverse Logistics

The process of reclaiming recyclable and reusable materials from the point of consumption.

Pricing Objectives

Goals that guide decisions about pricing strategies based on company objectives.

Corporate Social Responsibility (CSR)

The obligation of companies to act in the best interests of their environment and society as a whole.

Ethics in Marketing

The moral principles that guide marketing decisions and practices.

Consumer Behavior

The study of how individuals make decisions to spend their resources on consumption-related items.

Channel Intermediaries

Entities that help distribute a product from the manufacturer to the end user.

Value Creation

The process of increasing the worth of a product or service to consumers and businesses.

Advertising

A paid form of non-personal communication about products, services, or ideas from an identified sponsor.

Promotional Strategy

A plan that details the communication and promotional activities used to achieve marketing objectives.

Integrated Marketing Communications

The coordination of various promotional tools to deliver a consistent message.

Brand Equity

The value added to a product by having a well-known brand name.

Customer Acquisition

The process of gaining new customers to generate more sales.

Customer Retention

The ability of a company to retain customers over time.

Skimming Price Strategy

Setting a high price for a new product to maximize profits from early adopters before lowering it for larger market penetration.

Penetration Pricing Strategy

Setting a low price for a new product to attract customers and gain market share quickly.

Social Media Marketing

The use of social media platforms to connect and engage with consumers to promote products or brands.

Digital Marketing

Marketing that uses electronic devices and technology to promote products and services.

Content Marketing

Creating and sharing valuable content to attract and engage a defined audience.

Social Media Engagement

The interaction between a brand and its audience on social media platforms.

Influencer Marketing

A strategy that involves partnering with influential people to promote products or services.

Ethics of Exchange

The ethical considerations involved in the buying and selling process.

Self-Disclosure in Marketing

The extent to which a brand reveals information about itself to engage with consumers.

Customer Experience

The overall impression and interaction a customer has with a brand throughout the buying process.