Marketing Principles and Strategies Flashcards

This set of fill-in-the-blank flashcards covers the fundamental principles of marketing, including the differences between traditional and contemporary marketing, customer needs and wants, and the core concepts and factors for developing marketing strategies.

Marketing is the __________ of creating tangible products/goods or services and finding the market, getting and retaining them to attain profitable operations.

art and science

Marketing is a __________ process that marketers must communicate the sustainable value of the product or service to its target market.

societal

The two interacting components of marketing that are equally important are the __________ and its market.

company

Marketing people should balance between the company’s requirements for profit and desired __________.

market share

Marketing involves the customer’s maintenance of __________ that should last for lifetime.

relationships

__________ Marketing focuses heavily on the product, mass production, and sales, with the primary goal of "making and selling."

Traditional

__________ Marketing, also known as Holistic Marketing, emphasizes customer satisfaction, building long-term loyalty, and considering societal well-being.

Contemporary

Contemporary Marketing considers societal well-being, specifically including __________ and ethics.

sustainability

A __________ is the consumer’s desire for a product or service that satisfies functional needs.

Need

The basic human needs that marketers must be able to provide to the human population are food, clothing, and __________.

shelter

__________ are higher-level human needs as they appeal more to the emotions and social needs for recognition.

Wants

The development of technology and different electronic gadgets are characterized as human __________.

wants

Marketing must be __________ Oriented, meaning planning and operation must be directed towards determining what will satisfy target customers.

Customer

As part of coordinated marketing activities, the __________ must be within reach for the customer.

place of distribution

Marketing goals and objectives hinge on the increase in __________ and customer’s patronage.

sales volume

Effective __________ System is vital for the procurement of quality and affordable materials for processing products.

Financial Management

The value of __________ in marketing refers to the employees who must develop work ethics and commitment to the marketing efforts.

Human Resources

Production efforts result in __________ when products fail to reach their target market, regardless of volume.

useless inventory

Marketing strategies must develop customer __________ to the brand or the product to sustain patronage against competitors.

loyalty

The __________ Marketing strategy is used to determine if a company can produce a viable product and the marketing method by which the need can be filled.

Traditional concept