Lecture 1: Introduction to Marketing Concepts and Frameworks

Flashcards generated from Lecture 1 of Marketing Management 2605501 covering core marketing definitions, orientations, frameworks, and course expectations.

What is the required textbook for the Marketing Management 2605501 course?

Principles of Marketing (20th edition) by Philip Kotler, Gary Armstrong, and Sridhar Balasubramaniam (Pearson; 2026).

How many marketing examples are students required to prepare for use in the final exam?

At least 10 examples.

What are the three learning skill sets required in the study of marketing?

1. Theory (understanding key concepts and models), 2. Evidence (following news and brand stories), and 3. Practice (putting marketing into action with logical justification).

What quote by Philip Kotler describes the learning process of marketing?

“Marketing takes a semester to learn but a lifetime to master”

What are the three core business functions of Marketing within an organization?

1. Find Customers, 2. Increase Sales Revenues, and 3. Develop Strong Brands.

How is Marketing defined by Kotler and Armstrong?

Marketing is a process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

What formula defines Demand in relation to Wants and purchasing power?

Wants + $$ = DEMAND

What are Market Offerings?

Products, services, information, or experiences offered to a market to satisfy a need or want.

What is the core idea of the Production Concept?

To make products cheap and affordable.

What is the core idea of the Product Concept?

To make products fancy and full of features and functions.

What is the core idea of the Selling Concept?

To push products aggressively ("sell what we can make"), viewing customers as passive.

How is Marketing Myopia defined?

Paying more attention to specific products than to the benefits and experiences produced; in short, the company can see the product but cannot see customer needs.

How does the Marketing Concept differ from the Selling Concept?

The Marketing Concept focuses on customer needs before and after the sale ("only make what we can sell"), whereas the Selling Concept pushes existing products onto customers ("sell what we can make").

What is the Societal Marketing Concept?

An approach requiring marketers to sell products and services with ethics and social responsibility, considering customer safety, economic value, environmental impact, and culture.

What is the mathematical formula for customer satisfaction provided in the lecture?

Satisfaction = Performance minus (-) Expectations

Why are long-term customer relationships important in marketing?

Relationships build brand equity, increase customer value over time, drive peer-to-peer recommendations, form brand communities, and cost less than acquiring new customers.

How are B2B and B2C markets defined in the context of the lecture?

B2B involves "selling solutions to organizations," while B2C focuses on "personal or end-user consumption."

What are the traditional 4 Ps of the Marketing Mix?

Product, Price, Promotion, and Place.

How can the Marketing Mix be expressed statistically in relation to sales?

$Y = f(X)$, where $Y$ represents sales (dependent variable) and $X$ represents one or more marketing mix variables (independent variables).

What additional 3 Ps are included in the 7 Ps of Services Marketing?

People, Physical Evidence, and Process.

How do the firm and consumer differ in their view of the Product element in the 4 Ps Mirror Concept?

The marketing firm views Product in terms of quality, functions, and differentiation, while the consumer views Product in terms of whether it meets their needs and expectations.

Why is marketing described as contextual?

While universal marketing principles exist, applications must be adapted because different products have unique characteristics requiring different marketing mix treatments.