4.1 Introduction to marketing and its role

Marketing

The function of the business responsible for understanding customer needs and developing products, setting prices, and promoting and distributing products.

Customer-Centric

An approach that places the customer at the center of the business strategy and decision-making process.

Market Orientation

A business approach that establishes consumer demand through market research before producing and selling a product.

Product Orientation

A business approach focused on making the product first before attempting to sell it, assuming that supply creates its own demand.

Marketing Mix

The combination of factors that can be controlled by a company to influence consumers' purchase decisions, traditionally the 4Ps (Product, Price, Place, Promotion) or 7Ps for services.

Market Research

The process of gathering, analyzing, and interpreting information about a market.

SWOT Analysis

A strategic planning tool that identifies the Strengths, Weaknesses, Opportunities, and Threats of an organization.

Market Share

The portion of a market controlled by a particular company or product.

Branding

The process of creating a unique name and image for a product in the consumers' mind.

E-commerce

The buying and selling of goods or services using the internet.

Social Media Marketing (SMM)

A marketing approach that uses social networking websites to promote products.

Ethics in Marketing

The moral principles guiding marketing practices, including issues around fairness, honesty, and respect towards consumers.

Customer Needs

The essential requirements or desires that drive consumers in their purchasing decisions.

Unique Selling Proposition (USP)

A marketing concept that refers to the unique benefit or feature that makes a product stand out from its competition.

Segmentation

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

Targeting

The strategy of selecting one or more segments to serve based on their attractiveness and the company's capabilities.

Positioning

The process of establishing the image or identity of a brand or product in the minds of consumers.

Customer Journey

The complete experience a customer has with a brand, from awareness to purchase and beyond.

Lead Generation

The process of attracting and converting strangers and prospects into someone who has indicated interest in your company's product or service.

Conversion Rate

The percentage of visitors who take a desired action, such as making a purchase or signing up for a newsletter.

Digital Marketing

Marketing efforts that use the internet and digital devices to reach consumers.

Content Marketing

A marketing strategy focused on creating valuable, relevant content to attract and engage a clearly defined audience.

SEO (Search Engine Optimization)

The process of improving a website to increase its visibility in search engine results.

PPC (Pay Per Click)

A model of internet marketing where advertisers pay a fee each time one of their ads is clicked.

Affiliate Marketing

A performance-based marketing strategy where businesses reward affiliates for each customer brought by the affiliate’s marketing efforts.

Influencer Marketing

A form of marketing that focuses on using key leaders to drive the brand's message to a larger market.

Customer Lifetime Value (CLV)

The predicted net profit attributed to the entire future relationship with a customer.

Churn Rate

The percentage of customers who stop using a product or service during a given time frame.

Value Proposition

A statement that summarizes why a consumer should buy a product or use a service.

Brand Loyalty

A consumer's commitment to repurchase or continue using a brand.

Customer Satisfaction

A measure of how products and services supplied by a company meet or exceed customer expectations.

Emotional Branding

A marketing strategy that aims to create an emotional response in consumers.

Public Relations (PR)

The practice of managing the spread of information between an organization and the public.

Sales Funnel

A model that represents the customer journey from awareness to purchase.

Guerrilla Marketing

An unconventional marketing strategy intended to get maximum results from minimal resources.

Customer Engagement

The interaction between a brand and its customers aimed at fostering a positive relationship.

Brand Equity

The value added to a product by having a well-known brand name, rather than just the product itself.

Market Penetration

The percentage of a target market that consumes a product or service.

Product Differentiation

The process of distinguishing a product from others to make it more attractive to a specific target market.

Customer Feedback

The opinions or responses given by customers regarding their experience with a product or service.

Brand Awareness

The extent to which consumers are familiar with the qualities or image of a particular brand.

Omnichannel Marketing

A multichannel approach to sales that seeks to provide customers with a seamless shopping experience.

MVP (Minimum Viable Product)

The simplest version of a product that can be released to start the learning process and gather feedback.

Upselling

Encouraging customers to purchase a higher-end product than the one they originally considered.

Cross-Selling

Suggesting related products to customers at the time of purchase to increase sales.

Pricing Strategy

The method companies use to price their products based on market demand, competition, and costs.

Brand Identity

The visible elements of a brand, such as design, color, and logo that distinguish it from others.

Word of Mouth Marketing

When satisfied customers tell others about a product or service, creating organic marketing.

Referral Marketing

A strategy that encourages customers to share their experiences with others, often with incentives.

Experiential Marketing

A strategy that engages consumers in an interactive experience with the product or brand.

Community Management

Building and nurturing relationships with a community of customers around a brand.