MMIDA Revision Flashcards

Vocabulary flashcards based on the provided lecture notes covering key marketing concepts.

Marketing Management

The art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value.

Needs

States of felt deprivation.

Wants

The form human needs take as they are shaped by culture and individual personality.

Demands

Human wants that are backed by buying power.

Market Offerings

Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.

Marketing Myopia

The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.

Segmentation

Identifying and profiling distinct groups of buyers who might prefer or require varying product and service mixes.

Target Markets

The market segments the marketer decides to pursue.

Positioning

Developing a market offering that it positions in the minds of the target buyers as delivering some central benefit(s).

Customer Value

Perceived benefits (product, service, image) minus perceived sacrifices (monetary, time, energy, psychological costs).

Customer Satisfaction

Occurs when perceived performance matches or exceeds expectations.

Marketing Mix (4Ps)

Product, Price, Place, Promotion.

Extended Marketing Mix (7Ps)

Product, Price, Place, Promotion, People, Processes, Physical Evidence.

Value Chain

A tool for identifying ways to create more customer value.

Core Competency

A source of competitive advantage, applicable in various markets, and difficult to imitate.

Marketing Plan

The central instrument for directing and coordinating the marketing effort.

Mission

A statement of the organization's purpose.

Vision

A statement of what the organization aspires to become.

SWOT Analysis

Evaluation of a company's Strengths, Weaknesses, Opportunities, and Threats.

Marketing Environment

The actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers.

Microenvironment

The actors close to the company that affect its ability to serve its customers—suppliers, distributors, competitors, and customers.

Macroenvironment

The larger societal forces that affect the microenvironment—demographic, economic, natural, technological, political, and socio-cultural forces.

PESTLE Analysis

Analysis of Political, Economic, Social, Technological, Legal, and Environmental factors.

Demographics

The study of population characteristics.

Economic Environment

Factors affecting consumer purchasing power and spending patterns.

Sociocultural Environment

Factors affecting society's basic values, perceptions, preferences, and behaviors.

Ecological Environment

The natural resources that are needed as inputs by marketers or that are affected by marketing activities.

Political-Legal Environment

Laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society.

Technological Environment

Forces that create new technologies, creating new product and market opportunities.

Marketing Research

The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Customer Insights

Fresh marketing information-based understandings of customers and the marketplace that become the basis for creating customer value, engagement, and relationships.

Primary Data

Data freshly gathered for a specific purpose or for a specific research project.

Secondary Data

Data that were collected for another purpose and already exist somewhere.

Exploratory Research

Marketing research to gather preliminary information that will help define the problem and suggest hypotheses.

Descriptive Research

Marketing research to better describe marketing problems, situations, or markets.

Causal Research

Marketing research to test hypotheses about cause-and-effect relationships.

STP Marketing

Segmentation, Targeting, and Positioning.

Geographic Segmentation

Dividing a market into different geographical units.

Demographic Segmentation

Dividing the market based on variables such as age, gender, income, occupation, education, religion, ethnicity, and generation.

Psychographic Segmentation

Dividing a market based on lifestyle or personality characteristics.

Behavioral Segmentation

Dividing a market into segments based on consumer knowledge, attitudes, uses of a product, or responses to a product.

Undifferentiated Marketing

A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer.

Differentiated Marketing

A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each.

Concentrated Marketing

A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches.

Customized Marketing

Tailoring products and marketing programs to the needs and preferences of individual customers.

Services

Any act or performance one party can offer to another that is essentially intangible and does not result in the ownership of anything.

Brand

A name,Logo, or symbol that distinguishes the goods or services of one seller from another.

Marketing Communications

The means by which firms attempt to inform, persuade, and remind consumers—directly or indirectly—about the products and brands they sell.

Promotion Mix

The specific blend of promotion tools that the company uses to persuasively communicate customer value and build customer relationships.

CRM (Customer Relationship Management)

The process of carefully managing detailed information about individual customers and all customer touch points to maximize loyalty.