Marketing Foundations and Strategies Practice Flashcards

Comprehensive vocabulary flashcards covering marketing concepts, 7Ps, STDP strategy, IMC, and the unique characteristics of services based on lecture notes.

Marketing Concept

A philosophy asserting that business success comes from understanding the needs and wants of target markets and delivering satisfaction more effectively than competitors.

Selling Concept

A traditional business focus that prioritizes selling what the enterprise already possesses rather than what the market needs.

Marketing Mix (7Ps)

The set of tactical marketing tools, consisting of Product, Price, Place, Promotion, People, Process, and Physical Evidence, used by service-based businesses.

Product (Marketing Mix)

The core solution provided to customers, which in a resort context involves rooms, dining, experiential activities, and utilities.

Price (Marketing Mix)

The cost a customer pays for perceived value, often using strategies like Value-based pricing or Bundle Pricing (combining rooms and meals).

Place (Marketing Mix)

The channels used to reach customers, including direct channels (website, hotline) and indirect channels like Online Travel Agencies (Agoda, Booking.com).

Promotion (Marketing Mix)

Integrated Marketing Communication (IMC) tools such as Advertising, PR, and Sales Promotion used to communicate with the target audience.

People (P thứ 5)

Personnel involved in service delivery whose attitude and skills determine $80\%$ of customer satisfaction.

Process (P thứ 6)

The system of steps and flow of activities, such as check-in procedures, designed to create and deliver service efficiently.

Physical Evidence (P thứ 7)

The tangible environment and items (architecture, scents, uniforms) that help customers visualize the quality of an intangible service.

Microenvironment

Directly impactful factors partially within a company's control, including the Company, Suppliers, Intermediaries, Customers, Competitors, and Publics.

Macroenvironment (PESTEL)

Large, uncontrollable societal forces including Political, Economic, Demographic, Natural, Technological, and Cultural factors.

Marketing Xã hội

A marketing decision-making approach that considers societal welfare, such as eliminating single-use plastics or building eco-resorts.

Needs

States of felt deprivation that are natural and instinctive, such as the basic need for safety and rest, rather than being created by marketing.

Wants

Human needs shaped by individual personality, culture, and environment, such as a preference for an eco-resort like Aravinda Resort.

Values

A customer's perception of the balance between benefits (quality, experience) and the costs (money, time, effort) incurred.

Market Offerings

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

Market Segmentation

Dividing a large, heterogeneous market into smaller, distinct groups of buyers with different needs, characteristics, or behaviors.

Geographic Segmentation

Dividing the market based on nations, regions, provinces, cities, or climate factors.

Demographic Segmentation

Dividing the market based on variables such as age, life-cycle stage, gender, income, occupation, and generation.

Psychographic Segmentation

Dividing the market based on social class, lifestyle, or personality characteristics, such as an eco-friendly green lifestyle.

Behavioral Segmentation

Dividing a market based on consumer knowledge, attitudes, uses, or responses to a product, including benefits sought like "healing and mental relaxation."

Market Targeting

The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.

Undifferentiated (Mass) Marketing

A strategy that ignores segment differences and targets the entire market with one single offer.

Differentiated (Segmented) Marketing

A strategy of targeting several market segments and designing separate offers for each, such as separate brands for corporate travelers and families.

Concentrated (Niche) Marketing

A strategy focusing on a large share of one or a few smaller segments, such as a resort exclusively focusing on Medical Wellness Tourism.

Micromarketing

Tailoring products and marketing programs to suit the specific tastes of individual customers or local segments.

Differentiation

Actually differentiating a firm's market offering to create superior value for customers.

Positioning

Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

Advertising

Any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor.

Sales Promotion

Short-term incentives, such as "Book 2 nights, get 1 complimentary spa session," to encourage immediate purchase.

Public Relations (PR)

Building good relations with various publics to obtain favorable publicity and build a positive corporate image.

Personal Selling

Personal presentation by a firm's sales force for making sales and building relationships, highly effective in B2B contexts like MICE packages.

Direct and Digital Marketing

Engaging directly with targeted individual consumers via Email, SMS, or Social Media to obtain an immediate response.

Push Strategy

Directed at channel intermediaries (using personal selling and trade promotion) to induce them to carry and promote a product to final consumers.

Pull Strategy

Directed at final consumers (using advertising and sales promotion) to induce them to demand and "pull" the product through the channel.

Integrated Marketing Communications (IMC)

The strategic process of coordinating a company's many communications channels to deliver a clear, consistent, and compelling "One Voice" message.

Intangibility (Inseparability / Intangibility)

A service characteristic where customers cannot see, taste, or feel the service before purchase, necessitating Physical Evidence for trust.

Inseparability

A service characteristic where production and consumption occur simultaneously, requiring high focus on People and Process.

Variability

A service characteristic where quality depends on who, when, and where the service is provided, which is managed through SOPs and digitalization.

Perishability

A service characteristic where services cannot be stored for later sale; managed through flexible pricing like Segmented Pricing to balance supply and demand.