Modern Marketing Principles and Process

Vocabulary flashcards covering the core concepts, market orientations, strategy tools, and modern changes in marketing based on lecture notes.

Digitalized

A major change in modern marketing where data-driven websites learn about consumers and direct-to-consumer models operate without relying on retailers or wholesalers.

Democratized

A change in modern marketing characterized by a fragmented media market where everyone, including micro-influencers and content creators, has a voice.

Dehumanized

A change in modern marketing where human roles are enhanced or replaced by artificial intelligence.

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 Offering

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

Marketing Myopia

Paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.

Customer Equity

The total combined lifetime value of the customer base, serving as both a finance metric and a marketing metric that indicates what customer relationships are worth.

Macroenvironment

A dynamic mix of technological, political, social, economic, and cultural forces affecting marketing, such as mobile devices, privacy, net neutrality, and public policy.

Marketing

The set of strategies and activities by which companies acquire and engage customers, build strong customer relationships, and create superior customer value in order to capture value from customers in return.

The 3C's for a Business

Three foundational business elements consisting of company, competitors, and customers.

The 4P's of Marketing

The major marketing mix tools consisting of product, price, promotion, and place.

Market Segmentation

The strategy of dividing the market into distinct segments of customers.

Target Marketing

The process of selecting which customer segments a company will go after.

Value Proposition

The set of benefits or values a company promises to deliver to consumers to satisfy their needs, determining how it differentiates and positions itself in the marketplace.

Production Concept

The market orientation concept holding that consumers will favor products that are available and highly affordable, leading firms to focus on improving production and distribution efficiency.

Product Concept

The market orientation concept holding that consumers will favor products offering the most quality, performance, and innovative features, requiring continuous product improvements.

Selling Concept

The market orientation concept holding that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort, typically practiced with unsought goods.

Marketing Concept

A customer-centered sense-and-respond philosophy holding that achieving organizational goals depends on knowing the needs and wants of target markets and delivering desired satisfactions better than competitors do.

Societal Marketing Concept

The concept that a company's marketing decisions should consider consumers' wants, company requirements, consumers' long-run interests, and society's long-run interests through sustainable marketing.

Shared Value

Creating economic value in a way that also creates value for society.