Comprehensive Marketing Concepts: Strategy, Segmentation, Branding, and Consumer Behavior

marketing

the process of creating, communicating, delivering, and exchanging offerings that have value for customers and society

exchange relationship

a process where customers and companies give and receive value (goods, services, money, information)

marketing management

overseeing marketing strategies to enhance exchanges between customers and firms

5cs

company, customers, competitors, collaborators, and context (used to analyze the business situation)

stp

segmentation, targeting, positioning (core framework for marketing strategy)

4ps

product, price, place, promotion (marketing mix used to implement strategy)

customer-centric

focusing on understanding and meeting customer needs

pre-purchase phase

when a consumer recognizes a need and searches for information

purchase phase

when the consumer selects and buys a product

post-purchase phase

when the consumer evaluates their purchase

convenience purchase

low involvement, frequent purchases (e.g., snacks)

shopping purchase

moderate involvement, comparison-based purchases

specialty purchase

high involvement, unique or luxury items

straight rebuy

routine b2b purchase with no changes

modified rebuy

b2b purchase with some changes

new buy

first-time or complex b2b purchase

perception

how consumers interpret sensory information

learning and memory

how consumers store and recall brand information

motivation

internal drive to satisfy needs

attitudes

learned predispositions toward products or brands

segmentation

dividing a market into groups of similar consumers

market segment

a group of customers with similar needs or preferences

bases for segmentation

demographic, geographic, psychographic, and behavioral factors

good segmentation

measurable, accessible, substantial, differentiable, actionable

targeting

selecting which market segments to focus on

segment criteria

size, profitability, and fit with company strengths

market sizing

estimating the number of potential customers in a segment

swot analysis

strengths, weaknesses, opportunities, threats

positioning

how a brand is perceived in the minds of customers

perceptual map

visual tool showing brand positions based on attributes

positioning statement

defines target, category, and unique benefit

unique selling proposition (usp)

what makes a brand different and better

product

anything offered to satisfy a need or want (goods or services)

goods

tangible products

services

intangible, inseparable, perishable, and variable offerings

core offering

the main benefit the customer receives

value-added

extra features that enhance the product

product line breadth

number of product lines

product line depth

number of items within a line

brand

name, symbol, or design that identifies a product

brand associations

thoughts and feelings linked to a brand

brand equity

value of a brand based on customer perception

branding strategies

umbrella branding vs house of brands

umbrella brand

one brand name for all products

house of brands

multiple distinct brand names

new product development

process of creating new products

product life cycle

stages: introduction, growth, maturity, decline

diffusion of innovation

how new products spread among consumers

innovation adoption

process by which consumers begin using new products

pricing

determining how much to charge for a product

supply and demand

relationship affecting price and quantity

elasticity

how sensitive demand is to price changes

breakeven analysis

point where revenue equals costs

psychological pricing

pricing based on perception (e.g., $9.99)

price discrimination

charging different prices to different customers

nonlinear pricing

pricing varies based on quantity or usage

distribution channels

pathways products take from producer to consumer

supply chain logistics

managing flow of goods and services

channel intensity

level of distribution (intensive, selective, exclusive)

channel conflict

disagreements between channel members

channel power

ability to influence others in the channel

push strategy

promoting products to intermediaries

pull strategy

promoting directly to consumers

advertising

paid communication to promote products

cognitive ads

focus on information and knowledge

emotional ads

focus on feelings and attitudes

advertising effectiveness

measuring how well ads achieve goals

recall

remembering an ad

recognition

identifying an ad when seen again

media decisions

choices about where, when, and how to advertise

integrated marketing communications (imc)

consistent messaging across channels

roi/romi

return on (marketing) investment

media effectiveness

how well a medium reaches and influences audience

social media

online platforms for sharing content and interaction

social networks

connections between individuals that spread information

kpis

key performance indicators used to measure success

web analytics

data tracking online behavior

customer evaluations

how customers judge products

perceived quality

customer's view of product excellence

customer satisfaction

how well a product meets expectations

customer loyalty

repeat purchasing and brand commitment

crm

managing relationships with customers

customer lifetime value (clv)

total value a customer brings over time

marketing research

gathering data to make marketing decisions

cluster analysis

grouping similar customers

focus groups

small group discussions for feedback

conjoint analysis

determining value of product features

scanner data

tracking purchases for analysis

surveys

collecting customer opinions

marketing strategy

plan to achieve marketing goals

profitability

ability to generate profit

swot

analysis of internal and external factors

marketing metrics

measurements of marketing performance

marketing plan

detailed plan outlining marketing strategy

situation analysis

evaluation using 5cs

timeline

schedule for implementing strategy

budget

financial plan for marketing activities

iterative process

continuous adjustment and improvement