Marketing: Basic Concepts

Comprehensive vocabulary flashcards covering the core concepts of marketing, the marketing mix (7 P's), and promotional strategies based on the lecture transcript.

Marketing (AMA definition)

marketing is creating, communicating, and delivering value to customers, as well as managing customer relationships. It also anticipates customer needs and wants through market research.

Market

To show and advertise a product to the public.

Market Research

The process of systematically gathering, recording and analyzing information related to customers, competitors, and the market.

Marketing Mix

Marketing Mix is the combination of the 7 Ps used to market a product or service.

Product

Products are goods or services offered to satisfy customer needs.

Pricing

Price is the monetary value customers pay for a product or service.

Promotion

The process to make people know the product, which includes advertising, sales promotion, publicity, personal selling, and branding.

Advertise

To tell the public about a product or service in order to encourage people to buy or use it by persuading them to consume a particular brand.

Sales Promotion

Media and non-media marketing to increase consumer demand, stimulate market demand or improve product availability, such as contests, displays, and coupons.

Publicity

The deliberate attempt to manage the public’s perception of a subject, often through exhibitions, stands, or debates.

Personal Selling

Direct sales involving person to person contact.

Branding

A name, logo, slogan, and/or design scheme associated with a product or service.

Placement

Also known as distribution, it refers to how the product gets to the customer through point–of sale placement or retailing.

Retailer

The end of the supply chain that buys products in large quantities from manufacturers or importers and sells smaller quantities to customers.

People

People who serve customers influence their satisfaction. They should be trained and motivated.

Process

The process involved in providing a service and the behavior of people, which is important for customer satisfaction and producing word of mouth.

Physical Evidence

Element referring to intangible products or services that provides potential customers an opportunity to see what the service would be like through demonstrations, testimonials, or case studies.

What are the 7 Ps of marketing?

Product, Price, Promotion, Place, People, Process and Physical Evidence.

What is physical evidence?

Photos, testimonials and demonstrations that help customers understand a service before buying it.