Principles of Marketing - Lent Term 2026 Lecture Notes

This set of flashcards encapsulates key terms and definitions from the Principles of Marketing lecture notes for Lent Term 2026.

Grassi Museum Lecture Hall

A historical building used for teaching at LU Leipzig; features specific rules for preserving its integrity.

Marketing

The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services.

Consumer Behaviour

The study of how consumers' needs and desires influence their purchasing decisions.

Market Research

The process of gathering, analyzing, and interpreting information about a market, including information about the target market.

Marketing Mix

The combination of factors that can be controlled by a company to influence consumers' purchasing decisions.

Key Performance Indicators (KPIs)

Measurable values that demonstrate how effectively a company is achieving key business objectives.

Unique Selling Proposition (USP)

A factor that differentiates a product from its competitors, emphasizing its unique benefits.

Relationship Marketing

A strategy designed to foster customer loyalty, interaction, and long-term engagement.

Heuristics

Mental shortcuts or rules of thumb that simplify decision making.

S-O-R Model

A model that adds an organism phase to the stimulus-response model, allowing for internal factors in decision making.

Loss Aversion

A cognitive bias where losses are perceived as more significant than equivalent gains.

Consumer Psychology

The study of how people's thoughts, beliefs, feelings, and perceptions influence their buying behavior.