Principles of Marketing - Flashcards

Flashcards covering key concepts in marketing based on principles taught in the MK3106 course.

Customer Value

The perceived benefits, both monetary and non-monetary, that a customer receives from a product or service.

Marketing Mix

The set of tools (the four Ps: Product, Price, Place, Promotion) used by a firm to implement its marketing strategy.

Market Segmentation

The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors.

Target Marketing

The process of selecting which segments of a market to focus on and serve.

Customer Relationship Management (CRM)

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.

Consumer Behavior

The study of how individuals make decisions to spend their available resources on consumption-related items.

Marketing Concepts

The guiding philosophies of marketing management, including production, product, selling, marketing, and societal marketing concepts.

Value Proposition

The promise of value to be delivered to customers, which outlines the benefits or values the brand will provide.

Marketing Myopia

A short-sighted approach to marketing where a business focuses on existing wants and loses sight of underlying consumer needs.

Integrated Marketing Program

A comprehensive plan that communicates and delivers the intended value to chosen customers.

Customer Lifetime Value

The total value a customer is expected to bring to a business over the duration of their relationship.

Exchanges and Relationships

The transactions between buyers and sellers that build relationships over time.

Customer Engagement

The process of creating and fostering lasting relationships with customers, often enhanced through social media.

Marketing Landscape

The dynamic environment characterized by major trends and changes affecting marketing strategies.

Research Process

The systematic approach to gathering information for decision-making in marketing.