Marketing Principles: Strategy, Research, Segmentation, and Products Flashcards | Quizlet

Marketing

The process through which goods and services move from concept to customer, coordinating the 4 Ps to identify, select, and develop a product, determine its price, select a distribution channel, and implement a promotional strategy.

Needs

Occurs when a person feels deprived of basic necessities such as food, clothing, shelter, safety, belonging, or esteem.

Wants

A need that is shaped by a person's knowledge, culture, personality, and social environment.

Target Market

The specific group or segment of existing and potential consumers to which an organization directs its marketing efforts.

Customer Value Proposition

The unique combination of benefits received by targeted buyers that will satisfy their needs, including quality, price, convenience, and service.

Market

Potential groups of consumers who have both the willingness and the ability to buy a product or service.

Marketing Mix (4 Ps)

The controllable tactical tools—Product, Price, Place, and Promotion—managed to create customer value and appeal to a target market.

Product

Good, service, or idea offered to satisfy customer needs and wants.

Price

The amount of money or exchange value charged for a product or service.

Place

Distribution channels and locations used to get the product to the target customer.

Promotion

Communication activities used to inform, persuade, and remind target customers about a product or brand.

Good

A tangible physical item that can be touched and owned.

Service

An intangible activity, benefit, or satisfaction that does not result in ownership.

Idea

A concept, cause, or philosophy that seeks customer or public support.

Production Orientation

Business philosophy focused on high production efficiency, mass distribution, and low costs (pre-1930s).

Sales Orientation

Business philosophy focused on aggressive personal selling and heavy promotion to move inventory (1930s-1960s).

Marketing Orientation

Business philosophy focused on discovering and satisfying customer needs while meeting organizational goals (1960s-1990s).

Relationship Marketing Orientation

Business philosophy focused on developing long-term, mutually beneficial relationships with key stakeholders and customers (1990s-Present).

Customer Relationship Management (CRM)

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

Corporate Social Responsibility (CSR)

A business philosophy where organizations consider the social and environmental impact of their business operations.

Digital Marketing

Promotional efforts using digital technology, including content, mobile, and social media marketing.

Content Marketing

Creating and distributing valuable, relevant, and consistent content to attract and retain a clearly defined audience.

Mobile Marketing

Reaching target consumers on their mobile devices through display, search, and apps.

Social Media Marketing

Utilizing social platforms to allow consumers to engage directly with brand messages and community.

Augmented Reality (AR)

Combining real-world environments with computer-generated information or virtual elements.

Experiential Marketing

Creating memorable, interactive face-to-face opportunities for consumers to engage directly with a brand.

Influencer Marketing

Leveraging key individual content creators or micro-influencers to promote brands to their audience.

Partnership Marketing

Formal strategic associations between brands to achieve shared marketing goals (e.g., affinity marketing).

Metrics

Numerical data collected and grouped to track and evaluate performance.

Analytics

The practice of examining raw data to draw conclusions, extract insights, and optimize strategy.

Dashboards

Visual displays that organize and present key performance indicators in an easy-to-read layout.

Greenwashing

Making deceptive or unsubstantiated claims about the environmental benefits of a product or practice.

Strategic Planning

The process of developing and maintaining a strategic fit between organizational goals, capabilities, and changing market opportunities.

Mission Statement

A clear, market-oriented statement of the organization's purpose and what it wants to accomplish in the larger environment.

Business Portfolio

The collection of businesses and products that make up a company.

BCG Growth-Share Matrix

A portfolio-planning method that evaluates SBUs on market growth rate and relative market share (Stars, Cash Cows, Question Marks, Dogs).

Stars

High-growth, high-share businesses or products requiring heavy investment to finance rapid growth.

Cash Cows

Low-growth, high-share businesses or products that generate significant cash used to support other SBUs.

Question Marks

High-growth, low-share business units that require substantial cash to hold or build market share.

Dogs

Low-growth, low-share businesses or products that may generate enough cash to maintain themselves but do not promise large cash returns.

Product/Market Expansion Grid

A portfolio-planning tool for identifying growth opportunities: Market Penetration, Market Development, Product Development, and Diversification.

Market Penetration

Company growth by increasing sales of current products to current market segments without changing the product.

Market Development

Company growth by identifying and developing new market segments for current company products.

Product Development

Company growth by offering modified or new products to current market segments.

Diversification

Company growth through starting up or acquiring businesses outside the company's current products and markets.

Value Chain

The series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products.

SWOT Analysis

An overall evaluation of the company's Strengths (S), Weaknesses (W), Opportunities (O), and Threats (T).

Microenvironment

The actors close to the company that affect its ability to serve customers: internal departments, suppliers, intermediaries, competitors, publics, and customers.

Macroenvironment

The larger societal forces that affect the entire microenvironment: Demographic, Economic, Natural, Technological, Political-Social, and Cultural (PESTLE).

Demographics

The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.

Baby Boomers

Generational cohort born between 1946 and 1964, holding significant wealth and spending power.

Generation X

Generational cohort born between 1965 and 1980, known for research, self-reliance, and brand loyalty.

Millennials (Gen Y)

Generational cohort born between 1981 and 1996, highly tech-savvy and value-driven.

Generation Z

Generational cohort born between 1997 and 2012, true digital natives heavily influenced by social platforms.

Environmental Sustainability

Developing strategies and practices that create a world economy that the planet can support indefinitely.

Marketing Information System (MIS)

People and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers generate actionable insights.

Internal Data

Electronic collections of consumer and market information obtained from data sources within the company's network.

Competitive Marketing Intelligence

The systematic monitoring, collection, and analysis of publicly available information about consumers, competitors, and developments in the marketplace.

Marketing Research

The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Exploratory Research

Marketing research used to gather preliminary information that will help define problems and suggest hypotheses.

Descriptive Research

Marketing research used to better describe marketing problems, situations, or markets (e.g., demographics, attitudes).

Causal Research

Marketing research used to test hypotheses about cause-and-effect relationships.

Primary Data

Information collected for the specific purpose at hand through observation, surveys, or experiments.

Secondary Data

Information that already exists somewhere, having been collected for another purpose.

Focus Group

A personal interviewing method involving 6 to 10 people gathering for a few hours with a trained moderator to talk about a product, service, or organization.

Consumer Buyer Behavior

The buying behavior of final consumers—individuals and households that buy goods and services for personal consumption.

Culture

The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions.

Subculture

A group of people with shared value systems based on common life experiences and situations.

Social Class

Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors.

Reference Group

Groups that serve as direct or indirect points of comparison or reference in forming a person's attitudes or behavior.

Opinion Leader

A person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others.

Cognitive Dissonance

Buyer discomfort caused by postpurchase conflict or second thoughts regarding a purchase decision.

Adoption Process

The mental process through which an individual passes from first hearing about an innovation to final adoption (Awareness, Interest, Evaluation, Trial, Adoption).

Business Buyer Behavior

The buying behavior of organizations that buy goods and services for use in the production of other products or services, or to resell/rent them to others.

Derived Demand

Business demand that ultimately comes from (derives from) the demand for consumer goods.

Buying Center

All the individuals and units that play a role in the business purchase decision-making process.

Straight Rebuy

A business buying situation in which the buyer routinely reorders something without any modifications.

Modified Rebuy

A business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers.

New Task

A business buying situation in which the buyer purchases a product or service for the first time.

Market Segmentation

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies.

Geographic Segmentation

Dividing a market into different geographical units such as nations, states, regions, counties, cities, or neighborhoods.

Demographic Segmentation

Dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation.

Psychographic Segmentation

Dividing a market into different segments based on lifestyle, social class, or personality characteristics.

Behavioral Segmentation

Dividing a market into segments based on consumer knowledge, attitudes, uses of a product, or responses to a product (e.g., occasion, benefits sought, usage rate, loyalty).