Topic_1___Introduction_to_Marketing

Marketing

The strategic business function that creates value by stimulating, facilitating, and fulfilling customer demand.

Need

The difference between a consumer's actual state and some ideal or desired state.

Want

A desire for a particular product to satisfy a need in specific ways, influenced by an individual’s history and cultural environment.

Value Proposition

The whole bundle of benefits a firm promises to deliver to customers, not just the benefits of the product itself.

Exchange Relationship

An exchange occurs when something is obtained for something else in return, satisfying a need for the buyer and providing perceived equivalent value to the seller.

The Production Era

A marketing orientation until ~1930 focused on efficient production methods, assuming demand exceeds supply.

The Selling Era

A company-centered marketing approach (1920–1964) focused on pushing products rather than meeting customer needs.

The Consumer Era

A customer-centered orientation (1957–1998) focusing on understanding and meeting customer wants and needs.

Triple Bottom Line

A business philosophy emphasizing three components: financial, social, and environmental performance.

Social Marketing Concept

Marketing approach focusing on satisfying customers' needs profitably while benefiting society.

Consumer-generated Value

Value created by consumers, including user-generated content and participation in brand communities.

Value Chain

The series of activities involved in designing, producing, marketing, delivering, and supporting a product.

Utility

The satisfaction or benefit derived from a product's service or features.

Lifetime Value of a Customer

The total profit expected from a particular customer over the duration of their relationship with the company.

Competitive Advantage

Providing unique benefits to customers that competitors cannot offer, resulting in increased customer retention.

Dark Side of Marketing

Negative aspects of marketing practices, including addictive consumption and exploitation of vulnerable individuals.