BETA Sem 1 Notes

Microenvironmental factors

Factors within a company's immediate environment that directly impact its operations, including customers, companies, suppliers, competitors, and marketing intermediaries.

SWOT Analysis

A strategic planning tool that assesses a company's internal strengths and weaknesses, as well as external opportunities and threats.

Marketing

The process of creating value for customers and building strong customer relationships to capture value in return.

Needs, Wants & Demands

Concepts in marketing where needs are states of deprivation, wants are shaped by culture, and demands are wants backed by buying power.

Marketing Offers

Fulfilling needs and wants through products, services, and experiences to provide value and satisfaction to customers.

Segmentation and Targeting

Dividing markets based on differing needs and targeting specific segments to optimize value and satisfaction.

Positioning and Value Proposition

Strategic process to differentiate a business and create a unique identity in the minds of target customers.

Pricing Decisions

Internal and external factors influencing how companies set prices, considering market competition, costs, and demand.

Product Life Cycle

Stages a product goes through from introduction to decline, impacting pricing strategies like market skimming and penetration.

Promotional Strategies

Marketing tactics such as advertising, sales promotions, public relations, direct marketing, and personal selling to inform, persuade, and remind customers.