MKTG1001 Lecture Notes: Marketing Principles

A comprehensive set of 250 flashcards covering key terms and concepts from the MKTG1001 lecture notes on Marketing Principles.

Marketing

The practice of influencing perceptions, attitudes, and behaviors to create and capture customer value.

Production concept

Focus on production and distribution efficiency.

Product concept

Focus on continuous product improvements.

Selling concept

Focus on large-scale selling and promotion, often used with unsought goods.

Marketing concept

Focus on understanding customer needs and wants, delivering satisfaction efficiently.

Societal marketing concept

Deliver value in ways that maintain both the consumer's and society's well-being.

Market

All current and potential customers sharing a common need that can be satisfied by a specific product.

Marketplace

Any location or medium used to conduct an exchange.

Human needs

The most basic concepts underlying marketing; when unmet, individuals try to satisfy or reduce them.

Wants

The form taken by human needs, shaped by culture and individual personality.

Demands

Human wants that are backed up by buying power.

Market offering

A product that combines goods, services, and experiences to satisfy a need or want.

Product

Anything that can be offered to a market for attention, acquisition, use, or consumption.

Exchange

The act of obtaining a desired object from someone by offering something in return.

Transaction

A trade involving two parties and at least two things of value, agreed-upon conditions, and a time and place.

Customer relationships

Ongoing connections with customers that help build loyalty and satisfaction.

Value proposition

The promise made by a company to deliver value to its customers.

Market segmentation

Dividing a market into distinct groups of buyers with different needs, characteristics, or behavior.

Targeting

Selecting which segments of the market to focus on for marketing efforts.

Differentiation

Creating meaningful differences to distinguish a product from competitors.

Strategic business unit (SBU)

A unit of a company with a separate mission and objectives that can be planned independently.

Business portfolio

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

Market penetration

Company growth by increasing sales of current products to current market segments.

Market development

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

Heuristics

Mental shortcuts or rules-of-thumb that simplify decision-making.

SWOT analysis

A framework for identifying the strengths, weaknesses, opportunities, and threats facing an organization.

Macroenvironment

Larger societal forces that affect the whole microenvironment.

Microenvironment

Forces close to the organization that affect its ability to serve its customers.

Environmental scanning

The process of collecting information about external forces that may affect the organization.

Buyer decision process

The stages a consumer goes through when deciding whether to purchase a product.

Problem recognition

The stage where the consumer realizes a need for a product.

Information search

The process of gathering information about products to assist in the purchase decision.

Evaluation of alternatives

Weighing different options before making a purchase decision.

Purchase decision

The stage when the consumer actually buys the product.

Post-purchase behavior

The consumer's reactions after buying a product, which can include satisfaction or regret.

Cultural factors

Beliefs, values, attitudes, and behaviors shared by a society that influence consumer behavior.

Social factors

Influences on consumer behavior arising from social class, family, and reference groups.

Psychological factors

Influential internal factors such as motivation, perception, learning, beliefs, and attitudes that affect behaviors.

Motivation

An inner state that drives people toward specific goals.

Perception

The process by which individuals select and interpret sensory information.

Learning

The change in behavior arising from experience.

Buying roles

The different roles individuals may play in the purchasing process, like initiator, influencer, decider, buyer, and user.

Consumer markets

Markets consisting of individuals and households that buy goods for personal consumption.

Buyer behavior

The decision process and actions of individuals in purchasing goods.

Purchase decision,

The consumer's commitment to buying a specific product.

Buyer roles

Different positions of individuals in the purchasing process, such as initiator or decider.

Brand loyalty

A consumer's commitment to repurchase a brand.

Consumer satisfaction

The perception of the product's performance relative to expectations.

Competitive advantage

An advantage that a company has over its competitors.

Value creation

The process of developing products or services that deliver value to customers.

Customer equity

The total combined customer lifetime values of all the company's customers.

Environmental analysis

Assessing data gathered through environmental scanning to inform strategic decisions.

Market positioning

The process of establishing the image or identity of a brand in consumers' minds.

Service differentiation

Creating distinct features in services that make them appealing to consumers.

Online marketing

Utilizing the internet to promote products and engage customers.

Integrated marketing program

Coordinating all marketing activities to ensure a consistent message across channels.

Market research

Systematic gathering, recording, and analyzing of data about customers and markets.

Marketing intelligence

The collection and analysis of information about the marketing environment.

Customer relationship management (CRM)

Strategies and practices for managing a company's interactions with customers.

Publics

Any group that has an actual or potential interest in or impact on an organization.

Marketing intermediaries

Entities that facilitate the distribution and sale of products to consumers.

Competitors

Other organizations that offer similar products or services.

Global marketing

Marketing strategies that target international customers.

Brand image

The perception of a brand in the consumers' minds.

First mover advantage

The benefits gained by being the first to enter a market.

Second mover advantage

The benefits gained by improving upon the innovations of first movers.

Differentiated marketing strategy

A strategy to develop unique products targeting different market segments.

Social responsibility

Obligation of organizations to act in ways that serve society as a whole.

Cause-related marketing

A strategy that ties a company and its products to a social cause.

Ethics in marketing

Moral principles that guide marketing practices.

Consumer behavior

The study of how individuals make decisions to spend their available resources.

B2B marketing

Business-to-business marketing, targeting other businesses as customers.

Brand loyalty

A consumer's consistent preference for one brand over others.

Customer lifetime value

The total value a customer brings to a business over the entire time they interact.

Market segmentation

The process of dividing a market into distinct groups of buyers.

Target marketing

Choosing specific groups of consumers to serve.

Exposure in marketing

The extent to which consumers encounter a brand or product.

Selective perception

The process of filtering incoming information.

Market expansion grid

A tool for identifying growth opportunities through existing or new products.

Consumer buying behavior

The actions and decision processes of individuals buying goods for personal use.

Competitive marketing strategy

Marketing strategy focused on defining how to compete against other businesses.

Value delivery system

The processes and entities that create and deliver customer value.

Market research tools

Methods and techniques used to gather information about the marketplace.

Product differentiation strategy

A strategy aimed at distinguishing a product from its competitors.

Advertising

The paid promotion of products or services to influence consumer behavior.

Retail outlets

Physical or online places where consumers can purchase products.

Sales promotion

Short-term incentives to encourage the purchase of a product or service.

Personal selling

Direct interaction between a sales representative and a customer to make a sale.

Public relations

The practice of managing communications and relationships between an organization and the public.

Customer engagement

The involvement of customers in a company's marketing strategies.

Physical evidence

The tangible elements that support a service or brand experience.

Marketing mix

The set of tools a company uses to implement its marketing strategy.

Place in marketing

The distribution strategy to deliver products to consumers effectively.

Promotion in marketing

The activities that communicate the value of a product to potential buyers.

People in marketing

The individuals involved in the marketing process, including employees and customers.

Process in marketing

The structures and procedures for delivering a service or product.

Selling orientation

Focus on persuading customers to buy products regardless of their needs.

Marketing orientation

Focus on meeting customer needs and wants through research and engagement.