Overview of Marketing Concepts

These flashcards cover key concepts, definitions, and elements related to marketing as presented in the lecture notes.

What is marketing?

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value.

Customer satisfaction

The feeling that a product has met or exceeded customer expectations.

Disconfirmation paradigm

Concept that compares performance against expectations to determine satisfaction, with positive confirmation when performance meets or exceeds expectations and negative confirmation when it does not.

Marketing management philosophies

Different orientations that guide marketing practices, including production, product, sales, consumer, societal, and relationship marketing orientation.

Competitive advantage

A condition or circumstance that puts a company in a favorable or superior business position.

Marketing process

A series of steps including understanding the business, setting objectives, and evaluating marketing efforts.

Two-party exchange

A fundamental aspect of marketing that includes a buyer and seller who have something of value to offer.

Hygiene factors

Elements that contribute to dissatisfaction if not met, such as a clean hotel room.

Satisfiers

Elements that contribute to customer satisfaction, like additional services provided.

Importance of studying marketing

Marketing plays an important role in society, impacts businesses, presents career opportunities, and affects daily life.