MARKETING: Midterm reviewer Modules 1-3

Marketing

Form of communicating and promoting the value of a brand, product, or service

Needs

Must-have for survival, as per Maslow's Hierarchy of needs

Wants

Desires to have

Demands

Wants supported with buying power

Exchange

Trading something of equal value between buyer and seller

Market

Composed of people with the desire and ability to buy a service or product

Production Concept

Focusing on internal potentials of the company

Relationship Concept

Maintaining and improving value in long-term relationships

Sales Concept

Aggressive personal selling and advertising to stimulate demand

Societal Marketing Concept

Satisfying consumer needs with societal benefits

Marketing Concept

Finding and satisfying consumer needs while achieving organizational goals

Goals

Broad aims of businesses and how marketing contributes to them

KPI (Key Performance Indicator)

Specific metrics to track performance and ensure alignment with activities

Not-for-profit organization

Organizations that do not aim for profit and allocate earnings to organizational objectives

Person Marketing

Using celebrities or authority figures to attract attention and preferences of the target market

Place Marketing

Pulling customers into specific areas like tourist attractions

Event Marketing

Company sponsors activities with essential features like goal orientation and effective promotion

Green Marketing

Selling eco-friendly products with genuine practices and consistent policies

Relationship Marketing

Strategy for customer loyalty and long-term engagement through strong connections and open communication

Market Opportunity Analysis

Tool to determine the desirability of a business opportunity and form a portion of the business strategy

Categories of Strategic Marketing Process

Cost Leadership, Differentiation, Focused, with subcategories like Forward Integration, Market Penetration, etc.

Tactical Marketing Process

Determines tactics to implement strategies with components like marketing strategies, action plans, and monitoring.