Module 1: Setting the Stage - Marketing, Value & Strategic Planning

Vocabulary flashcards covering foundational marketing concepts, value creation, the marketing mix (4Ps), strategic planning, environmental scanning, competitive analysis, and growth strategies from Module 1.

Marketing (American Marketing Association Definition)

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Marketing Mix (4Ps)

The set of tactical decision areas—Product, Price, Place, and Promotion—used together to create, capture, deliver, and communicate value.

Product

A good, service, idea, or experience designed to satisfy a customer need by creating value.

Price

What the customer exchanges to obtain a product—including money, time, effort, attention, risk, and/or data—serving to capture value.

Place

The activities, channels, intermediaries, inventory, and logistics that make an offering available where, when, and how customers need it to deliver value.

Promotion

The coordinated activities—including advertising, public relations, personal selling, sales promotions, and digital media—used to inform, persuade, remind, and build relationships to communicate value.

Perceived Value

The customer's evaluation of the tradeoff between perceived benefits (functional, emotional, social, experiential) and perceived costs (money, time, effort, risk, attention).

Strategy

A deliberate, data-driven, and focused set of choices made to accomplish specific objectives and establish a competitive advantage.

Tactics

Downstream execution actions—such as product changes, pricing adjustments, channel choices, and specific media messages—guided by strategy.

Environmental Scanning

The process of observing, identifying patterns, interpreting, predicting, analyzing, and strategizing from market evidence to respond intelligently to changes.

Immediate (Micro) Environment

Factors close to the firm that directly affect its operations and value creation, including customers, competitors, suppliers, employees, partners, and intermediaries.

External (Macro) Environment (PESTLE)

Broad external forces outside the firm's direct control, categorized as Political, Economic, Social, Technological, Legal, and Environmental factors.

SWOT Analysis

A decision-making framework that evaluates internal factors (Strengths and Weaknesses) alongside external factors (Opportunities and Threats).

Direct Competitors

Businesses offering similar products or services to similar target customers.

Indirect Competitors

Businesses offering different products or services that solve a similar customer problem.

Sustainable Advantage

A competitive edge that provides value that is meaningful to customers and difficult for competitors to imitate.

Market Penetration

A growth strategy focused on selling more of an existing offering to existing customers.

Product Development

A growth strategy focused on creating a new offering for existing customers.

Market Development

A growth strategy focused on introducing an existing offering to new target customers or markets.

Diversification

A growth strategy focused on offering a new product or service to a new market.

SMART Objectives

Strategic target statements designed to be Specific, Measurable, Attainable, Realistic, and Time-bound.

Key Performance Indicators (KPIs)

Specific metrics directly tied to strategic objectives that measure progress and inform adjustments.