Basic Concepts of Marketing

Vocabulary flashcards covering the basic concepts, definitions, evolution stages, and environment of marketing.

Marketing

A social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products and value with others.

AMA Definition of Marketing

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.

Philip Kotler's Definition of Marketing

Meeting needs profitably.

Marketing Approach

A process that starts before production, focusing on customer needs, customer satisfaction, and building long-term relationships.

Selling Approach

A process that starts after production, focusing on the product, achieving sales, and short-term transactions.

Marketing Management

The art and science of planning, organizing, directing and controlling marketing activities to achieve organizational goals by satisfying customer needs.

Barter Stage

The stage in the evolution of marketing before money, where goods were exchanged for other goods.

Production Concept

A stage in marketing evolution focused on mass production and product availability, such as the Ford Model T.

Product Concept

A stage in marketing evolution focused on product quality and improving product features, such as Volvo focusing on safety features.

Selling Concept

A stage in marketing evolution focused on aggressive selling and promotion, such as door-to-door sales or insurance selling.

Marketing Concept

A stage in marketing evolution focused on identifying and satisfying customer needs, such as Samsung offering products per customer needs.

Societal Marketing Concept

A stage in marketing evolution focused on satisfying customer needs while maintaining society's welfare, such as ITC focusing on health, hygiene, and the environment.

Micro Environment

Factors close to the company, consisting of Company, Suppliers, Marketing Intermediaries, Customers, Competitors, and Publics.

Macro Environment

Broad factors in the external environment, consisting of Demographic, Economic, Natural, Technological, Political, and Cultural factors.