Marketing Concepts Review

These flashcards encompass key marketing concepts outlined in the lecture notes, aiding in understanding and recall for the exam.

STP Segmentation

Dividing the market by demographics, geography, psychographics, and behavior.

Targeting

Selecting the market segments to enter based on opportunity and fit.

Positioning

Defining how you want your product or brand to be perceived in the minds of the target audience relative to competitors.

Differentiation

Creating a distinct offering with unique benefits or features that appeal to your target segment.

The 4 P's of Marketing

Product, Price, Place, Promotion; key elements involved in delivering value to consumers.

Market Segmentation

Dividing a market into smaller segments with distinct needs, characteristics, or behaviors.

Buyer Behavior

The buying process that starts long before the actual purchase and continues long after.

Maslow's Hierarchy of Needs

A model that arranges human needs in a hierarchy from physiological needs to self-actualization.

Differentiated Marketing

Targets several different market segments and designs separate offers for each.

Micromarketing

Tailoring products and marketing programs to suit the tastes of specific individuals and locations.

Marketing Information Ecosystem

Managing marketing information to gain customer insights using internal data, marketing intelligence, and marketing research.

Exploratory Research

Gathers preliminary information that will help further define the problem.

Causal Research

Tests hypotheses about cause-and-effect relationships.

Marketing Macroenvironment

Factors in the broader environment that affect the marketing strategies, such as cultural, political, and economic influences.

Marketing Microenvironment

Factors closely surrounding an organization that affect its ability to serve its customers.