MOS UNIT5: Intro to Marketing

MOS1021 MIDTERM #2

Marketing

The process of creating, communicating, delivering, and exchanging offerings that meet customer needs and organizational objectives

Strategic Goals

Outcomes an organization strives to achieve; marketing aligns with these

Customer Value

The benefit delivered to customers relative to their costs

Marketing Myopia

Focusing on products and short

Situation Analysis

Assess unfulfilled needs, competitors, and internal capabilities before acting

Target Market

The segment most willing and able to buy; marketing efforts focus here

Marketing Strategy

The plan that coordinates the marketing mix to achieve objectives

Product (4Ps)

Decisions on features, design, packaging, services, and differentiation

Price (4Ps)

What is asked in exchange; shaped by costs, profit goals, and competition

Place/Distribution (4Ps)

How the product becomes accessible; channels and availability

Promotion/IMC (4Ps)

Clear, consistent messaging across tools to highlight value and drive impact

CRM

Programs that collect and use customer data to increase satisfaction, loyalty, and profit

Production Orientation

Make quality products cheaply; little attention to customer needs (early 1900s)

Selling Orientation

Push existing products via aggressive hard

Marketing Orientation

Research

Socially Responsible Marketing

Align operations with societal well-being (cause + societal marketing).

Cause Marketing

For-profit partners with non-profit for mutual benefit.

Societal Marketing Concept

Produce and deliver in ways that minimize negative societal impacts

Social Media Marketing Orientation

Create shareable content and engagement on social platforms

Brand Democratization

Consumers create and spread brand communications themselves

Influencer Marketing

Brands collaborate with creators; endorsements provide social proof

Influencer–Product Congruence

Better attitudes, purchase intent, and recommendations when the product fits the influencer

Environmental Scanning

Continuously monitoring outside events to spot opportunities and threats

Direct Competition

Firms selling similar products in the same category

Indirect Competition

Different products that satisfy the same need

Monopoly

One seller serves the market; typically regulated to protect customers

Oligopoly

A few large firms dominate; “follow-the-leader” dynamics are common.

Monopolistic Competition

Many sellers offering differentiated products; easy entry

Pure Competition

Many small sellers of nearly identical products; each seller’s output is tiny

Market Leader

Largest share; often sets the category’s strategic moves

Market Challenger

Aggressively seeks to grow share against the leader

Market Follower

Satisfied with current share; imitates rather than leads

Market Nicher

Focuses resources on one or a few narrowly defined segments

Niche Marketing

Targeting one specific segment and committing all resources to it

Economic Downturn Effect

Spending shifts to necessities as disposable income tightens

Economic Boom Effect

Demand rises for non-essential products

Demography

Population characteristics (age, gender, location, etc) relevant to marketing.

Aging Population

Boomers hold strong spending power; Gen Z/Gen Y require digital focus

Diverse Households

Smaller, varied family structures (single, blended, sandwich generation)

Urban/Suburban Shift

Movement toward cities/suburbs; convenience and small- space solutions rise

Green Marketing

Truthfully highlighting environmental benefits of products and practices

Greenwashing

Misleading environmental claims to appear responsible

Differentiation

Making an offering meaningfully distinct to reduce price pressure

Public Image

How the brand is actually perceived by the public

Sales Promotion

Short-term incentives that spur immediate action (coupons, samples).

Public Relations

Activities to monitor, influence, and adapt to stakeholder attitudes

Experiential Marketing

Direct brand interactions that build awareness and engagement

Customer Relationship (Goal)

Build and maintain profitable, long-term relationships by delivering ongoing value.

Evaluation (Planning Cycle)

Review plans regularly and adjust the mix to hit objectives