Principles of Strategic Marketing Management Vocabulary Flashcards

Vocabulary flashcards covering fundamental marketing management terminology, strategic frameworks, 7Ps marketing mix, research types, and performance metrics.

Marketing

The process of identifying customer needs and satisfying them profitably.

Marketing Management

The process of planning, organizing, implementing, and controlling marketing activities to achieve organizational goals.

SMART Objectives

A framework used to define marketing goals as Specific, Measurable, Achievable, Relevant, and Time-Bound.

Need

A basic requirement essential for human survival, functioning, or basic well-being.

Want

A desire for a specific product or a specific way a customer chooses to satisfy a basic need.

Demand

A customer want that is supported by purchasing power, combining both the ability and willingness to buy.

Desire

How strongly an individual wishes for a particular solution, supported by ability and willingness to buy.

GOSPA Framework

A planning framework consisting of five components: Goal, Objective, Strategy, Plan, and Action.

Strategic Marketing

Marketing that focuses on long-term planning to achieve competitive advantage, sustainable growth, market leadership, and customer retention.

SWOT Analysis

A analytical tool that evaluates an organization's internal Strengths and Weaknesses, as well as external Opportunities and Threats.

PEST Analysis

An environmental analysis tool that examines Political, Economic, Social, and Technological external factors.

STEEPLE Analysis

An extended environmental analysis framework covering Political, Economic, Social, Technological, Environmental, Legal, and Ethical factors.

Market Segmentation

The process of dividing a target market into distinct groups of customers with shared characteristics.

Targeting

The process of selecting attractive customer groups or market segments to enter and focus on.

Positioning

Creating a unique brand image and desired perception in the target customer's mind relative to competitors.

Marketing Techniques

Long-term strategic approaches utilized by organizations to achieve marketing success.

Marketing Tactics

Short-term actions executed to produce immediate marketing results.

Market Profiling

The practice of identifying characteristics of target customers based on demographic and lifestyle factors such as age, income, lifestyle, and occupation.

Customer Relationship Management (CRM)

Marketing systems and practices focused on customer retention, personalized communication, and improving customer satisfaction.

Product

Anything that can be offered to a customer to satisfy a need or want, including physical items, services, ideas, or experiences.

Price

The amount of money a customer pays to buy a product or service, representing the exchange value between buyer and seller.

Penetration Pricing

A strategy of setting a low initial price to enter a competitive market and quickly gain market share.

Skimming Pricing

A strategy of charging a high initial price to target early adopters before eventually lowering the price.

Competitive Pricing

A strategy of setting product prices similar to those set by direct competitors in the market.

Psychological Pricing

A pricing tactic that sets prices slightly below a whole number (such as setting a price at $\text{†}99$ instead of $\text{†}100$) to make the product feel significantly cheaper.

Place

The distribution strategy that dictates how a product or service is made available to the customer at the right time, location, and convenient way.

Promotion

The marketing activity used to communicate the value of a product or service to customers and influence them to buy.

Advertising

A paid, non-personal promotional tool used to communicate with target audiences.

Sales Promotion

Short-term incentives, such as discounts or coupons, designed to encourage immediate purchase.

Personal Selling

Face-to-face promotional interaction between sales agents and prospective customers.

Public Relations (PR)

Activities that focus on building positive publicity and maintaining a favorable brand image.

People (Marketing Mix)

All individuals involved in delivering a product or service and creating customer satisfaction, including employees, salespeople, and service representatives.

Physical Evidence

The tangible cues and visible environment that help customers evaluate and build trust in an intangible service before, during, and after delivery.

Process

The procedures, workflows, and operational methods used to deliver a service to customers.

Exploratory Research

A type of marketing research used to identify research problems, clarify concepts, or find potential opportunities through qualitative methods.

Descriptive Research

A type of marketing research conducted to describe specific customer behaviors, shopping habits, or market profiles.

Causal Research

A type of marketing research conducted to determine cause-and-effect relationships between marketing variables.

Primary Data

Freshly collected data gathered directly from target groups specifically for the research problem at hand.

Secondary Data

Pre-existing data that has already been collected, published, and made available in reports, databases, or articles.

Conversion Rate

A digital marketing metric representing the percentage of website visitors who complete a desired action.

Bounce Rate

A digital marketing metric representing the percentage of visitors who leave a website quickly after viewing only one page.

Click Through Rate (CTR)

A metric that measures the percentage of users who click on a digital advertisement after seeing it.

Customer Retention

An organization's capacity to maintain long-term relationships and retain existing customers over time.