Marketing Concepts and Strategies

These flashcards cover key concepts and definitions from marketing, including philosophies, ethical considerations, strategic models, consumer decision-making processes, and distinctions between business and consumer marketing.

Marketing is defined as __.

The process of creating value for customers and building relationships.

The two orientations in marketing are __ and market orientation.

Sales orientation.

The four philosophies in marketing are production, product, sales, and___.

Marketing.

Ethical behavior in business refers to __.

Conducting business in a manner consistent with societal values and norms.

The CSR pyramid consists of economic, legal, __, and philanthropic responsibilities.

Ethical.

Ansoff’s Strategic Opportunity Matrix includes four strategies: market penetration, market development, product development, and __.

Diversification.

In the BCG Matrix, a business that has high market growth and high market share is categorized as a __.

Star.

SWOT Analysis involves assessing __, weaknesses, opportunities, and threats.

Strengths.

The four modes of entering global markets are exporting, licensing, direct investment, and __.

Joint ventures.

The steps in the consumer decision-making process include need recognition, information search, evaluation of alternatives, purchase, and __ behavior.

Post-purchase.

Influencing factors in consumer decision-making include culture, social influences, and __ factors.

Psychological.

Demographic trends refer to changes in __ characteristics of a population.

Statistical.

Key differences in business marketing versus consumer marketing include fewer customers and __ order sizes.

Larger.

Types of business buying decisions include new buy, modified rebuy, and __.

Straight rebuy.