Principles of Marketing

Flashcards covering key concepts in marketing, including definitions and frameworks.

Marketing

A process by which companies create value for customers and build strong customer relationships.

Five-Step Marketing Model

A framework that includes understanding the marketplace and customer needs, designing a customer value-driven marketing strategy, implementing a marketing program, managing customer relationships, and capturing customer value.

Needs

States of felt deprivation.

Wants

The form human needs take as they are shaped by culture and individual personality.

Demands

Human wants that are backed by buying power.

Market Offerings

Combinations of products, services, information, or experiences offered to a market to satisfy needs or wants.

Marketing Myopia

The mistake of paying more attention to specific products rather than the benefits and experiences produced by these products.

Marketing Management

The art and science of choosing target markets and building profitable relationships with them.

Value Proposition

A set of benefits or values that a brand promises to deliver to customers to satisfy their needs.

Production Concept

Holds that consumers will favor products that are available and highly affordable.

Product Concept

Holds that consumers will favor products that offer the most in quality, performance, and innovative features.

Selling Concept

Holds that consumers will not buy enough of a firm's products unless a large-scale selling and promotion effort is undertaken.

Marketing Concept

Achieving organizational goals depends on knowing the needs and wants of target markets and delivering desired satisfactions better than competitors.

Societal Marketing Concept

Marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests.

Marketing Mix

A set of tools known as the four Ps: product, price, promotion, place.

Integrated Marketing Program

A comprehensive plan that communicates and delivers intended value.

Customer Relationship Management (CRM)

The overall process of building and maintaining profitable customer relationships.

Consumer-Generated Marketing

Brand exchanges created by consumers themselves, playing an increasing role in shaping brand experiences.

Partner Relationship Management

Working closely with partners in and out of the company to jointly bring greater value to customers.

Customer Profitability Analysis

Analyzing potential profitability from different customer groups, including Butterflies, True Friends, Strangers, and Barnacles.