Introduction to Marketing

These flashcards cover key vocabulary and concepts from the Introduction to Marketing course, providing definitions and interpretations crucial for understanding marketing fundamentals.

Marketing

The process by which companies engage consumers, build strong consumer relationships, and create consumer value in order to capture value from consumers in return.

Customer Relationship Management (CRM)

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.

Market Segmentation

Dividing the market into segments of customers.

Target Market

A set of buyers who share common needs or characteristics that a company decides to serve.

Value Proposition

The set of benefits or values a company promises to deliver to consumers to satisfy their needs.

Consumer Needs

States of felt deprivation including physical, social, and individual needs.

Market Offerings

Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.

Customer Lifetime Value (CLV)

The total worth of a customer’s purchases over their lifetime.

Share of Wallet

The percentage of a customer’s spending in a category that a company captures.

Exchanges

The act of obtaining a desired product, service, or experience from someone by offering something in return.