Marketing Principles and Concepts Review

Comprehensive vocabulary flashcards generated directly from the provided lecture transcript covering foundational marketing concepts, environment, research, and strategy.

Marketing

An organizational function and set of processes for creating, communicating, and delivering value to customers.

Creating Customer Value

The perceived benefits (monetary and nonmonetary) that customers get from a product compared to the costs of getting it.

Need

A state of felt deprivation.

Want

The form that human needs take as they are shaped by personality, culture, and buying situation.

Marketing Mix (Four Ps)

A combination of activities representing everything a firm can do to influence demand for its good, service, or idea, consisting of Product, Price, Place, and Promotion.

Strategic Planning

The process of defining a firm’s objectives and developing a method for achieving those objectives.

Strategic Plan

An organization’s plans for key functional areas such as marketing, human resources, finance, and risk management.

Mission Statement

A formal summary of the aims and values of a company, organization, or individual that explains What, How, and Why.

Marketing Plan

A document outlining the methods a company will use to reach their target market.

Executive Summary

A synopsis of the marketing plan's main points; considered the most valuable information about the plan and usually completed last.

SWOT Analysis

An evaluation of a firm's internal strengths and weaknesses alongside external opportunities and threats.

Market Penetration

A strategy focused on selling existing products into existing markets.

Product Development

A strategy focused on introducing new products into existing markets.

Market Development

A strategy focused on introducing existing products into new markets.

Diversification

A strategy focused on introducing new products into new markets.

Direct Competition

Competitors performing the same function with the same product, target audience, and price points.

Indirect Competition

Competitors offering alternative solutions to the same market with similar pricing and audience targeting.

Substitute Products

Goods and services that perform very similar functions and can be interchanged.

Consumer Behavior

The study of individuals and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs.

Cognitive Dissonance

The mental conflict that people undergo when acquiring new information that contradicts their existing beliefs, commonly referred to as buyer's remorse.

Big Data

Both the growth in information that inundates businesses each day and the tools used to analyze it.

Pareto Analysis

The marketing observation that $20\%$ of your customers make up $80\%$ of your profits.

Product Width

The total number of product categories that a company sells.

Product Depth

The number of specific products contained within given product categories.

Perceptual Map

A competitive analysis tool that creates a visual picture of product locations in consumers' minds.