Market Orientation Lecture Notes lecture #7

These flashcards cover key concepts and definitions from the lecture on Market Orientation.

Value Creation

Value = Perceived Benefit – Cost to Create Value.

Market Orientation

Business activities driven by customer needs.

Production Era

Marketing concept where it's believed that a good product sells itself.

Sales Era

Marketing focused on persuasion and advertising.

Marketing Era

Consumer-centered marketing approach; 'Find a need and fill it.'

Relationship Era

Focus on fostering long-term customer loyalty.

Social Era

Marketing that engages digital, mobile, and social media.

Marketing Concept

Companywide customer focus for long-term success.

Cause Marketing

Promoting a cause alongside a product or service (e.g., Humane Society).

B2B vs B2C

B2B: Longer sales cycles; B2C: Shorter, emotional, impulse-based.

Marketing Strategy Process

Analyze target markets and create the 4Ps for that market.

STP Model

Segmentation, Targeting, Positioning framework for marketing.

Effective Segmentation Requirements

Measurable, Accessible, Substantial, Differentiable, Actionable.

Consumer Behavior Process

Stages include need recognition, search, evaluation, purchase, and post-purchase evaluation.

B2B Buying Process

Includes problem identification, solution exploration, and supplier selection.

Competitive Advantage

Built through value creation and understanding customer needs.