Understanding Marketing Management

A set of vocabulary flashcards covering key marketing concepts, terms, and definitions to aid in understanding marketing principles.

Marketing

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers and society at large.

Needs

Basic human requirements such as air, food, water, clothing, and shelter.

Wants

Specific objects or services that can satisfy a need, shaped by society and culture.

Demands

Wants for specific products backed by the ability to pay.

Target Market

A specific group of consumers identified as the intended recipient of a marketing message.

Market Segmentation

The process of dividing a broad consumer or business market into sub-groups based on shared characteristics.

Value Proposition

A set of benefits that satisfy consumer needs, distinguishing a product from others.

Brand

An offering from a known source that carries various associations in a consumer's mind.

Integrated Marketing

The coordination of all marketing activities to create, communicate, and deliver value.

Holistic Marketing

An approach that recognizes that everything matters in marketing and that a broad, integrated perspective is often necessary.

Customer Relationship Management (CRM)

The practice of managing a company's interactions with current and potential customers to improve relationships.

Reverse Innovation

The process of applying innovations from developing markets to recession-hit developed markets.

Performance Marketing

The practice of examining the financial and non-financial returns from marketing activities.

Social Responsibility in Marketing

The consideration of ethical, environmental, and social impacts of marketing decisions.

Marketing Environment

The combination of internal and external factors that influence an organization's marketing strategy.

Promotion

The marketing activities aimed at informing or persuading customers about products or services.

Distribution Channels

The paths through which goods or services flow from the manufacturer to the consumer.

Competition

All the actual and potential rival offerings and substitutes a buyer might consider.