Introduction to Business-to-Consumer Marketing

Buyers

Individuals purchasing products to satisfy needs.

Need

Perceived deficiency between actual and desired states.

Demand

Quantifiable desire for a product based on needs.

End Customers

Consumers purchasing for personal use.

Organizational Customers

Businesses purchasing for operational purposes.

Companies

Entities competing to win buyers with products.

Competitors

Other companies in the same market space.

Marketing

Process of promoting and selling products.

Market

Place where supply meets demand, forming prices.

Customers

Buyers who have previously purchased products.

Marketing Strategy

Plan to achieve marketing goals effectively.

Marketing Mix

Combination of product, price, place, promotion.

Types of Markets

Classifications based on goods, power, and geography.

Buyers' Market

Market where demand exceeds supply.

Sellers' Market

Market where supply exceeds demand.

Local Market

Market serving a specific geographic area.

Global Market

Market encompassing worldwide trade and commerce.

Physical Market

Tangible locations like stores or trade fairs.

Virtual Market

Online platforms for buying and selling.

Product

Goods or services offered to meet needs.

Price

Amount charged for a product or service.

Sales

Transactions where products are exchanged for money.

Communication

Methods used to inform and persuade buyers.

Customer Relationship Management

Strategies for managing interactions with customers.

Financial Goals of Marketing

Monetary objectives aimed at profitability.

Non-Financial Goals of Marketing

Objectives related to brand awareness and loyalty.

Product Decisions

Choices regarding product features and innovation.

Pricing Decisions

Strategies for setting product prices.

Communication Decisions

Choices on how to convey marketing messages.

Sales Decisions

Strategies for selling products to consumers.

Activity-oriented Definition

Marketing as a set of market-driven activities.

Relationship-oriented Definition

Focus on establishing and maintaining customer relationships.

Management-oriented Definition

Managing the company from a market perspective.

Integrative Definition of Marketing

Includes both external and internal marketing facets.

Innovation Management

Strategies for launching new products effectively.

Brand Management

Using a brand across different product groups.

Price Differentiation

Adjusting prices based on consumer willingness to pay.

Integrated Communication

Using multiple channels for marketing messages.

Distribution System Design

Choosing channels for selling products/services.

Multi-channel Distribution

Selling through various platforms like online and retail.

Customer Retention

Strategies to keep existing customers engaged.

Value-Based View

Focus on financial and non-financial marketing goals.

Marketing Performance Chain

Link between marketing actions and performance metrics.

Customer Satisfaction

Measure of how products meet consumer expectations.

Customer Defection Rate

Percentage of customers who stop purchasing.

Communication Budget

Allocation for marketing communication activities.

Sales Partner Relationships

Managing cooperation with distribution partners.

Merchandising

Promotional activities to enhance product sales.

Performance Metrics

Quantitative measures of marketing effectiveness.

Marketing Goals

Objectives guiding marketing strategies and actions.