Marketing 101: Overview of Marketing

Vocabulary flashcards covering key marketing concepts from the lecture notes (Ch. 1).

Marketing

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

Need

A basic human requirement.

Want

A specific desire for a satisfier of a need.

Demand

Wants plus buying power; the ability to purchase.

Exchange

The trade of things of value between buyer and seller that benefits both parties, involving communications, delivery, and the exchange of goods/services for money and information.

Product

Goods, services, or ideas that satisfy customer needs.

Price

The money, time, or energy a buyer sacrifices to obtain a product or service.

Place

All marketing processes to get the product to the right customer when they want it, including retailing and supply chain management.

Promotion

Communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence buying decisions.

Marketing Mix (4 Ps)

The set of controllable marketing tools—Product, Price, Place, Promotion—blended to produce the desired response in the target market.

Goods

Tangible items that can be physically touched.

Services

Intangible benefits produced by people or machines that cannot be separated from the producer.

Ideas

Thoughts, opinions, and philosophies that can be marketed.

Supply Chain

The group of firms that make and deliver a given set of goods and services.

Value

The relationship of benefits to costs; the worth of a product or service to the customer.

Value Co-Creation

The process by which firms and customers together create value through interactions.

Relational Orientation

A focus on building long-term relationships with customers.

CRM (Customer Relationship Management)

A strategy and system for managing a company's interactions with current and potential customers to build relationships.

Conscious Marketing

Marketing that integrates ethical and societal considerations into corporate strategies.

Social and Mobile Marketing

Using social media and mobile devices to connect with and engage customers.

Marketing Analytics

The collection, analysis, and interpretation of data to measure and improve marketing performance.

Value-Based Marketing Era

An era since around the 1990s focused on delivering value and building lasting customer relationships.

Production Era

Industrial-era focus on mass production and efficiency (roughly 1900–1920s).

Sales Era

Era (roughly 1920–1950) emphasizing selling through promotion and personal selling.

Marketing Era

Era (roughly 1950–1990) focused on meeting the needs and wants of customers through integrated marketing.