MKTG1001 Lecture Notes (Chapters 1 to 5) Marketing Principles

A set of vocabulary flashcards based on key terms and concepts from the lecture notes for Marketing Principles.

Marketing

The practice of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society.

Market

All current and potential customers who share a common need that can be satisfied by a specific product.

Demands

Human wants that are backed up by buying power.

Exchange

The act of obtaining a desired object from someone by offering something in return.

SWOT analysis

A framework for analyzing a company’s internal strengths and weaknesses, as well as its external opportunities and threats.

Buyer decision process

The series of steps that consumers go through when making purchasing decisions.

First mover

A company that is first to offer a product in a marketplace, which may lead to long-term success.

Differentiation

The process of adding meaningful and valued differences to distinguish a product from the competition.

Brand equity

The value added to a product by having a well-known brand name.

Marketing mix

The set of controllable tactical marketing tools—product, price, place, promotion, people, process, and physical evidence—used to produce the desired response.