Marketing Exam Notes Summary

These flashcards cover key concepts from the marketing lecture notes that are essential for understanding marketing principles and preparing for the exam.

Marketing Management

A process aimed at creating and delivering value to both clients and firms.

Value Creation

The dual purpose of creating and transferring value for customers and firms.

Customer Satisfaction

A necessary condition for successful marketing and firm effectiveness.

Win-Win Logic

A concept where marketing aims to create mutual benefits for customers and the firm.

Value for Customers

The perceived benefit received by customers minus the sacrifices made.

Marketing Targeting

The process of defining which market segments to direct marketing efforts.

Value Proposition

A statement detailing why a consumer should choose a product, outlining the unique benefits the product offers.

Market Orientation

A business approach focusing on analyzing market needs and adjusting company strategies accordingly.

Positioning

The process of establishing a brand's distinct identity in the minds of consumers.

Customer Journey Mapping

A process used to understand all interactions a consumer has with a brand throughout their experience.

SWOT Analysis

A strategic planning tool used to identify strengths, weaknesses, opportunities, and threats related to competition or project planning.

Brand Loyalty

The tendency of consumers to continue buying the same brand of goods rather than competing brands.

Customer Value Proposition (CVP)

Defines how a company's products create value for customers compared to the competition.

Market Segmentation

Dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors.

Price Elasticity of Demand

The responsiveness of the quantity demanded of a good to a change in its price.

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded.

Channel Distribution

The pathway through which products or services flow from the producer to the consumer.

Marketing Mix

The combination of factors that can be controlled by a company to influence consumers' purchase decisions.

Promotions

Activities aimed to stimulate consumer interest or purchase.

Digital Marketing

Using digital channels to promote or market products and services to consumers.

Product Differentiation

The process of distinguishing a product from others to make it more attractive to a target market.

Public Relations (PR)

Strategic communication processes that build mutually beneficial relationships between organizations and their publics.

Customer Relationship Management (CRM)

A strategy for managing a company's interactions with current and potential customers using data analysis.

Brand Equity

A term that describes the value added to a product by having a well-known brand name.

Competitive Advantage

The favorable position a company gains in an industry due to its attributes or capabilities.

Innovative Marketing

Creating new products or improving existing ones to meet changing consumer demands.