Marketing Fundamentals Vocabulary

A set of vocabulary flashcards defining core marketing concepts, orientations, and customer relationship stages directly from the lecture notes.

Marketing

The set of activities used to create, communicate, deliver, and capture value in exchanges with customers.

Need

A basic requirement, such as the requirement to stay connected or be entertained.

Perceived Value

It is the bundle of benefits weighed against total costs like money, time, effort, and risk.

Customer Lifetime Value

The total worth of a customer across the entire duration of the relationship.

Engagement

Inviting customers to become participants in marketing activity and brand growth.

Brand

The process of creating a unique name and image for a product in the consumer's mind.

Advertising vs. Marketing

Advertising is a specific tool using paid notices, while marketing is the broader set of activities.

Sales Orientation / Concept

Treating the customer as someone to be manipulated or pushed to buy what the firm already makes.

Business-to-Business (B2B) Marketing

Marketing targeted toward a narrow, specialized sliver of the population, such as small-business owners and start-up companies.

Marketing Myopia

Losing touch with what customers actually want.

Stage 1 of Relationship Building

Meeting and getting acquainted.

Stage 3 of Relationship Building

Sustain a Committed Relationship.