BED-1004 Marketing Exam Review and Core Concepts

Comprehensive vocabulary flashcards covering the core themes, theoretical models, frameworks, and terminology from BED-1004 Marketing.

Market Orientation (Markedsorientering)

A business philosophy focused on activities the firm undertakes to adapt and improve relative to changing customer needs and demands in the market, emphasizing customer focus, internal marketing, and cross-departmental coordination.

Sustainable Marketing Concept

A marketing concept oriented toward long-term sustainable development that meets present consumer and business needs without compromising the ability of future generations to meet theirs.

Marketing Planning Process (Planleggingsprosessen)

A six-step strategic sequence comprising: 1. Business mission and overall goals, 2. Assessment of market opportunities (SWOT analysis), 3. Formulation of marketing strategy (goals, target group, positioning/mix), 4. Marketing program preparation, 5. Implementation of marketing activities, and 6. Control and follow-up.

Marketing Research Process

A systematic five-phase procedure for situational analysis: 1. Define problem and establish objectives, 2. Design the project and data collection plan, 3. Collect data, 4. Analyze data (calculating averages, variance, and expectations), and 5. Prepare a clear and decision-relevant report.

Primary vs. Secondary Data

Secondary data consists of information already previously gathered for other purposes ('what has been done'), whereas primary data is new information gathered firsthand specifically for the current research project (via observations, focus groups, surveys, or experiments).

Macroenvironment (Makroomgivelser)

Broad external, uncontrollable societal forces influencing an organization, categorized into demographic, political, cultural, economic, natural resource, and technological factors.

Value Chain (Verdikjeden)

A model detailing a firm's internal operating activities divided into primary activities (inbound logistics, operations, outbound logistics, marketing/sales, after-sales service) and support activities (infrastructure, human resource management, technology development, procurement) that contribute to profit margin.

Routine Purchases vs. Advanced Purchases (Rutinekjøp vs. Avanserte kjøp)

Routine purchases are frequent transactions with minimal financial risk and low consumer involvement (such as daily groceries), whereas advanced purchases are infrequent, time-consuming decisions involving substantial financial and personal consideration (such as houses, cars, or technical equipment).

Consumer Purchase Influencing Factors

The four main categories influencing the buyer's decision journey: cultural factors (culture, subculture), social factors (reference groups, family, roles and status), personal factors (age, lifestyle, economic situation, lifecycle), and psychological factors (motivation, perception, learning, attitudes, and values).

Market Segmentation (Markedssegmentering)

The process of dividing a broad market into distinct groups of consumers who share common needs, characteristics, or behaviors (internal homogeneity), where each segment differs distinctly from others (external heterogeneity).

TILT Framework

A set of four evaluation criteria for assessing target market segments: Tilgjengelig (Accessible), Identifiserbart (Identifiable), Lønnsomt (Profitable/Substantial), and Tilpasset (Actionable/Adapted to the firm's resources).

SWOT Analysis

A strategic planning tool used during situational analysis to evaluate internal Strengths and Weaknesses alongside external Opportunities and Threats.

Porter's Generic Strategies

A strategic framework specifying three core competitive approaches based on competitive advantage (lower cost vs. differentiation) and competitive scope (broad target vs. narrow target): Cost Leadership, Differentiation, and Focus.

Bowman's Strategy Clock

A model analyzing competitive strategic positions based on varying combinations of perceived product/service value versus price, ranging from 'No frills' and low-price options up to differentiation and hybrid routes, while identifying unsustainable failure strategies (feilstrategier).

Differentiation (Differensiering)

A deliberate set of meaningful differences and benefits integrated into an offering that clearly set the business apart from its competitors.

Positioning (Posisjonering)

Designing a company's market offering and image to occupy a distinct, valued place in the mind of the target customer group relative to competing alternatives.

Points-of-Parity (POP / Likhetsmomenter)

Mandatory associations and baseline product attributes required for a brand to be perceived as a legitimate, acceptable competitor within a given category, ensuring customers find no reason to discard the brand.

Points-of-Difference (POD / Forskjellighetsmomenter)

Unique, compelling, and advantageous attributes or customer benefits that distinctively set a brand apart from its competitors in a category.

Brand Strength Hierarchy (Merkestyrke)

A progressive ladder reflecting customer connection to a brand: Brand Awareness (Kjennskap) -> Brand Expectations (Forventninger) -> Brand Usage (Bruk) -> Brand Loyalty (Lojalitet), resulting in strong, relevant, and differentiated associations.

Three Levels of a Product (Produktbegrepet)

A multi-layered product model consisting of: the Core Product (Kjerneprodukt: fundamental problem-solving benefit), the Concrete/Actual Product (Konkret produkt: design, packaging, quality, features), and the Augmented Product (Utvidet produkt: warranty, installation, credit, delivery, after-sales service).

Product Life Cycle (PLS / PLC)

The course of a product's sales and profits over time through four main market stages: Introduction (high risk, minimal profit), Growth (rapid sales growth, expanding competitors), Maturity (peak sales, declining profits per unit), and Decline (falling sales and competitor withdrawal).

The Three C's Model for Price Setting

A pricing framework defining: Cost (establishing the price floor where no profit is possible below), Competitors' prices and substitute prices (providing orienting reference points), and Customers' assessment of unique features (establishing the price ceiling where no demand exists above).

Price Skimming (Skumme fløten)

Setting a high initial introductory price when demand is inelastic to extract consumer surplus and secure high short-term profits, carrying the risk of attracting new competitors.

Penetration Pricing (Penetrasjonspris)

Setting a low initial price in price-elastic markets to deter competitors, build substantial sales volume, achieve market dominance, and maximize long-term profitability.

Unique Selling Proposition (USP)

A clear, compelling customer benefit conveyed in promotional messaging that highlights an exclusive feature or advantage not provided by rival alternatives.

DRIP Tasks of Marketing Communication

The four fundamental objectives of promotional campaigns: Differentiate the product, Reinforce the brand's position, Inform/raise awareness among customers, and Persuade/overtake consumer purchase action.

Direct vs. Indirect Distribution

Direct distribution sells goods straight from the producer to the consumer without intermediaries (enabling direct 1-to-1 dialogue), whereas indirect distribution utilizes intermediaries (wholesalers, retailers) who absorb logistics and specialized market-facing functions.

Calculative Loyalty (Kalkulativ lojalitet)

The initial level of customer loyalty derived entirely from cognitive calculation that a particular product or service offers better tangible performance or value than competing alternatives.

Affective Loyalty (Affektiv lojalitet)

An emotional tier of brand loyalty driven by positive feelings and brand fondness characterized by the customer attitude: 'I buy because I like the product.'

Conative Loyalty (Konativ lojalitet)

A deeper stage of brand loyalty defined by an explicit purchase intention and personal commitment: 'I feel an obligation/dedication to buy this product.'

Action Loyalty (Handlingslojalitet)

The highest, most resilient degree of loyalty where repurchasing behavior becomes a habitual, dedicated response viewing the offering as the ultimate product.

Relationship-Promoting Incentives

Structured strategies designed to foster customer retention: loyalty benefit programs (fordelsprogram), customer recognition schemes (gjenkjennelsesprogram), community building (samfunnsbygging), and knowledge-building initiatives.