Introduction to Marketing

These flashcards cover essential vocabulary and concepts related to marketing as discussed in the lecture notes.

Marketing

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

4 P's of Marketing

Product, Promotion, Place, Price – the traditional way of viewing the components of marketing, sometimes called the marketing mix.

Personal Value Equation

Value is the benefits buyers receive that meet their needs minus the money, time, and effort put into the shopping process.

Marketing Concept

A philosophy of identifying and satisfying the needs of a target market of customers, where every employee in the company is focused on serving the customer at a profit.

Production Era

The marketing era dominant in the early 1900s where companies focused on mass production of the same product for low unit costs.

Selling Era

The marketing era after WWII until about 1960, characterized by a selling orientation where companies used heavy advertising and selling tactics.

Marketing Era

The time period from 1960 to approximately 1990 when companies identified customer needs and developed innovations to satisfy those needs.

Social Marketing

Marketing conducted to achieve social objectives, such as ads aimed at reducing smoking.

Impacts of Marketing on Society

Marketing enables profitable transactions, delivers value, benefits society, incurs costs, and offers career opportunities.

Marketing Plan

A strategic plan outlining what product to sell, how to promote it, what marketing strategy to use, and the price to charge.