Untitled Flashcards Set

Wants vs. Needs

Wants are desires for specific items or experiences, while needs are essential requirements for survival or well-being, and marketing addresses both.

Definition of Marketing (CIM, 2015)

The management process responsible for identifying, anticipating, and satisfying customer requirements profitably.

Exchange Theory

The act of obtaining a desired object by offering something in return, applying to various marketing contexts.

4Ps of Marketing

Product, Price, Promotion, Place; the key elements marketers must consider in marketing strategies.

Segmentation, Targeting & Positioning (STP)

A crucial marketing process involving dividing the market into groups, selecting specific segments, and creating a distinct image.

Positioning

Designing a company's offering and image to differentiate it in the minds of target customers.

Boston Consulting Group (BCG) Matrix

A tool used to analyze a product portfolio based on market share and growth rate, categorizing products as Stars, Cash Cows, Question Marks, or Dogs.

PESTLE Analysis

An external environment analysis tool focusing on Political, Economic, Social, Technological, Legal, and Environmental factors.

SWOT Analysis

A framework that highlights an organization’s Strengths, Weaknesses, Opportunities, and Threats for strategic planning.

Ansoff's Matrix

A strategic tool representing four growth strategies: Market Penetration, Product Development, Market Development, and Diversification.

Customer Insight

Knowledge about the customer that is valuable for the firm, derived from various sources including market research.

Qualitative vs. Quantitative Research

Qualitative research focuses on meanings and characteristics, while quantitative research deals with measurements and numerical data.

Marketing Evaluation Metrics

Key performance indicators used to measure marketing success, important for assessing marketing strategies.

Market Research vs. Marketing Research

Market research focuses on industry structure and characteristics, while marketing research informs specific strategic decisions.

Product Lifecycle (PLC)

The stages of a product's life: Introduction, Growth, Maturity, Decline, influencing marketing strategies.

New Product Development Process (NPDP)

A structured approach to bringing new products to market, crucial for maintaining competitiveness.

Ethics in Marketing Research

Marketing research should be objective, transparent, and respectful of participants' rights and privacy.

Market Segmentation Criteria

Different bases for dividing the market into segments, including demographic, geographic, behavioral, and psychological factors.

Positioning Strategies

Methods of differentiating a brand based on attributes such as functionality, communication, and consumer perception.