ch 13 Marketing: Connecting Principles to Practice

This set of vocabulary flashcards covers the fundamental definitions and components of marketing as presented in the Chapter 13 lecture notes, including the marketing mix, segmentation, and competitive advantage.

Marketing

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

Four Eras of U.S. Marketing

The chronological progression of marketing focus consisting of the Production Era, Selling Era, Marketing Concept Era, and Customer Relationship Era.

Microsoft's current mission statement

To empower every person and organization to achieve more.

Market

People or organizations with needs or wants and the ability and willingness to buy.

Market Segmentation

The process of dividing a market into meaningful, relatively similar, identifiable segments or groups.

Volume Segmentation

A form of market segmentation based on the amount of use, categorized as light versus heavy.

Psychographic Segmentation

Dividing a market based on lifestyle, personality, interests, values, and attitudes.

Geographic Segmentation

Dividing a market based on regional location, population density, city/county size, and climate.

Demographic Segmentation

Dividing a market based on age, education, gender, income, race, social class, and household size.

Benefit Segmentation

Dividing a market based on the benefits provided by the good or service.

Target Market

The specific group of consumers toward which a firm directs its marketing efforts.

Target Market Selection Strategies

The three strategies used to select markets: Undifferentiated, Concentrated, and Multisegment Strategy.

Competitive Advantage

The set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition.

Types of Competitive Advantage

The three categorizations of advantage: Cost, Product/Service Differentiation, and Niche Strategies.

The Marketing Mix

The Four Ps: Product, Price, Place, and Promotion.

Product

A good, service, or idea that satisfies a consumer’s want or need; it includes the physical unit, package, warranty, brand, and image.

Price

The most flexible of the 4 Ps, which depends on factors like competitors' prices, production costs, and distribution.

Place (Distribution)

Ensuring product availability where and when the customer wants them, involving all activities from raw materials to finished products.

Promotion

All the techniques sellers use to inform people about their products and motivate them to purchase, including advertising, personal selling, public relations, viral marketing, and sales promotions.

Marketing Environment

The external factors that surround the consumer and marketing mix, including Sociocultural, Technological, Global, Competitive, and Economic factors.

Marketing Research

Analyzing markets to determine challenges and opportunities, and finding the information needed to make good decisions.