chapter 11 - marketing

1. Marketing - Activities, institutions, and processes for creating, communicating, delivering, and exchanging offerings with value for customers, clients, partners, and society

2. Value - The relative comparison of a product's benefits versus its costs.

3. Utility - A product's ability to satisfy human wants or needs.

4. Product - A good, service, or idea marketed to fill consumers' needs and wants.

5. Product Differentiation - The creation of a product feature or image that differs enough from existing products to attract customers.

6. Pricing - The process of determining the best price at which to sell a product.

7. Place (Distribution) - Part of the marketing mix focused on getting products from producers to consumers.

8. Promotion - Techniques for communicating information about products.

9. Advertising - Any form of paid nonpersonal communication by an identified sponsor to inform or persuade potential buyers.

10. Personal Selling - Direct, person-to-person sales.

11. Sales Promotion - Direct inducements, like premiums or coupons, to encourage product purchase.

12. Public Relations - Communication efforts aimed at building goodwill and favorable attitudes toward an organization and its products.

13. Marketing Plan - A detailed strategy for focusing marketing efforts on consumers' needs and wants.

14. Target Market - A particular group of people or organizations on which a firm’s marketing efforts are focused.

15. Market Segmentation - The process of dividing a market into categories of customer types.

16. Demographic Segmentation - Using characteristics like age, gender, income, and social class to define market segments.

17. Psychographic Segmentation - Segmentation based on lifestyle, personality, or attitude characteristics.

18. Behavioral Segmentation - A strategy using consumer behavior patterns to identify market segments.

19. Customer Relationship Management (CRM) - Organized methods for building better information connections with clients.

20. Viral Marketing - Marketing that uses social networking and the internet to spread information from person to person.

Big Ideas to Study

1. The Marketing Mix (4 Ps)

- Understand the components: Product, Price, Place (Distribution), and Promotion, and how they are strategically combined to target markets.

2. Market Segmentation

- Grasp the different types of segmentation (Demographic, Psychographic, Behavioral, and Geographic) and their applications in identifying target markets.

3. Building Customer Relationships

- Study Customer Relationship Management (CRM) and Relationship Marketing and their importance for customer loyalty and long-term engagement.

4. Value Creation and Types of Utility

- Review how companies create value through Form, Time, Place, and Possession Utilities to meet customers' needs effectively.

5. Marketing Strategies and Planning

- Focus on the structure of a marketing plan, including setting objectives, developing strategies, and targeting specific market segments.

6. Role of Social Media and Viral Marketing

- Explore the impact of social media on consumer behavior, how viral marketing leverages networks for brand awareness, and social networking’s role in modern marketing strategies.

7. Consumer and Business Buying Behaviors

- Examine the differences between consumer markets (B2C) and business markets (B2B), including relationship-building in B2B settings.

8. Marketing Research Methods

- Know the basic methods: Observation, Surveys, Focus Groups, and Experimentation, and how each helps in gathering consumer insights.

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This list should help structure your study, focusing on key concepts and terms essential for understanding marketing.