Marketing
The activity of creating, communicating, delivering, and exchanging offerings that have value.
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| Term | Definition |
|---|---|
| Marketing | The activity of creating, communicating, delivering, and exchanging offerings that have value. |
| Value | The relationship between benefits and costs. |
| Product | A good, service, or experience offered to customers. |
| Price | Everything a buyer gives up to obtain a product. |
| Place | Processes that make a product available to customers. |
| Promotion | Marketing communication that informs and persuades buyers. |
| Production Era | Belief that a good product will sell itself. |
| Sales Era | Focus on selling due to excess supply. |
| Market-Oriented Era | Focus on understanding customer needs. |
| Value-Based Marketing Era | Focus on delivering superior value. |
| Marketing Strategy | Identifies target markets, marketing mix, and competitive advantage. |
| Target Market | A group of customers a firm targets. |
| Sustainable Competitive Advantage | An advantage that is difficult to copy and long-lasting. |
| Customer Excellence | Retaining loyal customers through service. |
| Operational Excellence | Efficiency and low-cost operations. |
| Product Excellence | Superior product quality or innovation. |
| Locational Excellence | Convenient physical or digital location. |
| Marketing Plan | A written document outlining marketing strategy and actions. |
| Mission Statement | A broad statement of business purpose and goals. |
| Situational Analysis | Assessment of the market and business environment. |
| SWOT Analysis | Strengths, Weaknesses, Opportunities, Threats. |
| Segmentation | Dividing markets into customer groups. |
| Targeting | Choosing which segments to pursue. |
| Positioning | How customers perceive a product versus competitors. |
| Conscious Marketing | Marketing with a purpose beyond profit. |
| Stakeholders | Groups affected by marketing decisions. |
| Marketing Ethics | Ethical issues specific to marketing activities. |
| Business Ethics | Moral principles guiding business behavior. |
| Corporate Social Responsibility | Voluntary actions addressing ethical, social, and environmental issues. |
| Triple Bottom Line | Ethical, environmental, and social performance. |
| Consumer Behavior | Study of how consumers choose and use products. |
| Need Recognition | Recognition of an unmet need. |
| Functional Needs | Needs related to product performance. |
| Psychological Needs | Needs related to personal gratification. |
| Internal Search | Searching memory for information. |
| External Search | Seeking information from outside sources. |
| Perceived Risk | Uncertainty about purchase outcomes. |
| Evoked Set | Brands seriously considered for purchase. |
| Evaluative Criteria | Important attributes used to compare options. |
| Determinant Criteria | Attributes that differ and matter most. |
| Compensatory Decision Rule | Good attributes offset bad ones. |
| Non-Compensatory Decision Rule | One bad attribute eliminates an option. |
| Post-Purchase Cognitive Dissonance | Doubt after making a purchase. |
| Customer Satisfaction | Evaluation of product performance. |
| Customer Loyalty | Commitment to repurchase. |
| Involvement | Degree of consumer interest. |
| Extended Problem Solving | Extensive research and evaluation. |