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. |