Session 1 Marketing

The shift from public funding to market exchanges for products and services.

The use of marketing strategies and techniques like advertising, product differentiation, and market research in areas that previously relied on different approaches.

The process of creating, communicating, delivering, and exchanging valuable products or services for customers, clients, partners, and society.

Marketing emphasizes understanding and responding to consumer needs and preferences.

While economics primarily addresses supply, marketing focuses on demand and consumer behavior.

Marketing aims to help businesses increase their influence on clients, leading to higher sales and profits.

The process of attracting potential clients or customers to a company's products or services.

A company's focus on understanding and responding to customer needs and market trends.

An economic system where supply and demand determine investments, production, and distribution of goods and services. The government's role varies from minimal to significant.

A market structure with many small sellers offering identical products. No single seller has significant market power.

A market structure with many sellers offering similar but slightly differentiated products. Each seller has some market power due to product differentiation.

A market structure dominated by a few large firms. They may collude to maintain high prices, limiting competition.

A market structure where a single firm controls the entire market for a product, setting prices and output. Consumers have no alternatives.

The process firms use to make their products stand out from competitors, attracting specific customer groups.

Economists aim to regulate markets to prevent monopolies, promote fair competition, and maximize consumer welfare.

A company focused on manufacturing goods as cheaply and quickly as possible for a mass market.

A company focused on producing high-quality products or services, often targeting a specific market segment.

A company focused on strategies and tactics that encourage immediate sales.

A company focused on understanding and meeting consumer needs.

Dividing a market into smaller groups with specific characteristics.

Dividing the market based on individual attributes like age, gender, or location.

Dividing the market based on company attributes like industry, size, or location.

Dividing the market based on consumer attitudes, beliefs, and values.

The 4 Ps of marketing are the four key areas of marketing decisions: Product, Price, Place, and Promotion.

Decisions regarding the design and features of a product or service to meet customer needs.

Decisions about setting a competitive price that covers costs, generates profits, and attracts buyers.

Decisions about distribution, or where the product will be available for purchase.

Decisions about marketing communication, including advertising, sales promotions, and social media, to reach customers.

The systematic process of gathering and analyzing information about a market, including consumer preferences, competitors, and trends.

Market research helps focus on the right customer segment, improve marketing decisions, and reduce the risk of failure.

Market research can be used ethically to understand customers, but it has a negative reputation for potential manipulation.

Dividing consumers into groups based on how they react to product features, functions, and benefits.

Knowing if consumers recognize a specific brand.

What consumers think and feel about a brand.

Tracking and analyzing online consumer behavior.

Observing consumers in their natural environment to understand their behavior.

Difference between what consumers say they do and what they actually do.

Using neuroscience tools to study consumer behavior.

Heartbeat, respiration rate, blood pressure, gaze fixation, pupil dilatation, and face expression.

Instruments used to gather information about consumer impressions, reactions (positive/negative), and emotional responses to marketing stimuli.

Using artificial intelligence to analyze large datasets, predict consumer behavior, and personalize marketing efforts.

AI assists in understanding consumers, predicting their behavior, making decisions, and even interacting with them.

The ability of businesses to comprehend market dynamics, consumer needs, and competitor strategies.

Systematic approaches used to gather data about markets, consumers, and competitors.

Market research helps companies make informed decisions about product development, pricing, promotion, and distribution.

A framework for marketing strategy, focusing on Product, Price, Place, and Promotion.

The evolution of techniques and methodologies used to study markets and consumer behavior.