Marketing Concepts Flashcards

Study Notes

Market Definitions

Market: Collection of people or organizations with similar needs and desires capable of purchasing products.
Consumer Markets: Target individuals who buy goods and services for personal use.
Industrial Markets: Business-to-business transactions where companies purchase products for operational use.

Marketing Concepts

Marketing: Actions to identify, create, and foster satisfying customer relationships for mutual value.
Marketing Concept: Centered on meeting customer needs while ensuring company profitability.
Marketing Mix: Comprises four P's: product, price, place, and promotion.

Product and Services

Product: Involves decisions on features, brand name, packaging, service, and warranty to fulfill customer needs.
Services: Intangible offerings that provide monetary value and fulfill needs, e.g., tasks like cooking or haircuts.
Goods: Tangible products with monetary value that satisfy needs, e.g., cars and electronics.

Marketing Strategies

Promotion: Communication strategies to inform, persuade, or remind customers about products/services.
Niche Marketing: Targeting extremely specific market segments with tailored marketing efforts.
Mass Marketing: A unified marketing strategy aimed at reaching a broad customer base.

Pricing and Management Functions

Pricing Function: Assessing product demand while considering costs, competition, and desired profit margins.
Product/Service Management: Adjusting offerings based on trends, quality, and market evaluation.
Distribution/Channel Management: Strategies for effective product delivery to consumers, including transportation considerations.

Research and Information

Marketing-Information Management: Gathering and analyzing data to guide decisions on market trends and product launches.
Demographics: Analyzing statistics related to population characteristics such as age, income, and education to inform marketing strategies.
Psychographics: Understanding consumer lifestyle choices and interests to guide spending and marketing approaches.

Additional Concepts

Behavioral/Benefits Desired: Analyzing consumer shopping patterns, brand loyalty, and desired product benefits.
Competition: Businesses offering similar goods or services to the same customer base.
Marketing Ideas: Campaign themes that resonate like sustainability or safety awareness, e.g., "Going Green" or "Don't Text and Drive."

Utilities in Marketing

Form Utility: Enhancing products through assembly or modification of raw materials.
Place Utility: Adding value by ensuring product availability in convenient locations, including online platforms.
Time Utility: Increasing product value by ensuring availability when consumers need them.

Description

Test your knowledge on essential marketing terms with these flashcards. This quiz covers key concepts such as the market, marketing, and the overall marketing concept. Perfect for students or professionals looking to refresh their marketing vocabulary!