Marketing Fundamentals and Mix

The process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

The forces outside the control of a company that affect its marketing decisions and strategies.

The benefits a customer receives from a product or service.

A written document that outlines a company's marketing objectives, strategies, and tactics.

The process of dividing a market into groups of customers with similar needs and wants.

The systematic gathering, recording, and analysis of data about consumers, competitors, and the market.

The process that customers go through when making a purchase decision.

Businesses that buy goods and services for use in their own operations.

Setting the right price for a product, balancing costs with consumer demand to ensure profitability and competitiveness.

The methods used to communicate information about products to potential buyers. This includes advertising, personal selling, sales promotions, public relations and direct marketing.

The process of getting a product to the right place at the right time so consumers can access and buy it.

A group of potential customers with similar needs and wants who are likely to be interested in the same products.

A combination strategy that considers both geographic and demographic factors to identify target segments.

The research process used to determine customer needs, wants, and preferences in order to develop better products and marketing strategies.

Information already collected for other purposes, such as census data or industry reports.

New data collected specifically for a particular research study.

Watching and recording consumer behavior to gain insights into their preferences, habits, and decision-making.

Questionnaires or interviews used to collect data from a sample of consumers.

The perceived value of a product or service is determined by its perceived benefits divided by its costs. This includes not only the monetary cost, but also the time, effort, and emotional cost associated with the purchase.

The ability of a product to meet a consumer's need or want. Marketing aims to provide different types of utilities based on customer needs.

The design of a product with features that directly appeal to the target customer.

Providing products to customers when they want them.

Providing products where customers want them.

Providing terms of sale that facilitate the transfer of ownership of the product to the customer.

Tangible products purchased by consumers for personal use.

Products that companies purchase to be used in the production of other goods.

Intangible products that provide benefits but are not physical.

Building and maintaining long-term relationships with customers to ensure their satisfaction and loyalty.

A structured approach by businesses to gather, analyze, and utilize customer information to improve relationships.

The collection and storage of consumer data on a large scale.

The process of extracting, sorting, and analyzing data to uncover hidden patterns and insights.

The external factors that influence business operations and decisions. These include political, legal, sociocultural, technological, economic, and competitive factors.

The relationship between businesses and government, mainly through regulations and laws.

Products that can be sold in different countries without requiring significant changes to meet local preferences.

The process of determining the price of a product in a foreign market, considering factors like transportation costs and local market conditions.

Establishing a network to distribute goods in foreign markets, often involving challenges like higher costs and reliance on local partners.

Adapting promotional strategies to suit cultural and societal nuances in different countries.

The act of carefully placing a business in a location that is advantageous to its target market.

A method of data collection where researchers interact with people to gather facts, attitudes, or opinions using questionnaires, phone calls, or face-to-face interviews.

A group discussion where participants are presented with an issue and asked to discuss it, allowing researchers to explore complex topics and generate creative solutions.

A research method that compares the responses of similar people under different conditions or with different products, to understand cause and effect.

The study of how individuals and groups select, purchase, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants.

Factors that influence a consumer's decision-making process, including psychological, personal, social, and cultural aspects.

The repeated buying and consumption of a product due to satisfaction with its performance or benefits.

A step-by-step process that consumers go through when making a purchase, including need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase evaluation.

The first step in the consumer buying process, where a consumer recognizes a problem or a need that requires a solution or product.

The second stage in the consumer buying process where consumers actively seek information about potential solutions from personal sources, marketing sources, public sources, or through experience.

The third step in the consumer buying process, where consumers evaluate different product options and compare their features and benefits to determine the best fit for their needs and wants.

The fourth stage of the consumer buying process, where consumers make a final decision to purchase a product, influenced by both rational motives like cost, quality, and usefulness, and emotional motives like sociability, imitation, and aesthetics.

The last step in the consumer buying process, where consumers evaluate their satisfaction with the purchased product, influencing future repeat purchases and brand loyalty.

Markets that consist of organizations that buy goods and services for use in their own operations, production, or resale, including service companies, industrial buyers, resellers, and government/institutional organizations.

The practice of marketing goods and services to organizations that buy them for use in creating and delivering consumer products or public services, with different buying behaviors compared to consumer markets.

The buying behavior of organizations, characterized by professional buyers, large quantities, emphasis on buyer-seller relationships, and focus on rational decision-making based on costs, quality, and performance.