Marketing Fundamentals Overview

Marketing is the process of creating value for customers, building strong relationships, and capturing value in return.

Marketing is a fundamental function within a business organization.

Marketing focuses on creating value for customers, which can include meeting their needs and desires.

Building strong customer relationships is essential for long-term success in marketing.

Capturing value from customers involves generating revenue and profits through sales and brand loyalty.

A marketing approach that prioritizes the well-being of both customers and society in its marketing strategies.

The concept emphasizes that a company's marketing decisions should consider not just consumer wants but also the long-term interests of both the consumer and society.

The societal marketing concept aims to make a company's marketing strategies contribute to a better future.

The societal marketing concept acknowledges that customers' wants should be met while ensuring those wants don't negatively impact the larger society.

The societal marketing concept ensures that a company's marketing actions are ethically sound and contributing to a positive future.

Considering the overall industry trends, competitors' actions, and potential opportunities, both within and outside the company's local region.

A marketing approach that prioritizes long-term sustainability by balancing economic needs, environmental responsibility, and social well-being.

Businesses are increasingly expected to act ethically and contribute positively to society, demonstrating a commitment to social responsibility.

Consumers are increasingly aware of environmental issues and are choosing products and brands that align with their values.

The widespread practice of purchasing goods and services, often driven by consumerism and marketing.

The practice of attracting and retaining customers by delivering superior value and satisfaction.

Attracting new customers by promising superior value.

Growing existing customer relationships by delivering satisfaction.

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

Needs, wants, and demands; target markets; value and satisfaction; exchange relationships; and marketing channels.

A philosophy that focuses on understanding and meeting customer needs.

A combination of traditional and modern tools, such as websites, mobile apps, online videos, and social media.

The fundamental objective of marketing is to create value for the customer.

A marketing approach that focuses on aggressive selling and promotion efforts to convince customers to buy products they may not necessarily want or need.

This concept prioritizes customer needs and wants, aiming to deliver superior value and satisfaction to achieve organizational goals.

Products that customers don't typically think about buying, like life insurance or blood donations. They require significant effort to sell.

A product-centric approach that focuses on producing and selling products without considering customer needs or wants.

A customer-centric approach prioritizes understanding and meeting customer needs and wants to build long-term, profitable relationships.

The marketing concept emphasizes delivering value and satisfaction to customers, leading to both sales and profits.

A marketing strategy focused on building strong, lasting customer relationships, prioritizing their satisfaction and loyalty.

The marketing concept emphasizes creating a customer-centric philosophy, replacing the traditional 'make-and-sell' approach with a customer-focused one.

The marketing mix is a set of four key tools that businesses use to achieve their marketing objectives.

Product refers to the goods or services that a business offers to its customers. This includes features, benefits, design, and packaging.

Price is the amount of money customers are willing to pay for a product or service. It considers production costs, competitor pricing, and customer value.

Place refers to how and where a product is made available to customers. This includes distribution channels and accessibility.

Promotion refers to all the activities a business undertakes to communicate the value of its products or services to customers. This may include advertising, public relations, and sales promotions.

Customer Relationship Management (CRM) is the process of building and maintaining relationships with customers by providing excellent service and value. It involves managing customer information and interactions to foster loyalty.

Customer-perceived value is the customer's evaluation of the benefits they receive from a product or service compared to the costs, considering alternatives.

Customer satisfaction is the extent to which a customer's expectations are met or exceeded by the performance of a product or service.