Strategic Marketing Concepts

The act of giving up something of value in exchange for something else, often considered a core concept in marketing.

A one-time exchange with no ongoing relationship, characterized by a focus on immediate benefits and no expectations for future interactions.

An exchange with an emphasis on building ongoing relationships, involving communication and consideration of future benefits.

A common type of exchange where businesses sell goods or services directly to consumers, often involving a large number of customers and smaller individual transactions.

A type of exchange where businesses sell goods or services to other businesses, typically characterized by fewer but larger transactions and closer relationships.

A strategy that focuses on directly involving customers in shaping brand narratives, experiences, and communities, building deeper connections beyond just selling products.

A strategy where a brand aims to become a meaningful part of consumers' daily lives and conversations.

A strategic planning process that involves considering all aspects of a company's situation, opportunities, objectives, and resources to identify the best marketing approach.

A comprehensive assessment of a company's internal and external environments, including strengths, weaknesses, opportunities, and threats.

A detailed report on the current state of a company's marketing efforts, including market analysis, product performance, competitor analysis, and distribution channels.

A set of specific and measurable objectives that a company aims to achieve during a specific period.

The core elements of a marketing plan, including product, price, place (distribution), and promotion.

The process of understanding consumer behavior, including their needs, wants, and decision-making processes.

The process of dividing a market into distinct groups of buyers with similar needs, characteristics, or behaviors.

Consumers choose products based on their expectations of customer value and satisfaction. This value represents the perceived worth or benefit the customer expects to gain from purchasing a product.

Satisfaction is the feeling experienced by the customer after consuming a product. It is the degree to which the actual experience meets or exceeds their expectations.

A company's market offering refers to the product or service it brings to the market. It includes the physical product, its features, its pricing, and all the marketing and sales efforts associated with it.

The gap between a company's market offering and customers' expectations is the disparity between what the product actually offers and what customers anticipate receiving from it.

Setting high expectations might attract customers initially, but failure to meet them can lead to dissatisfaction. Setting low expectations might disappoint a small segment of customers but can build a strong foundation for exceeding expectations later.

Loyalty arises from consistently exceeding customer expectations. It develops when customers feel that the product provides value and consistently satisfies their needs.

Customer Value is determined by perception. It is the customer's subjective evaluation of the worth they assign to the product.

The exchange is fundamentally the core process in marketing. It involves the act of obtaining something of value by offering something in return.

A state of deprivation, a fundamental requirement for human survival and well-being. Examples include physical needs like food, clothing, and warmth, social needs like belonging and affection, and individual needs like knowledge and self-expression.

The form that a need takes when it is shaped by individual personality and cultural influences.

Wants that are backed by the ability and willingness to purchase.

A social and managerial process through which individuals and groups obtain what they need and want by creating and exchanging products and value with others.

The process of developing, promoting, and distributing products and services to satisfy customer needs and wants.

A tangible good, an intangible service, or an experience offered to satisfy customer needs.

The perceived value of a product or service in relation to its cost and benefits.

A positive feeling a customer experiences when a product or service meets or exceeds their expectations.

The likelihood that a customer will repeatedly buy from a particular company or brand.

A set of tools and strategies used by companies to plan, execute, and manage their marketing efforts.