Intro to Marketing Wk 1 Flashcards
What is Marketing?
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
What is the Marketing Process
: A five-step model encompassing understanding the marketplace and customer needs, creating customer value. The first four steps focus on understanding consumers and building relationships, while the final step involves capturing value.
Production Concept
Production concept is based on the idea that customers will prefer products that are affordable and are produced in bulk.
Product Concept
Concerned with quality of the product rather than the quantity of the product.
Selling Concept
Focuses on aggressive sales and promotion to push products onto customers, often irrespective of customer needs or product suitability.
Marketing Concept
- Marketing Concept: A customer-centric approach that prioritizes understanding customer needs and wants, creating value, and building strong customer relationships.
Societal Marketing Concept
Extends the marketing concept by considering the well-being of society and the environment
Marketing Vs Selling
Marketing is customer-centric, long-term, and builds relationships; Selling is product-centric, short-term, and focuses on maximizing sales
What is Customer Relationship Management (CRM
Identifying, attracting, retaining, and nurturing customer relationships.
What is Customer Lifetime Value (CLTV)
Total revenue expected from a single customer over their relationship.
What are some marketing strategies?
Market Segmentation:
Dividing a broad target market into smaller, more defined segments based on characteristics.
Target Marketing:
Selecting specific segments to focus marketing efforts on
Positioning:
Creating a distinct image or identity for a product or service in the minds of consumers
