Lesson 6 Flashcards
These are fundamental concepts that guide marketers in effectively reaching, engaging, and satisfying their target audience. (These principles focus on understanding customer needs, delivering value, and building long-term relationships. )
Principles of Marketing
The cornerstone of marketing is to understand the needs, wants, and expectations of the target market.
Customer Orientation
By offering products that fulfill customers’ needs and providing excellent customer service, marketers ensure customer satisfaction and loyalty
Value Creation
This principle involves dividing a market into distinct segments, targeting specific groups, and positioning products to meet the needs of that particular segment.
Segmentation, Targeting, and Positioning (STP)
Marketing efforts should not only focus on attracting new customers but also retaining existing ones through after-sales service, loyalty programs, and personalized communication.
Relationship Building
It is a mixture of controllable marketing variables that the firm uses to pursue the desired level of sales among the target market.
Marketing Mix (4Ps)
This involves the product, price, place, and promotion. Marketers must develop the right product, set a competitive price, distribute it in a way that makes it accessible to the customer, and promote it through effective channels.
Marketing Mix (4Ps)
encompasses the logo, messaging, and the overall customer experience, contributing to brand loyalty.
Branding
encompasses the logo, messaging, and the overall customer experience, contributing to brand loyalty.
Branding
Marketers must follow ethical practices, ensuring that their strategies are transparent and promote honest, non-deceptive communication with customers.
Ethical Marketing
refers to the item actually being sold.
Product
refers to the valute that is put for a product.
Price
it is the main aim of a good distribution.
Place
refers to all strategies undertaken to make a product or service known to the user and trade.
Promotion
is the process of splitting a market into smaller group with similar product needs or identifiable characteristic, for the purpose of selecting appropriate target markets
Market Segmentation
is an organization’s proactive selection of suitable market segments with intention of heavily focusing the firms marketingg offers and activities towards this group of related consumers
Targetting
Is the target market’s perception of the product’s key benefits and features, relative to the offerings of competitive products.
Positioning
is the actual benefit the consumer is seeking from the purchase.
The core product
along with the core product are associated some features also
The additional features
defined as the name, term, symbol, logo, design or a combination of them, which gives the product and services certain identity.
The brand name
Is the brand that gives legal protection and maintains the exclusively to the seller.
Trademark
is equally important as brand name which distinguishes the product
The packaging
is the fundamental need or wants that the customer satisfies when they buy the product.
Core benefit
Is the basic version of the product made up of only those features necessary for to functio
Generic Product
