Marketing Principles Flashcards
What is Marketing?
(CIM)
Management process responsible for identifying, anticipating, and satisfying customer requirements profitably
What is Marketing?
(AMA)
Activity, set of institutions and process for creating, communicating, delivering, and exchaging offerings that have value for customers, clients, partners, and society at large
What is Marketing?
(AFM)
A connection of exchanges and a set of practices aimed at creating sustainable value for all stakeholders (individuals, companies, or organizations)
Define Marketing:
A process (or set of activities and institutions) that created offers based on the needs or requirements of customers and communicates them to those customers in order to create exchanges (sales) that generate value for customers, the company (profit), partners and society as a whole
Marketing 1.0
Product-Centered Marketing
Focused on mass production and standarized products with little regard for customer preferences
(companies reduce costs and increase profits)
Marketing 2.0
Customer-Centered Marketing
“Customer is King”
Emphasized customer needs and satisfaction, leading to differentiation, segmentation, and one-to-one relationships
(it’s the customer who determines the company’s operations)
Marketing 3.0
Human-Centered Marketing
Goes beyond functionality and addresses personal fulfillment, social responsability, and environmental concerns
(companies start to distinguish themselves by their values)
Marketing 4.0
Transition to digital
Integrates physical and digital systems to serve customers at hybrid touchpoints
(technology is used in a simple way)
Marketing 5.0
Technology for Humanity
Aims to create a sustainable society using humanized technology and addressing challenges like the generation gap and digital inequity
(create a sustainable society based on intelligent technologies)
What is MarketPlace?
The physical or virtual space where all of the offers from different players are presented to customers
What is a Customer?
An actual or potential buyer of products and services
(they may or may not have bought specific offers from the company)
What is a Marketing Landscape?
Includes company resources, places of exchange, users/consumers/customers, partners, and legal/commercial conditions
Company Orientation
Product/Sales-Oriented
Focuses on achieving sales, targets, often neglecting customer needs
Company Orientation
Market-Oriented
Balances profit and customer satisfaction through market research and tailored offerings
Company Orientation
Socially Responsible
Prioritizes social welfare and sustainability alongside business goals
What are Market Segments?
Subgroups within a market with similar needs and interests, allowing tailored marketing strategies
Types of Primary Markets
Consumer Markets (B2C)
Individuals or families buying for personal use
Types of Primary Markets
Industrial Markets (B2B)
Businesses buying for production or other business purposes
Types of Primary Markets
Institutional Markets
Non-profit or for-profit institutions buying for their operations
Types of Primary Markets
Resale Markets
Intermediaries like wholesalers or retailers buying for resale
What is a Product?
Tangible offerings that satisfy needs, including physical items and manufactured goods
What is a Service?
Intangible offerings involving actions, performances, or experiences
What are Brands?
Distinctive sets of values and communication elements associated with products or services
What are Value Propositions?
Sets of products and services designed to meet specific market segment needs
(offering “something extra” beyond basic need fulfillment)
What is a Marketing Environment?
A common way of analyzing the context in which these elements (internal activities, customers, partners, and society) occur
What is the Internal Marketing Environment?
(micro)
Factors within the company directly impacting marketing success
(ex: employers, customer info, budget)
What is the External Marketing Environment?
(macro)
Broader environmental factors indirectly affecting marketing success
(ex: political, economic, social)
What is the Performance Marketing Environment?
(micro)
Specific elements within the internal environment directly impacting marketing activities
(ex: competitor analysis)
Marketing Mix (4Ps)
Product:
Characteristic, design, packaging, unique value proposition
Marketing Mix (4Ps)
Price:
Value perception, pricing strategies, production costs, competition
Marketing Mix (4Ps)
Place:
Distribution channels, physical shops, online sales, intermediaries
Marketing Mix (4Ps)
Promotion:
Advertising, public relations, digital marketing, sales promotions
PESTEL Analysis
Political/Legal:
Relevant laws, regulations, and political systems
PESTEL Analysis
Economic:
Economic development, purchasing power, financial trends
PESTEL Analysis
Social/Demographic:
Demographic trends, consumption habits, and social values
PESTEL Analysis
Technological:
Infrastructure, technological advancements, an their impact
PESTEL Analysis
Environmental:
Environmental regulations, sustainability concerns
PESTEL Analysis
Legal
Labor laws, consumer rights, intellectual property regulations
Performance Marketing Environment
Customers:
Consumption habits, purchasing decision process, and segmentation
Performance Marketing Environment
Suppliers:
Price, quality of raw materials, competitor supplier information
Performance Marketing Environment
Marketing Intermediaries:
Wholesalers, retailers, distribution channels, and trends
Performance Marketing Environment
Competition:
Direct and indirect competitors, business information, market shares
Performance Marketing Environment
other Stakeholders
Regulatory bodies, industry associations, and their influence
SWOT Analysis:
Identifies and evaluates internal strengths, weaknesses, external opportunities, and threats
What is Marketing Intelligence?
Marketing information of external origins includes relevant and reliable elements that quantity, characterize or influence a specific market
What is Competition?
Struggle for customers, resources, and market share
What are Competitors?
Those with similar offerings to the same target audience
What is Competitive Advantage?
Edge through unique strengths or features
(price, quality, innovation, etc.)
Identifying Competitors
Industry Perspective:
Companies offering similar products/services
Identifying Competitors
Market Perspective:
Companies competing for same customer money
What is Competitive Analysis?
Identify main competitors, assess objectives, strategies, strengths/weaknesses, reactions
Choose competitors to attack/avoid based on market segments and value proposition
Competitive Strategies
Global Leadership:
(cost)
Lowest cost with acceptable quality
Leader: Protect position and increase market share
Challenger: Attack leader and gain market share
Competitive Strategies
Differentiation
(Non-Cost)
Unique value beyond cost
Followers: Imitate leaders in specific segments
Competitve Strategies
Niche
Highly specialized focus on a specific segment
What is the Marketing Microenvironment?
External actors directly impacting company’s marketing decisions
What is a Marketing Orientation?
What defines a company’s strategic marketing focus
Marketing Orientation
Sales Orientation:
Focuses on maximizing sales and profitability
Marketing Orientation
Competition Orientation:
Aims to imitate or outperform competitors
Marketing Orientation
Customer Orientation:
Prioritizes delivering value and satisfying customer needs
Production Orientation:
Focuses on efficient production and cost reduction
(not a marketing orientation)
Product Orientation:
Emphasizes product quality and innovation
(not a marketing orientation)
Marketing Orientation
Social Marketing/Responsability Orientation:
Considers ethical and social impact alongside customer satisfaction
Marketing Mix (7Ps)
People:
(for Services)
Recognizing the crucial role of employees and customer service teams
Marketing Mix (7Ps)
Processes:
(for Services)
Ensuring efficient and effective processes for a positive customer experience
Marketing Mix (7Ps)
Physical Evidences:
(for Services)
Managing tangible elements that influence customer perception
