Marketing Principles Flashcards by Micaela Díaz

What is Marketing?

(CIM)

Management process responsible for identifying, anticipating, and satisfying customer requirements profitably

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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

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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)

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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

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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)

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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)

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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)

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Marketing 4.0

Transition to digital

Integrates physical and digital systems to serve customers at hybrid touchpoints

(technology is used in a simple way)

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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)

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What is MarketPlace?

The physical or virtual space where all of the offers from different players are presented to customers

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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)

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What is a Marketing Landscape?

Includes company resources, places of exchange, users/consumers/customers, partners, and legal/commercial conditions

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Company Orientation

Product/Sales-Oriented

Focuses on achieving sales, targets, often neglecting customer needs

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Company Orientation

Market-Oriented

Balances profit and customer satisfaction through market research and tailored offerings

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Company Orientation

Socially Responsible

Prioritizes social welfare and sustainability alongside business goals

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What are Market Segments?

Subgroups within a market with similar needs and interests, allowing tailored marketing strategies

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Types of Primary Markets

Consumer Markets (B2C)

Individuals or families buying for personal use

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Types of Primary Markets

Industrial Markets (B2B)

Businesses buying for production or other business purposes

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Types of Primary Markets

Institutional Markets

Non-profit or for-profit institutions buying for their operations

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Types of Primary Markets

Resale Markets

Intermediaries like wholesalers or retailers buying for resale

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What is a Product?

Tangible offerings that satisfy needs, including physical items and manufactured goods

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What is a Service?

Intangible offerings involving actions, performances, or experiences

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What are Brands?

Distinctive sets of values and communication elements associated with products or services

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What are Value Propositions?

Sets of products and services designed to meet specific market segment needs

(offering “something extra” beyond basic need fulfillment)

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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