Marketing Concepts and Strategies

Specific research approaches or methods

For example: focus groups, surveys, etc., used to collect data for marketing research.

Customer insights

In-depth understanding of customer behaviors, preferences, and needs gained through data analysis and market research.

Internal (micro) environment versus external (macro) environment

Internal environment refers to factors within the organization's control, while external environment includes factors outside the organization's influence.

Big data

Large volumes of data, structured and unstructured, that can be analyzed to reveal patterns, trends, and associations.

Marketing myopia

Narrow-minded focus on selling products rather than identifying and satisfying customer needs.

Needs, wants, demands

Needs are basic human requirements, wants are desires for specific products, and demands are wants backed by purchasing power.

Elements of the external environment, SPENT components

Political, Economic, Social, cultural, Demographic, Generational cohorts, Technology, Legal, Regulatory, (Natural) Environment.

Probability versus non-probability sampling techniques

Probability sampling involves random selection, while non-probability sampling does not guarantee every element of the population has a chance of being included.

Steps in the business buying decision process

Problem recognition, general need description, product specification, supplier search, proposal solicitation, supplier selection, order-routine specification, performance review.

Steps in the consumer buyer decision process

Problem recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior.

Marketing research process

The systematic gathering, recording, and analyzing of data about problems relating to the marketing of goods and services.

Value proposition

The unique benefit that a product or service provides to its customers, distinguishing it from competitors.

Business market characteristics

Derived demand, inelastic demand, fluctuating demand, geographically concentrated buyers, and direct purchasing.

Marketing orientation

A business approach focusing on understanding and meeting the needs of customers.

Market share

A company's sales in relation to the total market sales.

Mission statement

A declaration of an organization's core purpose and focus, guiding its strategic direction.

Societal marketing orientation/social responsibility

A marketing concept that considers not only the company's profits but also the long-term well-being of society.

Product/Market expansion grid

A matrix that helps businesses identify potential strategies for growth by focusing on current and new products in existing and new markets.

MROI (marketing return on investment)

A measure of the effectiveness of a marketing campaign in generating revenue relative to the cost of the campaign.

MkIS - marketing information system and components

A system for managing marketing information, including internal data, competitive marketing intelligence, and marketing research.

Maslow's hierarchy of needs

A theory of psychological health predicated on fulfilling innate human needs in priority, culminating in self-actualization.

Boston Consulting Group growth-share matrix

A tool for resource allocation among different business units, categorizing them into four quadrants based on market growth and relative market share.

SWOT analysis

An assessment of an organization's strengths, weaknesses, opportunities, and threats to formulate strategic plans.

Strategic business units

Autonomous divisions or organizational units with their own vision and direction.

Business buying participants/roles

Buyers, users, influencers, deciders, and gatekeepers involved in the business buying process.

Factors influencing consumer behavior

Culture, subculture, social class, social groups, social networks, family, social roles, status, personal and psychological factors.

Factors influencing business buying behavior

Environmental, organizational, interpersonal, and individual factors that affect the business buying decision.

Exploratory versus descriptive versus causal research

Exploratory research aims to explore new areas, descriptive research describes characteristics of a population, and causal research examines cause-and-effect relationships.

Types of consumer buying decision behavior

Routine response behavior, limited decision making, extensive decision making.

Secondary data versus primary data

Secondary data is pre-existing information, while primary data is newly collected for a specific purpose.

Major laws affecting marketing/business

Sherman Anti-trust, Clayton Act, Robinson-Patman Act, FCC, FDA, FTC.

Types of business buying situation

Straight rebuy, modified rebuy, new task.

Problem definition and research objectives

The clear identification of the issue to be studied and the specific goals to be achieved through research.

Customer-perceived value

The customer's assessment of the product's overall capacity to satisfy their needs.

Derived demand

The demand for a product resulting from the demand for another product it helps produce.

Cognitive dissonance

The discomfort experienced when holding conflicting beliefs or attitudes, leading to an alteration in one of them to reduce the discomfort.

Share of customer

The portion of the customer's purchasing that a company gets in its product categories.

Customer lifetime value

The predicted net profit attributed to the entire future relationship with a customer.

Effective goal setting

The process of defining clear objectives that are specific, measurable, achievable, relevant, and time-bound.

Marketing analytics and dashboards (KPIs)

The process of measuring, managing, and analyzing marketing performance to maximize its effectiveness and optimize return on investment.

Marketing definition and concept

The process of promoting, selling, and distributing a product or service to satisfy customers' needs and wants.