Marketing Flashcards
(13 cards)
What is the definition of marketing?
Marketing is the activity, institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value, including promoting and selling products or services.
What are the functions of marketing?
- Creating value
- Communicating offerings
- Delivering products or services
- Exchanging offerings beneficial to customers and businesses
What is the purpose of marketing theories?
- To form the backbone of effective marketing strategies
- To provide frameworks for understanding consumer behavior
- To optimize campaigns and promote business growth
What are the key marketing theories listed in the notes?
- Porter’s Five Forces
- Maslow’s Hierarchy of Needs
- Consumer Decision-Making Process
- Customer Lifetime Value
- AIDA Model
- SWOT Analysis
What is Porter’s Five Forces used for?
It is used to analyze an industry’s competitive forces and determine competition intensity, attractiveness, and potential profitability.
What are the Five Forces in Porter’s model?
- Existing competition
- Threat of new entrants
- Supplier bargaining power
- Customer bargaining power
- Threat of substitutes
What are common barriers to entry in an industry?
- High capital requirements
- Customer switching costs
- Unequal access to distribution channels
- Strong brand identity of incumbents
How does marketing relate to Maslow’s Hierarchy of Needs?
Marketing can be adapted to target:
- Physiological needs
- Safety needs
- Social needs
- Esteem needs
- Self-actualization needs
What is the Consumer Decision-Making Process?
A step-by-step process consumers go through when buying:
- Problem recognition
- Information search
- Evaluation of alternatives
- Purchase decision
- Post-purchase behavior
What does the AIDA Model stand for?
- Awareness
- Interest
- Desire
- Action
What is SWOT Analysis?
A strategic planning tool that identifies a company’s:
Strengths
Weaknesses
Opportunities
Threats
What is Customer Lifetime Value (CLV)?
The total profit a business can expect from a customer over the course of their relationship. It emphasizes long-term retention, satisfaction, and personalized marketing.
What are strategies to enhance Customer Lifetime Value?
- Loyalty programs
- Customer satisfaction surveys
- Personalized marketing
- Retention campaigns
