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Marketing: Digital & Traditional

137 cards · 🇺🇸 English

Core marketing definitions and the 7 Ps of marketing.

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B2B marketing

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1B2B marketing
Business-to-business marketing: any marketing strategy or content geared towards a business or organization rather than individual consumers
2B2C marketing
Business-to-consumer marketing: tactics and strategies in which a company promotes its products and services to individual people
37 P's of B2B marketing
Product, price, place, promotion, people, process, and physical evidence
4Four major categories of B2B product purchasers
Producers, resellers, governments, and institutions
5C2B marketing
Consumer-to-business: a business model where end consumers create products and services which are consumed by businesses and organizations
6C2C marketing
Customer-to-customer: a market environment where one customer purchases goods from another customer using a third-party business or platform to facilitate the transaction
7B2B demand vs B2C demand
B2B demand is derived (based on demand for the final consumer product), while B2C demand is based on customers' own wants and needs
84Ps of marketing
Product, Price, Place (distribution), and Promotion
9Product
Product design, innovation, branding, packaging, labeling, warranties, guarantees, and support
10Price
The process of setting a price for a product, including discounts; can be monetary or non-monetary (time, energy, attention)
11Place
How the product gets to the customer; distribution channels and intermediaries like wholesalers and retailers
12Promotion
All marketing communications: advertising, sales promotion, public relations, personal selling, product placement, events, social media
134Cs of marketing
Consumer (or client), Cost, Convenience, and Communication
14Consumer vs Product
Consumer focuses on fulfilling the wants or needs of the person or group acquiring the product, rather than product specifications
15Cost vs Price
Cost includes not just monetary value but also time, energy spent on transportation, and other sacrifices the consumer makes
16Convenience vs Place
Convenience emphasizes making it as easy as possible for the consumer to attain the product, both in-person and online
17Communication vs Promotion
Communication includes two-way communication (like social media) rather than just one-way advertising
18Marketing concept
An organization should anticipate the needs and wants of potential consumers and satisfy them more effectively than competitors to complete its organizational objectives
19Needs' in marketing
Something necessary for people to live a healthy, stable and safe life; can be objective/physical or subjective/psychological
20Wants' in marketing
Something desired, wished for or aspired to; not essential for basic survival and often shaped by culture or peer groups
21Demands' in marketing
When needs and wants are backed by the ability to pay, they have the potential to become economic demands
22Market segmentation
Taking the total heterogeneous market for a product and dividing it into several sub-markets or segments, each tending to be homogeneous in all significant aspects
23STP
Segmentation, Targeting, and Positioning
24Common geographic segmentation criteria
Country, region, city, town
25Psychographic segmentation based on
Personality traits or lifestyle traits which influence consumer behavior
26Demographic segmentation criteria
Age, gender, socio-economic class, education, income
27Behavioral segmentation based on
Brand loyalty, usage rate, and other behaviors
28The DAMP acronym
Discernable, Accessible, Measurable, Profitable
29Discernable
How a segment can be differentiated from other segments
30Accessible
How a segment can be accessed via marketing communications produced by a firm