Marketing Essentials Cheat Sheet

Marketing is the process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society, with a strong emphasis on customer-centricity and ethical practices.

Core Principles

Marketing is about creating, communicating, and delivering value.
Customer needs, wants, and demands are fundamental.
Value is defined by perceived benefits versus perceived costs.
Building profitable customer relationships is key.
Marketing extends beyond profit-driven businesses to include non-profits and societal good.
Ethical considerations and Corporate Social Responsibility (CSR) are integral.

Key Terms

Need: A state of felt deprivation (e.g., hunger, belonging).
Want: A need shaped by culture and individual personality (e.g., wanting pizza for hunger).
Demand: Wants backed by buying power.
Market Offerings: Anything that can be offered to a market to satisfy a need or want (goods, services, experiences, ideas).
Customer Value: The difference between all benefits and all costs of a marketing offer.
Customer Satisfaction: A person's level of satisfaction depends on a product's perceived performance relative to their expectations.
Exchange: The act of obtaining a desired object from someone by offering something in return.
Market: The set of all actual and potential buyers of a product or service.
STDP: Segmentation, Targeting, Differentiation, Positioning - key elements of designing a customer-driven strategy.
7Ps: Product, Price, Place, Promotion, People, Process, Physical Evidence - components of an integrated marketing program.
CSR: Corporate Social Responsibility - businesses acting in society's best interests.
Sustainability: Meeting present needs without compromising future generations' ability to meet their own.

Timeline

Pre-1930s: Production/Product Era: Focus on making and distributing products efficiently.
1930s-1950s: Sales Era: Focus on selling and promotion as supply began to exceed demand.
1950s-1990s: Marketing Era: Focus on understanding and satisfying customer needs and wants.
1990s-Present: Societal Marketing/Relationship Era: Focus on customer value, relationships, and societal well-being.