Marketing Fundamentals: A Cheat Sheet

Marketing is the process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society. It places the customer at the heart of business decisions and is crucial for organizational success and societal well-being.

Core Principles

Marketing is customer-centric.
It involves creating, communicating, delivering, and exchanging value.
Marketing applies to all organizations, not just businesses.
It drives economic growth and can contribute to a better world.
The core concept is exchange, built on relationships.

Key Terms

Need: A felt deprivation (e.g., food, safety).
Want: A need shaped by culture and personality (e.g., a specific food).
Demand: Wants backed by buying power.
Market Offerings: Goods, services, experiences, persons, places, organizations, or ideas.
Customer Value: Perceived benefits minus perceived costs.
Customer Satisfaction: Perceived performance matching expectations.
Exchange: The act of obtaining a desired object by offering something in return.
Market: The set of actual and potential buyers with shared needs or wants.
STDP: Segmentation, Targeting, Differentiation, Positioning.
7Ps: Product, Price, Place, Promotion, People, Process, Physical Evidence.
CSR: Corporate Social Responsibility; businesses acting in society's interests.
Sustainability: Meeting present needs without compromising future generations.

Timeline

Pre-1900s: Production Era: Focus on making products available and affordable.
1920s-1950s: Sales Era: Focus on selling and promotion; supply exceeded demand.
1950s-1990s: Marketing Era: Focus on customer needs and wants; 'customer is king'.
1990s-Present: Societal Marketing Era: Focus on customer, company, and society's long-term interests.