STUDY GLOSSARY OF KEY MARKETING TERMS - Chapter 1 - Overview of Marketing

Sep 28, 2026

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Study glossary introduces core marketing concepts through concise definitions and structured chapter content. It covers marketing’s purpose, marketing plans, and the core aspects of creating and exchanging value. The glossary explains the marketing mix (4Ps) including product, price, place, and promotion, plus value proposition. It outlines the history of marketing eras from production- and sales-oriented approaches to market-oriented and value-based strategies, then connects value creation to CRM and relationship-building in global, multi-stakeholder settings.

LanguageEnglish

CategoryExam

FormatPDF

Pages2

Reading Time5 min

AccessFree to download

Chapter 1-Overview of Marketing

Marketing Definitions and Core Aspects

Marketing Mix (4 Ps)

The History of Marketing

How Firms Become More Value Driven

Customer Relationship Management (CRM)

Why Marketing Is Important

Supply Chain (Marketing Channel)

STUDY GLOSSARY OF KEY MARKETING TERMS CHAPTER 1-OVERVIEW OF MARKETING MARKETING-The activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large MARKETING PLAN-a written document that includes an analysis of the current marketing situation, opportunities and threats for the firm; includes objectives and strategies specified in terms of the 4 Ps, and action programs CORE ASPECTS OF MARKETING 1. Satisfying customer needs and wants 2. Exchange of value 3. Marketing mix: product, price, place, promotion 4. Performance by individuals and organisations (B2B, B2C, C2C) 5. Occurring in many settings 6. Impacts various stakeholders MARKETING MIX (4 Ps) -set of controllable activities that a firm uses to respond to the wants of its target markets, includes product, price, place and promotion PRODUCT-creating value to elicit exchange; may be goods, services or ideas - GOODS-tangible items - SERVICES- intangible customer benefits produced by people or machines and inseparable from the producer - IDEAS-concepts, opinions, philosophies PRICE-capturing value; everything the buyer gives up--time, money, energy-- in exchange for a product; determined on the basis of perception of value PLACE-delivering value; deals with marketing channel management; all the activities necessary to make a product available to the right customer, when they want it PROMOTION-communicating value; informing, persuading and reminding potential buyers about a product to influence opinions VALUE PROPOSITION-promotion of a product’s benefits to enhance its perceived value THE HISTORY OF MARKETING 1. PRODUCTION ORIENTED ERA-a good product will sell itself, so it needs to be innovative; no interest in satisfying customer needs 2. SALES ORIENTED ERA-post-WW2; overproduction for demand as customers had emerged from a world where they consumed less/made it themself; aggressive selling techniques 3. MARKET-ORIENTED ERA-entering a buyers’ market where the customer is king; focus on needs and wants; consumer choice; discovering marketing! 4. VALUE-BASED ERA-value creation and co-creation; giving greater value than offered by competition; discovering needs and wants through trends and market analysis VALUE-the relationship of benefits to costs VALUE CO-CREATION-customers are collaborators in creation HOW DO FIRMS BECOME MORE VALUE DRIVEN? 1. Sharing info throughout the firm for a coordinated response 2. Balancing customers’ perceived benefits with costs 3. Building relationships with customers 4. Connecting with customers using social and mobile media CUSTOMER RELATIONSHIP MANAGEMENT (CRM) -collecting info about customer needs and using that to target their best customers with products, services and special promo that appear most important to them WHY IS MARKETING IMPORTANT? 1. Expands firms’ global presence 2. It’s pervasive across marketing channel members 3. It enriches society, promoting corporate social responsibility 4. It can be entrepreneurial by aiming to satisfy unfilled needs in the marketplace SUPPLY CHAIN AKA MARKETING CHANNEL-group of firms that make and deliver a given set of goods and services from production to consumption

FAQs

What does “marketing” include according to the glossary?

Marketing is defined as the activity and processes for creating, communicating, delivering, and exchanging offerings with value for customers, clients, partners, and society at large.

What are the 4Ps in the marketing mix?

The marketing mix consists of product, price, place, and promotion—each representing controllable activities used to respond to target market wants.

How does the glossary describe customer relationship management (CRM)?

CRM is described as collecting information about customer needs and using it to target best customers with products, services, and special promotions that matter most to them.

Sep 28, 2026

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