Principles of Marketing and Communication glossary

A group of actual and potential buyers who share a need or want and have the ability and willingness to exchange something of value to satisfy it.

Taught in Marketing concepts

The set of activities a business undertakes to identify, anticipate and satisfy customer needs profitably, covering product, price, place and promotion.

Taught in Marketing concepts

The systematic gathering, recording and analysis of data about customers, competitors and the market, used to inform marketing decisions.

Taught in Marketing concepts

Starts from the customer's needs and works backward, achieving organisational goals by delivering customer satisfaction more effectively than competitors do.

Taught in Marketing concepts

Assumes customers favour the highest quality, performance or features, so management focuses on continuous product improvement, sometimes at the risk of losing sight of what customers actually want to pay for.

Taught in Marketing concepts

Assumes customers favour products that are widely available and affordable, so management focuses on production efficiency and distribution reach rather than on the product itself.

Taught in Marketing concepts

Assumes customers will not buy enough unless actively persuaded to, so management focuses on aggressive selling and promotion, common for goods customers do not normally seek out.

Taught in Marketing concepts

Extends the marketing concept to also weigh society's long-run wellbeing, balancing customer satisfaction, company profit and social welfare together rather than pursuing the first two alone.

Taught in Marketing concepts