1st Summative Review Flashcards

1
Q

It is the art and science of creating tangible peoducts or services and retaining them to attain profitable operations. An integrated process through which companies create value for customers and build strong customer relationships to capture value from customers in return.

A

Marketing

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2
Q

They stated tht markwting is the process for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefits the organizations and its stakeholder

A

American Marketing Asoociation or AMA

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3
Q

Who said that Marketing is “ A socia and managerial process where by individuals and groups obtain what they need and want through creating and exchanging products and value with others.

A

Dr. Philip Kotler

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4
Q

What are the 2 interacting components of marketing

A

Company and Market

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5
Q

Is a product or service that must have a specific benefit that satisfy the functional or emotional needs.

A

Needs

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6
Q

He stated that the key to achieving organizational goals consists of determining the needs and wants of target markets and delivering satisfaction more effectively and efficiently than competitors do.

A

Garovillas

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7
Q

What does the marketing concept emphasizes in order to achieve the markwting goals and objectives.

A

Customer Orientation and Coordinated Marketing

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8
Q

What are the marketing concepts

A
  1. Marketing must be customer oriented
  2. Marketing must be coordinated activities
  3. Marketing must be able to achieve the performance target goals and objectives
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9
Q

What are the classifications of products and goods

A

According to use
According to differentiation
According to durability
According to type

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10
Q

What are under the classification According to use

A

Consumer Goods
Industrial Goods

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11
Q

What are under the classification According to differentiation

A

Differentiated Goods
Undifferentiated Goods

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12
Q

What are under the classification According to durability

A

Consumable Goods
Semi-Durables
Durables

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13
Q

What are under the classification According to type

A

Convenience Goods
Shoping Goods/Consumer Goods
Unsought Goods
Specialty Goods

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14
Q

Goods that are purchased for personal consumption and daily essential

A

Consumer Goods

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15
Q

Industrial goods are used to produce other goods and serve as raw materials, operating supplies, and machinery.

A

Industrial Goods

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16
Q

Are products with unique characteristics and features that make them easily distinguishable from one another.

A

Differentiated Goods

17
Q

Are products that have identical physical characteristics, making it difficult or impossible to distinguish between them when purchased from different vendors.

A

Undifferentiated goods

18
Q

A product whose benefit can only be used by a consumer for a short period of time, sometimes only a few minutes.

A

Consumable Goods

19
Q

This characteristic of products/services provides benefits to the consumer for the longer period of time, usually spanning several months.

A

Semi-durables

20
Q

Are products that are manufactured to last a long time.
They are capable of providing consumer with years of beneficial use.

A

Durables

21
Q

Are items that consumers buy often and easily without putting much thought or emotion into them.

A

Convenience Goods

22
Q

Are items ordinary consumers buy for personal use. They’re also called final goods, because they are the end result of various production processes and the last stop on the supply chain.

A

Shopping Goods/Consumer Goods

23
Q

This goods have a particular unique characteristics and brand identifications for which a significant group of buyers is willing to make a special purchasing effort.

A

Specialty Goods

24
Q

Are goods that the consumer does not know about or does not normally think of buying and the purchase of which arises due to danger of the fear of danger and lack of desire.

A

Unsought Goods

25
Q

This gives a product or service a unique identity (name, logo, symbol, or
image)

A

Branding

26
Q

Why Do Some Manufacturers Brand Their Products While Others Don’t?

A

The main reason is Cost

27
Q

When a company brands its products, it must recognize 2 responsibilities:

A

Quality Consistency
Advertising and Promotion