1st Summative Review

Question 1

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.

Answer 1

Marketing

Question 2

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

Answer 2

American Marketing Asoociation or AMA

Question 3

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.

Answer 3

Dr. Philip Kotler

Question 4

What are the 2 interacting components of marketing

Answer 4

Company and Market

Question 5

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

Answer 5

Needs

Question 6

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.

Answer 6

Garovillas

Question 7

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

Answer 7

Customer Orientation and Coordinated Marketing

Question 8

What are the marketing concepts

Answer 8

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

Question 9

What are the classifications of products and goods

Answer 9

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

Question 10

What are under the classification According to use

Answer 10

Consumer Goods
Industrial Goods

Question 11

What are under the classification According to differentiation

Answer 11

Differentiated Goods
Undifferentiated Goods

Question 12

What are under the classification According to durability

Answer 12

Consumable Goods
Semi-Durables
Durables

Question 13

What are under the classification According to type

Answer 13

Convenience Goods
Shoping Goods/Consumer Goods
Unsought Goods
Specialty Goods

Question 14

Goods that are purchased for personal consumption and daily essential

Answer 14

Consumer Goods

Question 15

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

Answer 15

Industrial Goods

Question 16

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

Answer 16

Differentiated Goods

Question 17

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

Answer 17

Undifferentiated goods

Question 18

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

Answer 18

Consumable Goods

Question 19

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

Answer 19

Semi-durables

Question 20

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

Answer 20

Durables

Question 21

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

Answer 21

Convenience Goods

Question 22

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.

Answer 22

Shopping Goods/Consumer Goods

Question 23

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.

Answer 23

Specialty Goods

Question 24

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.

Answer 24

Unsought Goods

Question 25

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

Answer 25

Branding

Question 26

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

Answer 26

The main reason is Cost

Question 27

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

Answer 27

Quality Consistency
Advertising and Promotion