1st Summative Review Flashcards
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.
Marketing
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
American Marketing Asoociation or AMA
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.
Dr. Philip Kotler
What are the 2 interacting components of marketing
Company and Market
Is a product or service that must have a specific benefit that satisfy the functional or emotional needs.
Needs
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.
Garovillas
What does the marketing concept emphasizes in order to achieve the markwting goals and objectives.
Customer Orientation and Coordinated Marketing
What are the marketing concepts
- Marketing must be customer oriented
- Marketing must be coordinated activities
- Marketing must be able to achieve the performance target goals and objectives
What are the classifications of products and goods
According to use
According to differentiation
According to durability
According to type
What are under the classification According to use
Consumer Goods
Industrial Goods
What are under the classification According to differentiation
Differentiated Goods
Undifferentiated Goods
What are under the classification According to durability
Consumable Goods
Semi-Durables
Durables
What are under the classification According to type
Convenience Goods
Shoping Goods/Consumer Goods
Unsought Goods
Specialty Goods
Goods that are purchased for personal consumption and daily essential
Consumer Goods
Industrial goods are used to produce other goods and serve as raw materials, operating supplies, and machinery.
Industrial Goods