Introduction to Marketing Flashcards
What is Marketing?
Process of Communicating and giving value to consumers
What is the organization?
Business
What are stakeholders?
Consumers
What is the aim of marketing?
Make selling unnecessary
Goals of Marketing
Promote value, satisfy the changing needs and wants of consumers
Explain the Marketing System
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What is outer loop?
exchange of information and communication
What is inner loop?
Exchanging goods and services for money
What is being marketed?
Products are intangible and tangible goods that are being marketed?
Examples of tangible goods?
Goods, products
Examples of intangible goods
Ideas, knowledge
Function of marketing
Develop a product
1970s-1980s (Customer Management)
Tha main goal is to know the customers
1990s-2000s (Brand Management)
Focused human emotions, brand equity
Traditional Approach to Marketing
Traditional means to market the business
Contemporary Approach to Marketing
Modern techniques, social media
What are the needs?
Basic forces that motivate a person to do something
Real needs
Need mo ng phone kasi nasisira na
Light needs
Masaya ka pag nakuha mo yung phone kasi madaming freebies
Secret needs
Ayaw mo ng ibang phone, kasi iPhone lang gusto mo
Physiological Needs
Needs to survive (food, water)
Safety Needs
Health and security (love)
Self Actualization
achieving one’s full potential
PSSP Hierarchy of Needs
Personal, Social, Safety, Physiological
What are wants?
“Needs that are learned during a persons life due to factors such as culture
What are demands?
Wants that are backed with purchasing power
Strategic Marketing Process
Narrowing to best opportunities and developing a strategy
Business setting analysis (internal environment)
Vision and mission, portfolio, financial analysis
External Environment Analysis
outside the business and is beyond the control
PESTEL (Political)
Government intervenes with the industry
PESTEL (Economic)
Is the market growing or shrinking?
PESTEL (SOCIAL)
Interests, demographics, lifestyle of the market
PESTEL (Technological)
New technologies that are changing the business world
PESTEL (ENVIRONMENTAL)
Weather, Climate change
PESTEL (Legal)
Laws that are enforced, legal basis for consumer protection
Porter’s 5 Forces
evaluating the strength and position of a business organization
Competitive Rivalry
h&m, bershka, nike
Bargaining power of suppliers
uniqueness of supplier’s products (24chicken, frankies)
Bargaining power of buyers
magaling sila tumawad
Threat of substitution
consumers finding a way of doing what you do
the threat of new entrants
ability of other companies to enter the industry
