L1.2; Principles of Marketing

Question 1

fundamental truth that serves as foundation for a system or chain of reasoning

Answer 1

Principle

Question 2

teaches the experience and process of actually doing marketing – not just the vocabulary.

Answer 2

Principles of Marketing

Question 3

What are the definitions of Marketing and who stated them?

(if want nyo lang i memo, pero dami kaya wag na)

Answer 3

The American Association (American Marketing Association,2003)
- “Marketing: the process of planning and executing the conception, pricing, promotion, and distributing of ideas, goods and services to create exchanges that satisfy individual and organizational objectives.

Wikiversity
- “the total of activity involved in the transfer of goods from the producer or seller to the consumer or buyer, including advertising, shipping, storing and selling.

Dr. Philip Kotler (author of Marketing Management)
- “Analysis, planning, Implementation, and Control, defines Marketing as a social and managerial process by which individuals and groups obtain what they need and want through creating, and exchanging value with other” He even offers the simplest definition “ Marketing is managing profitable customer relationship.”

HEC ANGELES
- Delivering your brand’s value, through strategic storytelling and creating continuous irresistible experiences that connect to the target market that trigger the desire to share it with others.

Question 4

“Marketing: the process of planning and executing the conception, pricing, promotion, and distributing of ideas, goods and services to create exchanges that satisfy individual and organizational objectives.

(who stated that definition?)

Answer 4

The American Association (American Marketing Association,2003)

Question 5

“the total of activity involved in the transfer of goods from the producer or seller to the consumer or buyer, including advertising, shipping, storing and selling.

(who stated that definition?)

Answer 5

Wikiversity

Question 6

“Analysis, planning, Implementation, and Control, defines Marketing as a social and managerial process by which individuals and groups obtain what they need and want through creating, and exchanging value with other” He even offers the simplest definition “ Marketing is managing profitable customer relationship.”

(who stated that definition?)

Answer 6

Dr. Philip Kotler (author of Marketing Management)

Question 7

Delivering your brand’s value, through strategic storytelling and creating continuous irresistible experiences that connect to the target market that trigger the desire to share it with others.

(who stated that definition?)

Answer 7

HEC ANGELES

Question 8

Goal of Marketing

According to Armstrong and Kotler (2005), the two-fold goal of marketing is :

Answer 8

1. To attract new customer by promising superior value
2. To keep and grow customer by delivering satisfaction.
3. Marketing Strategy has the fundamental goal of increasing sales and achieving a sustainable competitive advantages.

Question 9

applies to anything that is being marketed, whether it is tangible product, an intangible good, a service, a place, or even a person.

Answer 9

Product

examples: Amusement Parks, Apps on smartphones, Banking service, Coffee shops, Hotel Accommodations, legal service, Music band, Pet care, Radio Station, Social Media Sites, Telecommunication Service, Television Programs

Question 10

is created when customers are willing to pay more for your product or service than competitors or when they prefer your version of a product or service to all other because it meets their needs better and maybe even exceeds their expectations

(–Innovation Focus)

Answer 10

SUPERIOR VALUE

Question 11

is your approach to achieving your competitive advantage.

Answer 11

MARKETING STRATEGY

Question 12

contains the activities that will get you there, your competitive advantage

Answer 12

MARKETING PLAN

Question 13

Jollibee delivers great-tasting, high-quality, and budget-friendly food to the masses. Their main product is the Filipino-favorite crispy Chickenjoy. One of their other bestsellers is the Yumburger (this is their signature product for some time), and sweet-tasting Jolly Spaghetti (Filipinos like their spaghetti sweet).

(this is an example of?)

Answer 13

Marketing Strategy

Question 14

Jollibee Foods Corporation follows ironclad standards of food quality, service, and cleanliness. They have what they call the FSC for their fast-food restaurant chain.

F-Food served to the customers must meet the company’s excellence standards. If it doesn’t meet the company’s standard, it will not be served at all.
S-Service must be fast and courteous.
C-Cleanliness must be maintained from the kitchen to utensils.

(this is an example of?)

Answer 14

Marketing Plan

Question 15

Wal- mart has become the world, largest retailer in the world by delivering on its promise “always low prices. In 2007, it sold over 500 Billion Dollors worth of products. A large part of its success is due to the natural of the culture that its founder, the late Sam Walton, Established.

in order to attract new customers by promising superior value, and to keep and grow customers by delivering satisfaction. “Wal-Mart is the largest retailer in the world.

(this is an example of?)

Answer 15

Marketing Strategy

Question 16

Walton established a strong culture values and norms for this company as follows:
1. Company Associates are expected to follow the 10-foot attitude which is to promise that when a staff comes within 10 feet of a customer, he or she will look at the customer in the eye, greet him and ask how to be of help. Walton wanted all his managers to take a hands-on approach to their jobs and be totally committed to Wal-mart’s main goal which he defined as total customer satisfaction.
2. The sundown rule which states that employees should strive to answer customer request by sundown.

(this is an example of?)

Answer 16

Marketing Plan

Question 17

is a tool used by businesses and Marketers to help determine a product or brands offering.

Answer 17

the Marketing Mix

Question 18

The 4 Ps have been associated with the Marketing Mix since their creation by?

Answer 18

E. Jerome McCarthy in 1960

Question 19

The Marketing Mix (4 Ps)

(enumerate)

Answer 19

1. Product
2. Place
3. Price
4. Promotion

Question 20

The extended 7 Ps of the Marketing Mix

(enumerate)

Answer 20

1. Product
2. Place
3. Price
4. Promotion
5. People
6. Processes
7. Physical Evidence

Question 21

The additional 3 Ps of the Marketing Mix

(enumerate)

Answer 21

1. People
2. Processes
3. Physical Evidence

Question 22

The Product should fit the task consumers want it for, it should work and it should be what the consumers are expecting to get.

Answer 22

Product

Question 23

The product should be available from where your target consumer finds it easiest to shop. This may be High Street, Mail Order or the more current option via e-commerce or an online shop.

Answer 23

Place

Question 24

How will you deliver the product or services

Answer 24

Place

Question 25

Distribution Channel

Answer 25

Place

Question 26

The Product should always be seen as representing good value for money. This does not necessarily mean it should be the cheapest available; one of the main tenets of the marketing concept is that customers are usually happy to pay a little more for something that works really well for them.

Answer 26

Price

Question 27

Advertising, PR, Sales Promotion, Personal Selling and, in more recent times, Social Media are all key communication tools for an organization. These tools should be used to put across the organization’s message to the correct audiences in the manner they would most like to hear, whether it be informative or appealing to their emotions.

Answer 27

Promotion

Question 28

In the ____________ it was widely acknowledged by Marketers that the Marketing Mix should be updated.

Answer 28

late 70’s

Question 29

In the late 70’s it was widely acknowledged by Marketers that the Marketing Mix should be updated. This led to the creation of the ____________________ in ________ by ____________________ which added 3 new elements to the 4 Ps Principle. This now allowed the extended Marketing Mix to include products that are ____________ and not just ____________________.

Answer 29

In the late 70’s it was widely acknowledged by Marketers that the Marketing Mix should be updated. This led to the creation of the Extended Marketing Mix in 1981 by Booms & Bitner which added 3 new elements to the 4 Ps Principle. This now allowed the extended Marketing Mix to include products that are services and not just physical things.

Question 30

All companies are reliant on the people who run them from front line Sales staff to the Managing Director.

Answer 30

People

Question 31

Having the right people is essential because they are as much a part of your business offering as the products/services you are offering.

Answer 31

People

Question 32

The delivery of your service is usually done with the customer present so how the service is delivered is once again part of what the consumer is paying for.

Answer 32

Processes

Question 33

Almost all services include some physical elements even if the bulk of what the consumer is paying for is intangible.

Answer 33

Physical Evidence

Question 34

For example a hair salon would provide their client with a completed hairdo and an insurance company would give their customers some form of printed material.

Answer 34

Physical Evidence

Question 35

Even if the material is not physically printed (in the case of PDFs) they are still receiving a “physical product” by this definition.

Answer 35

Physical Evidence

Question 36

Approaches of Marketing

(enumerate)

Answer 36

1. Traditional Approach
2. Contemporary Approach

Question 37

Relies on offline strategies, including direct sales, direct mail, (postcards, brochures, letters, fliers), Tradeshows, print advertising ( Magazines, Newspaper, Coupon books, Billboards) referral ( also known as word-of-mouth marketing, radio and television

Answer 37

Traditional Approach

Question 38

give examples of Traditional Approach

Answer 38

direct sales, direct mail, (postcards, brochures, letters, fliers), Tradeshows, print advertising ( Magazines, Newspaper, Coupon books, Billboards) referral ( also known as word-of-mouth marketing, radio and television

Question 39

Pros of traditional marketing

(enumerate)

Answer 39

1. Traditional marketing is harder to ignore.
2. Traditional marketing offers DIY options.
3. Traditional marketing poses less potential risk for your brand.
4. Traditional marketing is better at reaching certain audiences.
5. Traditional marketing, in the form of direct mail, is better able to deliver specific offers for specific people.

Question 40

You can surround your prospect with your brand, value proposition, message and products via a public multi-media campaign. Mass media—TV, billboards, stadiums, buses—creates mass effect and impact. (There is a reason naming rights for stadiums are so high.)

Answer 40

Traditional marketing is harder to ignore.

Question 41

Out in public, your potential for brand exposure to the mass market is enormous.

Answer 41

Pro: Traditional marketing is harder to ignore.

Question 42

Many traditional channels—direct mail, events, personal contact—are easy for your marketing team to execute themselves without the additional cost of an external partner or agency.

Answer 42

Pro: Traditional marketing offers DIY options.

Question 43

Offline, you can more easily control your brand and message, as well as how it is displayed.

Answer 43

Pro: Traditional marketing poses less potential risk for your brand.

Question 44

And for some audiences, traditional marketing methods demonstrate the stability and security of the brand.

Answer 44

Pro: Traditional marketing poses less potential risk for your brand.

Question 45

Certain key banking customers continue to use traditional media as a primary source of information.

Answer 45

Pro: Traditional marketing is better at reaching certain audiences.

Question 46

CD campaigns, for example do well in local newspapers.

Answer 46

Pro: Traditional marketing is better at reaching certain audiences.

Question 47

While email marketing is making strides, direct mail is still the best way to truly target specific people with specific offers. The advantage of direct mail over digital communications is especially strong when you’re targeting existing or former customers.

Answer 47

Pro: Traditional marketing, in the form of direct mail, is better
able to deliver specific offers for specific people.

Question 48

The Pros and Cons of Traditional Marketing By?

Answer 48

Mary Ellen Georgas-Tellefsen

(https://bankingjournal.aba.com/2019/12/the-pros-and-cons-of-traditional-marketing/)

Question 49

Cons of traditional marketing

(enumerate)

Answer 49

1. Traditional marketing can be more expensive than digital marketing.
2. Traditional marketing is often not as measurable as digital marketing.
3. Traditional marketing can take longer to execute and refine than digital campaigns.
4. Traditional marketing doesn’t have the same ability to target and sub-segment as digital.
5. Traditional marketing is gradually losing its audience.

Question 50

This is especially true when you add in the total costs of production and the media buy.

Answer 50

Con: Traditional marketing can be more expensive than digital marketing.

Question 51

While there are services to estimate TV viewership and billboard drive-bys, they are still estimates.

Answer 51

Con: Traditional marketing is often not as measurable as digital marketing.

Question 52

Digital media can pinpoint metrics along the entire marketing funnel, from page landings to click-throughs to purchases.

Answer 52

Con: Traditional marketing is often not as measurable as digital marketing.

Question 53

Producing a print ad takes time—and rounds of edits. Then once the ad is done, it is done. There is no going back to change a color, font or word.

Answer 53

Con: Traditional marketing can take longer to execute and refine than digital campaigns.

Question 54

Digital ads, on the other hand, can be tested and edited in real time to improve their effectiveness.

Answer 54

Con: Traditional marketing can take longer to execute and refine than digital campaigns.

Question 55

Other than direct mail, most traditional marketing methods cannot and do not offer the same level of segmentation and targeting that can be achieved with digital targeting.

Answer 55

Con: Traditional marketing doesn’t have the same ability to target and sub-segment as digital.

Question 56

When designing your campaign, you have to think about who watches regular TV or reads a newspaper these days.

Answer 56

Con: Traditional marketing is gradually losing its audience.

Question 57

While there are very clear segments of network TV viewership and physical newspaper readers, there is no doubt that paid TV subscriptions and e-readers are changing the way people of all ages consume news and media.

Answer 57

Con: Traditional marketing is gradually losing its audience.

Question 58

Traditional media outlets are learning to adjust for a new generation of consumers, and so must financial marketers.

Answer 58

Con: Traditional marketing is gradually losing its audience.

Question 59

Are strategies that when implemented offer greater support for their client base with a product rage that varies depending on what the target market desires.

Answer 59

Contemporary Approach

Question 60

Contemporary Approach is also known as?

Answer 60

Customer focused approached

Question 61

Pros of contemporary approach

(enumerate)

Answer 61

1. The ability to target particular demographics or interest groups.
2. Detailed metrics on audience responses, including open rates, viewing time etc.
3. Lower costs and a greater return on investment
4. Engagement/Interaction with the client

Question 62

Cons of contemporary approach

(enumerate)

Answer 62

1. No Privacy
2. Susceptible to Blockers
3. Prone to Change

Question 63

4 Principle of Marketing Strategy of Mr.?

Answer 63

Bryan Tracy

(https://www.youtube.com/watch?v=hZLMv5aexto&t=1275s )

Question 64

Practical Ways To Practice Becoming A Bigger Person

(‘di man need i-memo, nilagay ko lang)

Answer 64

1. Giving and Receiving Forgiveness
2. Listen before you Speak
3. Responding, Not Reacting
4. Leading for Others
5. Self-Care