L1.2; Principles of Marketing Flashcards
fundamental truth that serves as foundation for a system or chain of reasoning
Principle
teaches the experience and process of actually doing marketing – not just the vocabulary.
Principles of Marketing
What are the definitions of Marketing and who stated them?
(if want nyo lang i memo, pero dami kaya wag na)
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.
“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?)
The American Association (American Marketing Association,2003)
“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?)
Wikiversity
“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?)
Dr. Philip Kotler (author of Marketing Management)
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?)
HEC ANGELES
Goal of Marketing
According to Armstrong and Kotler (2005), the two-fold goal of marketing is :
- To attract new customer by promising superior value
- To keep and grow customer by delivering satisfaction.
- Marketing Strategy has the fundamental goal of increasing sales and achieving a sustainable competitive advantages.
applies to anything that is being marketed, whether it is tangible product, an intangible good, a service, a place, or even a person.
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
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)
SUPERIOR VALUE
is your approach to achieving your competitive advantage.
MARKETING STRATEGY
contains the activities that will get you there, your competitive advantage
MARKETING PLAN
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?)
Marketing Strategy
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?)
Marketing Plan
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?)
Marketing Strategy
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?)
Marketing Plan
is a tool used by businesses and Marketers to help determine a product or brands offering.
the Marketing Mix
The 4 Ps have been associated with the Marketing Mix since their creation by?
E. Jerome McCarthy in 1960
The Marketing Mix (4 Ps)
(enumerate)
- Product
- Place
- Price
- Promotion
The extended 7 Ps of the Marketing Mix
(enumerate)
- Product
- Place
- Price
- Promotion
- People
- Processes
- Physical Evidence
The additional 3 Ps of the Marketing Mix
(enumerate)
- People
- Processes
- Physical Evidence
The Product should fit the task consumers want it for, it should work and it should be what the consumers are expecting to get.
Product
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.
Place
How will you deliver the product or services
Place
Distribution Channel
Place
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.
Price
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.
Promotion
In the ____________ it was widely acknowledged by Marketers that the Marketing Mix should be updated.
late 70’s
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 ____________________.
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.
All companies are reliant on the people who run them from front line Sales staff to the Managing Director.
People
Having the right people is essential because they are as much a part of your business offering as the products/services you are offering.
People
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.
Processes
Almost all services include some physical elements even if the bulk of what the consumer is paying for is intangible.
Physical Evidence
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.
Physical Evidence
Even if the material is not physically printed (in the case of PDFs) they are still receiving a “physical product” by this definition.
Physical Evidence
Approaches of Marketing
(enumerate)
- Traditional Approach
- Contemporary Approach
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
Traditional Approach
give examples of Traditional Approach
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
Pros of traditional marketing
(enumerate)
- Traditional marketing is harder to ignore.
- Traditional marketing offers DIY options.
- Traditional marketing poses less potential risk for your brand.
- Traditional marketing is better at reaching certain audiences.
- Traditional marketing, in the form of direct mail, is better able to deliver specific offers for specific people.
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.)
Traditional marketing is harder to ignore.
Out in public, your potential for brand exposure to the mass market is enormous.
Pro: Traditional marketing is harder to ignore.
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.
Pro: Traditional marketing offers DIY options.
Offline, you can more easily control your brand and message, as well as how it is displayed.
Pro: Traditional marketing poses less potential risk for your brand.
And for some audiences, traditional marketing methods demonstrate the stability and security of the brand.
Pro: Traditional marketing poses less potential risk for your brand.
Certain key banking customers continue to use traditional media as a primary source of information.
Pro: Traditional marketing is better at reaching certain audiences.
CD campaigns, for example do well in local newspapers.
Pro: Traditional marketing is better at reaching certain audiences.
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.
Pro: Traditional marketing, in the form of direct mail, is better
able to deliver specific offers for specific people.
The Pros and Cons of Traditional Marketing By?
Mary Ellen Georgas-Tellefsen
(https://bankingjournal.aba.com/2019/12/the-pros-and-cons-of-traditional-marketing/)
Cons of traditional marketing
(enumerate)
- Traditional marketing can be more expensive than digital marketing.
- Traditional marketing is often not as measurable as digital marketing.
- Traditional marketing can take longer to execute and refine than digital campaigns.
- Traditional marketing doesn’t have the same ability to target and sub-segment as digital.
- Traditional marketing is gradually losing its audience.
This is especially true when you add in the total costs of production and the media buy.
Con: Traditional marketing can be more expensive than digital marketing.
While there are services to estimate TV viewership and billboard drive-bys, they are still estimates.
Con: Traditional marketing is often not as measurable as digital marketing.
Digital media can pinpoint metrics along the entire marketing funnel, from page landings to click-throughs to purchases.
Con: Traditional marketing is often not as measurable as digital marketing.
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.
Con: Traditional marketing can take longer to execute and refine than digital campaigns.
Digital ads, on the other hand, can be tested and edited in real time to improve their effectiveness.
Con: Traditional marketing can take longer to execute and refine than digital campaigns.
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.
Con: Traditional marketing doesn’t have the same ability to target and sub-segment as digital.
When designing your campaign, you have to think about who watches regular TV or reads a newspaper these days.
Con: Traditional marketing is gradually losing its audience.
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.
Con: Traditional marketing is gradually losing its audience.
Traditional media outlets are learning to adjust for a new generation of consumers, and so must financial marketers.
Con: Traditional marketing is gradually losing its audience.
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.
Contemporary Approach
Contemporary Approach is also known as?
Customer focused approached
Pros of contemporary approach
(enumerate)
- The ability to target particular demographics or interest groups.
- Detailed metrics on audience responses, including open rates, viewing time etc.
- Lower costs and a greater return on investment
- Engagement/Interaction with the client
Cons of contemporary approach
(enumerate)
- No Privacy
- Susceptible to Blockers
- Prone to Change
4 Principle of Marketing Strategy of Mr.?
Bryan Tracy
(https://www.youtube.com/watch?v=hZLMv5aexto&t=1275s )
Practical Ways To Practice Becoming A Bigger Person
(‘di man need i-memo, nilagay ko lang)
- Giving and Receiving Forgiveness
- Listen before you Speak
- Responding, Not Reacting
- Leading for Others
- Self-Care
