Lesson 3 Reviewer Flashcards
Prelim Examination Reviewer
He defines Marketing as a social process by which individual and groups obtain what they need and want through creating and exchanging products and value with others.
Philip Kotler (2002)
They defined Marketing as the activity, set of institutions and process for creating, communicating, delivering, and explaining offerings that have value for customers, clients, partners, and society at large.
American Marketing Association (2013)
They define marketing as the art and science of finding, retaining and growing profitable customers.
Kotler, Bowens, and Makens (2010)
is at the center of Marketing. It is easy to persuade a customer to make an initial purchase, but making the customer return for more is dependent on his satisfaction from his initial experience.
Customer Satisfaction
The Marketing Models
The Traditional Way, The Simple Processing Method, The Online Marketing Process Method, Holistic Marketing Process Method
wherein you identify your leads or customer, deliver the sale, and close it. It’s the traditional barter system of picking and purchasing goods in exchange of something.
The Traditional Way
starting with a good research on the market trend, it will be now followed by segmenting the target market, align with the needed marketing mix, it will be now coordinated fully with implementation and finish of with controlling.
The Simple Processing Method
this model centers its attention by using online platforms in creating its method, such as blogs, social media and websites.
The Online Marketing Process Method
believes that the business and all its parts should focus towards on simple goal which is a great customer service.
Holistic Marketing Process Method
It focuses on marketing strategies designed to market the brand to every person related to it, be it employees, existing customers or potential customers and communicating it in a unified manner while keeping in mind the societal responsibility of the business.
Holistic Marketing Process Method
refers to the collective of existing and prospective customers for the product.
MARKET/TARGET MARKET
These buyers share a particular need or want that can be satisfied through exchange relationships.
MARKET/TARGET MARKET
Examples of Target Market Segments:
Eco-conscious Travelers, Experience Seekers, Digital Nomads
Individuals who prefer environmentally friendly accommodations and are willing to pay a premium for sustainability.
Eco-conscious Travelers
refers to the ingredients or the tools, which the marketer mixes in order to interact with a particular market.
Marketing Mix
Tourists interested in unique, local experiences, including food tours, cultural activities, and outdoor adventures.
Experience Seekers
Professionals looking for longer stays with amenities such as reliable Wi-Fi, comfortable workspaces, and leisure activities to enjoy during downtime.
Digital Nomads
defines Marketing Mix as “set of marketing tools that the firm uses to pursue its marketing objectives in the target market.
Kotler
what the company is offering to satisfy a consumer’s want or need.
product or service
includes design, features, quality, range, size, models, appearance, packaging, and warranties.
product or service
It also includes pre-sales and post-sale services like training for use, repairs, maintenance or replacements.
product or service
the value that the seller puts on the product or service
Price
This includes the cost of the product and the profit the seller wishes to make.
Price
is also the amount a customer has to pay in exchange of the product and services.
Price
Includes concessions on basic price, discounts, rebates, credits, installation facilities and delivery terms.
Price
the means by which the product or service reaches the customer
Place
Includes retail outlets, wholesalers, transportation, warehousing, inventory levels, order processing procedures
Place
the strategic plan that persuades customers to purchase the product or service.
Promotion
Includes advertising, publicity, media choices, messages and frequency of exposure, campaigns, sales promotion, point-of-purchase, displays and merchandising.
Promotion
A well-planned and executed marketing mix will enable marketers to move their products or services successfully to the consumers
Promotion
is a process of integrating all promotional mixes under one common theme that could deliver one coherent perception among customers and stakeholders.
Integrated Marketing Communication (IMC)
Factors that Contributed to the Growth of IMC
Growth of Technology, Incentive-based Compensation, Consolidation of the Retail Industry, Database Marketing
With enhanced computer programs adopted by many tourism establishments such as hotels, airlines, and restaurants, database management is facilitated. These database would be most helpful in carrying out direct marketing campaigns such as telemarketing and loyalty programs
Database Marketing
Shifted compensation from fixed compensation. An Integrated approach to mixing the different promotional tools to yield maximum results because the more effective their marketing strategy is, the higher they will get paid.
Incentive-based Compensation
is a process in determining the majority share of your segment.
Profiling
IMC Tools
- Advertising
- Direct Marketing
- Interactive/Internet Marketing
- Sales Promotion
- Public Relations
- Personal Setting
Affected the way people have consumed products. Big retailers dictate the brands that will make it to their shelves. Manufacturers are at the mercy of these big retailers.
Consolidation of the Retail Industry
Creating the tone and message of your advertisement must be aligned to the common theme of your campaign, if your travel agency wants to speak out on how affordable the tours that you are offering, then it should be seen on the message of the advertisement by showing low possible rates bundled together and delivering one cohesive message.
Advertising
Consumers have become less responsive to traditional advertising. People have shifted to using the computer and the internet. The internet has also allowed businesses to communicate in more creative ways to its target customers.
Growth of Technology
The rampant spread of the social media is a good platform in integrating your communication process through blog post, shared news and tweets, and viral videos must be in accordance with the message and theme that you want to convey with the internet users.
Interactive/Internet Marketing
Promotional activity must share the goal of your message, this includes all marketing collaterals to be synced with the message of your campaign, the overall message of your causes must reflect.
Sales Promotion
determining what product actually to offer on the needs of the market is important, many marketers failed to understand the real essence of a product is by showing the values it could present to the customer versus its capacity to gain profit instead, remember that selling is only the tip of the iceberg on the whole marketing process and the goal is actually to create a super brand so effective that selling will be really unnecessary and the product will sell itself.
The Base ‘P’
Using a partnership on all possible frontiers of your business such as travel agencies, the staff working for you, and the tourism people who are behind your business, all must speak the common theme that you want to show.
Direct Marketing
Steps on Creating your Tourism Marketing Process
- Segmenting
- Profiling
- Targeting
- Cosumer Insighting
- Value Offering
- Product Design/Conceptualization
- Product Development
- Brand Positioning
Word of mouth, fairs and exhibits, or even trade shows are some of the activity that involves personal selling. Make sure that your message spreads to this common channel as well and is working under one common theme.
Personal Setting
News write ups and article features must be written in accordance with your message, remember that everything must be done under one common theme and that is to allocate your public relation activity to where it belongs and where you think it’s working best.
Public Relations
IMC Strategy Method
- Plan your Communication Effort
- Outside-in Approach
- Well-established Relationship
- Delivery of Message
- Create a Competitive Brand
Creating your Marketing Process
- STP
- The Base “P”
- The Support “Ps”
it’s now time to choose carefully the product that you will be providing to your customers, makes sure that the product is carefully aligned to the consumer insights that you just uncovered.
The Base “P”
Integrating the Marketing Mixes using the Three Sequence of Process
- Process of STP (Segmenting, Targeting, Positioning)
- The Base “P” (Product)
- The Support “Ps” (Product, Placement, Promotion)
Knowing where your target customers are and what are their needs instead of what the business is trying to offer. This could easily be done on the early stages by identifying your segment market, then targeting the PTM (Private Target Market) of this segment, then that’s the time you can position your product and services on basically the needs of your market
Process of STP
assessing the current situation of your market, create now a one moving theme that could cement all your marketing ideas and this ideas must be presented on the various promotional mixes that you ill be using, it will start on how you conceptualize your product, then developing it to match the needs of your market, and product development which includes packaging and branding.
The Support “Ps”
choosing your segment will determine how far or how narrow your target market could be, this will now include profiling, targeting, and consumer insights.
STP (Segmenting, Targeting, Positioning)
upon determining your base product value now leads you to use your support P’s in accordance with what the market is really in need of choosing what platform to use and what promotional mixes is capable of channelling your process, thus using your support ‘Ps’ in bringing and delivering your base product to the target consumers.
The Support ‘Ps”
by identifying all your possible segments, you can draw up an idea or estimate of how big your target audience will be. Segments could be as big as an entire populace of a country, or could be as limited as a certain number of a dweller in a town.
Segmenting
by determining your segment, you need to trim it down to the most vulnerable and profitable area where you think the marketing activity could play a vital role in selling your product.
Profiling
from the profiling part, now comes the process wherein you need to really choose your PTM or Primary Target Market from the set of narrowed profiled segments, this is where you need to be really specific on your target market, consider the factor of age, race, gender, genre and interest of the matter.
Targeting
upon choosing your primary target, now is the part where you need to research and uncover certain insights on your chosen segment. It is the trickiest part, as you need to uncover new thoughts or ideas about your segment.
Consumer Insighting
one effective method on producing a good value offering is by creating a unique selling proposition that only your business could deliver. Something that the industry has yet to see.
Value Offering
the creation process of your ideas on its way to your customers.
Product Development
the part where you need to brain storm and squeeze all the creative juices from your brain, this is where the marketing process would take into place and be materialized.
Product Design/Conceptualization
Three Parts of Product Development
- Packaging
- Product
- Branding
the physical look of your marketing ideas
Packaging
service or a manufactured product
Product
marketing mixes that is needed in the entire process of this pricing, placement, and promotion.
Brand Positioning
the overall presentation of what you are offering wrap in one essence.
Branding
location or channel where you product will be distributed or can be availed
Placement
set up of channels to persuade selling of goods
Promotion
actual selling amount of the product
Pricing
