Marketing Flashcards
who defines marketing as “acitivity set of institutions, and process for creating, commumicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.
AMA (American Marketing Association)
defines marketing as activity set of institutions and processes for creating, communicating, delivering, and exhanging offerings that have value for customers, clients, partners and society at large.
Marketing
Father of modern marketing
dr. Philip Kotler
defines marketing as “the science and art of exploring, creating, and delivering value to satisfy the needs of target market at a profit”
Dr. Philip Kotler
When was Dr. philip kotler born?
1931
what are the 3 evolutions of marketing?
- 1950’s - marketing era
- 1990’s - relationship marketing era
- First Decade of the 21st century- Digital marketing era
understanding the need of your target customers and customizing your marketing activities to address those needs.
1950’s -Marketing era
delivers value to customers, strengthen relationship to increase customer’s retention.
1990’s - Relationship Marketing era
innovating data driven approach
First decade of 21st century - Digital Marketing Era
it is al aboit delivering the customers’ experiences
Marketing in the 21st century
objective is to create and deliver value of customers, build brand awareness, generate customers loyalty. satisfy customers’ needs profitably.
Marketing
main goal is to increase awareness, generate interest, and drive customer action. Focuses on creating a buzz and getting target audience to notice and engage.
Promotion
the one who sell product, seek response. Skilled at stimulating demand for their products, responsible for demand management.
Marketer
if two parties are seeking to sell something to each other we call them as
MARKETERS
what are the 3 main component of Marketing Concept
1.costumers needs/wants/demands
2. profitability
3. integrated marketing
a component who focuses to satisfy customers’ needs wants and demand.
Customers needs/wants/demand
a component in which companies aim to generate profits by satisfying customers’ demands better than competition.
Profitability
a component in which marketing is a concerted effort from all personnel within a company.
Integrated marketing
physical store, physical place where buyers and sellers gathered to buy and sell goods.
market
is the virtual place of exchange between buyer and seller in cyberspace.
Internet Market (I-Market)
what are the 4 key costumer markets?
- consumer market
- business market
- global Market
- non profit/ non government market
consumers buy products for consumption or sharing
consumer market
facilitate sales from one business to another, reuse or resell another company’s product or services
Business market
goods are traded to people of other countries.
Global mArket
main buyers are state, local governmental organizations and NGOs.
8 functions of msrketing
1.buying
2. selling
3. transporting
4. storing
5. standardizing and grading
6. financing
7. risk taking
8. securing marketing information
8 functions of marketing
- Buying
- selling
- storing
- transporting
- standardizing and grading
- financing
- risk taking
- securing marketing information
anticipating future events and conditions and determining the best way to achieve organizational objectives
planning
implementing planning activities devoted to achieving marketing objectives.
marketing planning
determining an organization’s primary obejcts, adopting courses of action that will achieve these objectives, provides long term direction for its decision makers.
Strategic planning
guides the implementation of activities specified in the strategic plan, addresses shorter term actions.
tactical planning
is a form of marketing in which a destination is promoted to potential visitors in order to increase the number of people that travel to that location
Destination marketing
selecting and satisfying target consumers through the marketing mix elements
marketing strategy
helps planners compare internal organizational strengths and weaknesses with external opportunities and threats.
SWOT analysis
what are the 2 leverages
strengths and opportunities
what are the 2 problems in swot
weaknesses and threats
2 elements of a marketing strategy
- The target market
- marketing mix variables
group of people toward whom the firm direct its marketing efforts and merchandise
Target market
role is to bring customers or tourist to the destination, product or service that the tourism company wishes to sell.
Marketing mix
4 parts of marketing mix
- product
- pricing
- place or destination
- promotion
five (5) external dimensions that affect the marketing mix variables
- political legal
- economic
- technological
- socio-cultural
- environmental
used to describe the combination of tactics used by a business to achieve its objectives by marketing its product
marketing mix
who originally developed marketing mix with 6 elements
Prof Neil Borden of Harvard
what are the 6 elementsnof marketing mix accdg. to prof Neil Borden
- product
- planning
- pricing
- distribution
- promotion
- servicing ang market research
who reduced into 4 elements?(product, price, place and promotion) and when was it?
McCarthy
who came up with 7p’s of marketing and when was it?
boom and bitner, 1981
what are the 3 elements thay boom and bitner came up with
physical evidence, people and process
7 p’s of marketing
- product
- price
- promotion
- place
- people
- process
- physical evidence
actual item that consumer purchase with packaging
product
amount of money or goods for which a thing is bought
price
communication used to inform the target market
promotion
channel that product is distributed and made conveniently avail for customers
place
directly and indirectly involved in the business side of the enterprise
people
how the business runs, how business delivered and how product is packed
process
it is about the proof of purchase, soc med logo in your building, email packaging, store decor
physical evidence
