MARKETING MANAGEMENT Flashcards
the process of planning for pricing, promotion and distribution of a product or service that will reach and satisfy customers and encourage them to return again to purchase that product or service in the future
Marketing
Marketing Management consists of:
a. analyzing market opportunities,
b. researching selecting target market,
c. developing marketing strategies,
d. planning marketing tactics, and
e. implementation and controlling market effort.
A company’s marketing environment consist of actors and factors external to the marketing management function of the organization that impinge on the marketing management’s ability to develop and maintain successful transaction with its target customers’ behavior.
ANALYZING MARKET STRUCTURE AND BEHAVIOR
Microenvironment:
a. Organization
b. Suppliers
c. Customers
d. Competitors
e. Public
ANALYZING MARKET STRUCTURE AND BEHAVIOR:
a. Microenvironment (immediate environment)
b. Macroenvironment (large societal forces)
Macroenvironment
a. Demographic
b. Economic
c. Physical
d. Technological
e. Political/Legal
f. Social/Cultural
Marketer’s market ten (10) main types of entities:
- goods,
- services,
- events,
- experiences,
- persons,
- places,
- properties,
- organizations,
- information, and
- ideas.
______ are physical items that can be seen, touched, owned and used in some physical manner.
Goods
______ include the work of airlines, hotels, car rental firms, barbers and beauticians, maintenance and repair people, and accountants, bankers, lawyers, engineers, doctors, software programmers, and management consultants.
Services
Marketers promote time-based events, such as major trade shows, artistic performances, and company anniversaries.
Events
example of events:
Global sporting events such as the Olympics and the World Cup are promoted aggressively to both companies and fans.
By orchestrating several services and goods, a firm can create, stage, and market experiences.
Experiences
Experiences example:
Walt Disney World’s Magic Kingdom allows customers to visit a fairy kingdom, a pirate ship, or a haunted house.
Each ______ can become a brand with the help of a celebrity marketer. Artists (musicians, actors, directors and so on) are those who come first in people’s mind when they think about marketing a person.
persons
persons - But, you may also build a brand for a CEO, successful lawyers, doctors and many other _______.
professionals
In order to attract tourists or companies to a certain place, people use marketing techniques to communicate its value. Therefore, we can surely talk about marketing for towns, cities and regions.
Places
places - every country has its own unique ________ and there are many tourism authorities for many regions throughout the world.
marketing approach
______ are intangible rights of ownership to either real property (real estate) or financial property (stocks and bonds).
Properties
real property:
real estate
financial property:
stocks and bonds
properties are _____ and _____, and these exchanges require marketing.
bought; sold
________ work to build a strong, favorable, and unique image in the minds of their target publics.
Organizations
Organizations examples:
Universities,
museums,
performing arts organizations,
corporations, and
nonprofits all use marketing to boost their public images and compete for audiences and funds.
The production, packaging, and distribution of information are major industries. Information is essentially what books, schools, and universities produce, market, and distribute at a price to parents, students, and communities.
Information
Every market offering includes a basic _____.
idea
Charles Revson of Revlon once observed: “In the factory we make cosmetics; in the drugstore we sell hope.”
true
______ and _____ are platforms for delivering some idea or benefit.
Products; services
RESEARCHING AND SELECTING TARGET MARKETS:
A. Competition
B. Location
C. Target Customers
D. Selling Price
E. Promotional Strategies
F. Marketing Budget
- Compare own product with competitor’s products
Competition
- This pertains to the place or channels of distribution where product/s will be distributed/offered to the target customers.
- Consider factors such as accessibility and/or availability of transportation, communication, infrastructure facilities.
Location
Target Customers - To whom the business sells its products?
- Identify specific target group of market segments among the population.
- Define their characteristics and profile in terms of age, sex, income, buying practices, consumption pattern to ensure that the product does indeed suit their taste, needs, wants, taste, income, lifestyle, etc.
Selling Price
- How much will you charge for your product or service? How did you arrive at your price?
- If you are a manufacturer or a trader, will you adopt a wholesale price and a retail price? If wholesale, what is the minimum quantity for wholesale?
- It is necessary to entice and convince buyers to purchase your product and not your competitors.
Promotional Strategies
Don’t assume that because your product is good, consumers will automatically buy your product, you have to spend some amount for ___________.
promotion
Promotional Strategies
Generally divided into:
a. advertising,
b. sales promotion,
c. publicity,
d. personal selling and
e. direct marketing.
Promotional Strategies:
- Advertisement on radio and TV, newspapers, magazines; posters; billboards, signboards;
- Free samples/free trial
- buy one – take one
- raffles, coupons
- participation in trade fairs and exhibits.
It includes the marketing cost such as promotion, distribution, salaries of your sales force, delivery cost if any.
Marketing Budget
PERSONAL TRAITS: Filipinos have _________ traits that distinguish them other people.
unique personality
THE FILIPINO MARKET (PERSONAL TRAITS):
- Hiya
- Amor propio
- Utang na loob
- Pakikisama
- Bahala na
- Filipino “yes”
Why filipinos says yes according to Jocano?
a. When he does not know
b. When he wants to impress
c. When he is annoyed
d. When he wants to end a conversation
e. When the instruction is half -understood
f. When he is not sure of himself
g. When he thinks he knows better than the one speaking to him.
THE FILIPINO MARKET
(BUYING AND SELLING HABITS):
- Suki habit
- Hingi at dagdag habit
- Buena mano habit
- Tumpok-tumpok habit
- Hulugan o Paiyakan habit
- Kantahan habit
- Bulungan habit
- Tawad habit
- Lako habit
- Tingi habit
- Pakyaw
