MIDTERM ALL ALL ALL HAHAHA Flashcards
1
Q
A societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging goods and services of value with others.
A
MARKETING ACCORDING TO PHILIP KOTLER
2
Q
Set of activities, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.
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MARKETING ACCORDING TO PHILIP KOTLER
3
Q
An organizational function and a set of processes for creating, communicating, delivering value for customers and for managing customer relationships in ways that benefit the organizations and its stakeholders.
A
MARKETING ACCORDING TO PHILIP KOTLER
4
Q
The performance of business activities that directs the flow of goods and services from producer to consumer or user.
A
MARKETING ACCORDING TO PHILIP KOTLER
5
Q
Is the study, planning, implementation and control of programs intended to form, make and preserve equally beneficial exchanges and relationships with the target markets for the reason of reaching organizational objectives.
A
Marketing management
6
Q
the process of planning, executing, and tracking the marketing strategy of an organization.
A
Marketing management
7
Q
This includes the marketing plan, campaigns, strategies and tactics used to create and meet the demand of target customers to drive profitability (Dickerson, 2022).
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Marketing management
8
Q
The group of consumers or organizations that is interested in the product, has the resources to purchase the product, and is permitted by the law to acquire the product.
A
Market
9
Q
The physical market where goods and services are traditionally bought and sold.
A
marketplace
10
Q
The virtual market where transactions are conducted online
A
market space
11
Q
Ten Types of Entities that can be Marketed
A
1.Goods
2.Services
3.Experiences
4.Events
5.Persons
6.Places
7.Properties
8.Organizations
9.Informations
10.Ideas
12
Q
Physical goods constitute the bulk of most countries’ production and marketing effort.
A
goods
13
Q
Include airlines, hotels, and maintenance and repair people, as well as professionals such as accountants, lawyers, engineers, and doctors.
A
services
14
Q
By orchestrating several services and goods, one can create, stage, and market experiences.
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Experience
15
Q
Marketers promote time-based events, such as the Olympics, trade shows, sports events, and artistic performances.
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events
16
Q
Artists, musicians, CEOs, physicians, high-profile lawyers and financiers, and other professionals draw help from celebrity marketers.
A
persons
17
Q
Place marketers include economic development specialists, real estate agents, commercial banks, local business associations, and advertising and public relations agencies.
A
places
18
Q
are bought and sold, and this occasions a marketing effort by real estate agents (for real estate) and investment companies and banks (for securities).
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properties
19
Q
Universities, museums, and performing arts organizations boost their public images to compete more successfully for audiences and funds.
A
organizations
20
Q
actively work to build a strong, favorable image in the mind of their publics.
A
organizations
21
Q
Among the marketers of information are schools and universities; publishers of encyclopedias, nonfiction books, and specialized magazines; makers of CDs; and Internet Websites.
A
informations
22
Q
Every market offering has a basic idea at its core.
A
ideas
23
Q
In essence, products and services are platforms for delivering some idea or benefit to satisfy a core need.
A
ideas
24
Q
Companies need to get the attention of _________through marketing its goods or services.
A
customers
25
Manufacturing goods and providing services to customers entails cost.
finance
26
Are the ones who produce the products or render the service.
human resources
27
Must have marketing knowledge to attract customers.
human resources
28
Without marketing items produced would not sell and inventories may turn out yield less.
production
29
With marketing, company would be more noticeable and customers would choose to the company than the rest of its competitors.
competition
30
Manufacturers find it easier and dependable to make use of marketing to their advantage particularly on what to manufacture or trade.
decision
31
The changes in marketing go along with the fast transformation in tastes and preferences of consumers
idea
32
If the marketing function would not be pressured, the economy would become weak.
Economy
33
states of felt deprivation.
Human needs
34
Three types of Needs: ELI
1. Existing need 2. Latent need 3. Incipient need
35
Any need of customers which is short-term and is readily obtainable is known as?
existing need
36
A need of a customer which is there but has not manifested itself because such a product has not been launched.
latent need
37
A type of need which people want but there is no product to satisfy the need.
incipient need
38
form of human needs influenced by culture and individual personality
wants
39
are the choices to gratify a particular need. Every need can be satisfied by using different options.
wants
40
want for particular products that are supported by the ability and willingness or readiness to buy them
DEMEND (WITH ACCENT KASI)
DEMAND TALAGA TE
41
types of demand: NNOLDIFOU
Negative Demand
No Demand
Latent Demand
Declining Demand
Irregular Demand
Full Demand
Overfull Demand
Unwholesome Demand
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the product may be helpful but the customer does not like it.
Negative Demand
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customers are unaware or uninterested in the product.
No Demand
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demand which the customer realizes later. While buying the product, he/she might not want some features. Later on, he/she may reflect on those features and purchase the product.
Latent Demand
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there is still a demand for the product but decreases over a period of time.
Declining Demand
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demand which is not steady. These products sell occasionally and sell more during peak season while exceedingly low during non-season.
Irregular Demand
47
market are pleased with the products and people feel like buying from the same company.
Full Demand
48
occur when the companies manufacturing capacity is inadequate but the demand is above the supply.
Overfull Demand
49
a demand in which customers should not be using the product, yet the customers desires the product badly.
Unwholesome Demand
50
an overall ability of a product to gratify need and want.
Utility
51
It is a guiding concept to select the product.
Utility
52
The power of product to satisfy a particular need.
Utility
53
means the price of the product or the monetary value of a product.
Cost
54
The charges a customer has to pay to avail certain services can be said as a cost.
Cost
55
is the difference between the customer gains from owning a product and using a product and the cost of obtaining the product.
Customer Value
56
refers to what a customer wants in a product or service.
Desired Value
57
is the benefit that a customer believes he received from a product after it was purchased.
Perceived Value
58
person’s feeling of delight or displeasure as a result of comparing a products perceived performance in relation to his or her expectation.
Satisfaction
59
Marketing Management Tasks: COSIDERESMADEC
CONVERSIONAL MARKETING
SIMULATIONAL MARKETING
DEVELOPMENTAL MARKETING
REMARKETING
SYNCHROMARKETING
MAINTENANCE MARKETING
DEMARKETING
COUNTER-MARKETING
60
It is the duty is to create a plan to cause demand to rise from negative to positive and eventually equal the positive supply level
CONVERSIONAL MARKETING
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No demand state of a product exists when people are indifferent to such product.
SIMULATIONAL MARKETING
62
Therefore, marketing must look for ways to connect the benefits of products with the people’s natural needs and interests.
SIMULATIONAL MARKETING
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Process of effectively transforming latent demand into an actual demand.
DEVELOPMENTAL MARKETING
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Marketer must discover the features people might be seeking later and promote them to the customer.
DEVELOPMENTAL MARKETING
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A marketer’s job in this situation is to think for ways to revitalize the products so that the demand would no longer be declining.
REMARKETING
66
When a product’s current timing pattern of demand is marked by seasonal or volatile fluctuations the marketing tasks of synchromarketing is necessary to bring the movement of supply and demand into better synchronization.
SYNCHROMARKETING
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The marketing dispute in this type of demand is to continue the same intensity of interest in the product in the company.
MAINTENANCE MARKETING
68
reducing the demand.
DEMARKETING
69
uses negative messages to stop people from using a product.
Counter-marketing
70
a marketing concept that breaks down into segments the customers based on similarity.
market segmentation
71
all consumers are treated as the same, with companies not making any specific efforts to satisfy particular groups. (Eg. rice, sugar, rice)
Undifferentiated Strategy
72
company chooses to focus, specialize and target only one segment of the market while leaving other segments to competitors. (Eg. beauty parlor, Cebu Pacific)
Concentrated Strategy
73
company is trying to sell two or more specific segments’ consumers that are treated in different ways.
Differentiated Strategy
74
a company selects the whole market as one big market with no individual segments.
Undifferentiated Target Marketing
75
is an approach in which the company selects two or more segments to go after.
Multiple Segment Targeting
76
focuses on one or few segments or niches in a market.
Concentrated Targeting/Niche
77
space a brand occupies in the brains of customers.
Positioning
78
There are seven approaches in positioning strategies:
1.Product characteristics/Customer Benefits
2.Pricing Quality
3.Use or Application
4.Product User
5.Product Class
6.Cultural Symbol
7.Competitors
79
involves an attempt to transform the consumer perceptions of a brand, generally the current position that the brand holds has turned into less attractive.
Repositioning
80
to enhance the brand's perceived positioned comparative to competition.
Stronger Competitive Position
81
to produce added sales through a more appropriate offering, which must be communicated well to a different target market.
Enhanced Sales
82
done to simplify or to modify the brand's target market.
Clearer Target Market
83
repositioning allows the company to communicate effectively the important benefits and the present benefits of a product.
Better aligned to present market needs
84
products/brands will get a sound amount of media attention which will help be in touch and strengthen the product's repositioning goals
Possible media attention
85
means tailoring the marketing programs and products to suit the needs and wants of specific locations of specific individuals.
Micromarketing
86
can take the form of local marketing and individual marketing.
Micromarketing
87
is the essence of a company’s strategy. It determines what it will do differently or better than the competition to achieve its objectives.
competitive advantage
88
Strategy intends to achieve cost leadership.
operational excellence
89
Focus on automating manufacturing processes and work procedures to make more efficient operations and trim down cost.
operational excellence
90
Strategy intends to make a culture that continuously brings better-quality products to market.
Product Leadership
91
reach premium to market prices due to the experience they produce for their customers
Product leaders
92
Strategy centers on offering a distinctive range of customer services that consents to a personalized service and customized products to meet varying customer needs.
Customer Intimacy
93
Focus on the needs of the individual customer.
Customer Intimacy
94
is the process that identifies an organization's strengths, weaknesses, opportunities and threats.
SWOT analysis
95
is a basic, analytical framework that assesses what an entity can and cannot do, for factors both internal as well as external.
SWOT
96
The main purpose of the analysis is to add value to goods and services that would result to easy recruitment of new customers.
SWOT analysis
97
describe what an organization excels at and separate it from the competition.
Strengths
98
Things like strong brand, loyal customer base, strong balance sheet, and unique technology are some examples of what?
Strengths
99
are areas where the business needs to improve to remain competitive such as high levels of debt, an inadequate supply chain, lack of capital, limited expertise, substandard service or physical location.
Weaknesses
100
refers to favorable external factors that an organization can use to give it a competitive advantage such as market growth, lifestyle changes, resolution of current problems
Opportunities
101
the basic ability to offer a higher degree of value in relation to competitors to promote and increase demand.
Opportunities
102
refers to factors that have the potential to harm an organization
Threats
103
MAJOR BENEFITS OF SWOT ANALYSIS
-Cost-effective
-Wide range of application
-Promotes Discussion
-Provides Visual Overview
-Offers Insight
-Integration and Synthesis
-Fosters Collaboration
104
refers to the process of concentrating resources and efforts on a specific set of goals or priorities to achieve a competitive advantage or success in business.
Strategic focus
105
It provides clear direction, optimizes the allocation of resources, and ensures that actions are aligned with long-term objectives.
Strategic focus
106
achieving rapid growth by using the organization's strengths and capitalizing on favorable market conditions
AGGRESSIVE
107
reducing risk and stabilizing revenue streams by expanding into new markets, industries, or product lines.
DIVERSIFICATION
108
reviving a struggling business by addressing operational inefficiencies, cutting costs, or reorienting the business model.
TURNAROUND
109
protecting the company’s existing market position and assets by minimizing risks and guarding against external threats.
DEFENSIVE
110
who developed the blue and red ocean strategy?
Chan Kim and Renee Mauborgne.
111
referred to a market for a product where there is no competition or very less competition and there is no pricing pressure.
Blue Ocean Strategy
112
represents all the industries in existence today—the known market space.
Red Ocean Strategy
113
companies compete within established boundaries, often leading to intense competition.
Red Ocean Strategy
114
the sequence of steps that a consumer will need to undergo in order to arrive at the final purchasing decision.
consumer buying process
115
According to Philip Kotler, typical buying process involves six stages:
1.Problem Recognition
2.Information Search
3.Evaluation of Alternatives
4.Purchase Decision
5.Purchase
6.Post-Purchase Evaluation
116
A customer must first have a problem before a purchase can happen.
Problem Recognition
117
This step is also recognized as identification of unmet needs.
Problem Recognition
118
On the marketer perspective, this creates an opportunity.
Problem Recognition
119
Companies may gather information then develop marketing strategies to increase the interest of the customers.
Problem Recognition
120
This unmet need becomes a basis or force of buying behavior.
Problem Recognition
121
Following the problem recognition, an interested consumer will undertake
Information Search
122
At this point, consumer will read newspaper and magazine, watch television, make a trip to a showroom or dealer, get in touch with salesperson and undertake all the feasible sources of information.
Information Search
123
The role of marketers is to make their brands part of the consumers’ awareness set and then choice set.
Information Search
124
Consumer would select one brand among the alternatives that for them is the best to provide the utmost satisfaction.
Evaluation of Alternatives
125
After a consumer has gathered information about certain brands of a product, they are now ready to make evaluation.
Evaluation of Alternatives
126
It is the role of the marketer to emphasize those advanced features of their brands. Advertisement could help marketers make good comparison of the different goods.
Evaluation of Alternatives
127
The brand that offers maximum benefits or satisfaction in relation to price is chosen.
Purchase Decision
128
At this stage, the customer has searched several brands; they knew the price and payment options and now prefer one as a promising brand to buy.
Purchase Decision
129
It is essential for a marketer to provide more information about the need discovered in the first step.
Purchase Decision
130
During this phase, the consumer must settle on the following:
1.From whom they should by
2.When to buy
3.Consumers might choose against making the purchase decision.
They may also decide that they want to purchase at some point.
PURCHASE
131
After a purchase is completed, it is expected that the customer would evaluate whether consumer made a good decision or not.
Post-Purchase Evaluation
132
Basically, there is no assurance of total satisfaction. A gap between the expected level of satisfaction and the actual satisfaction is normal to happen.
Post-Purchase Evaluation
133
Hence, the succeeding behavior of the customer depends on the level of consumer’s satisfaction or dissatisfaction
Post-Purchase Evaluation
134
composed of family members, friends, colleagues, and relatives
PERSONAL SOURCES
135
advertising, salesperson, dealers, trade show, display, & exhibition are leading commercial sources.
COMMERCIAL SOURCES
136
mass media such as radio, TV, newspapers, magazines, cinema, & consumer-rating agencies are some primary public sources.
PUBLIC SOURCES
137
consist of handling, examining, testing, or using the product
EXPERIMENTAL SOURCES
138
sometimes other persons’ attitudes are negative about the consumer’s preferred brand. The consumer may be affected with these negative attitudes and comply with them.
ATTITUDES OF OTHERS
139
increase in price, unemployment, income of the household, big medical expenses, & unavailability of the most favored brands & other comparable unexpected situation.
UNANTICIPATED SITUATIONAL FACTORS
140
some bases of perceives risk could be on price, quality doubt, entrance of a new better-quality product and the customer self-confidence
CONSUMER’S PERCEIVED RISK
141
consists of all the organizations that obtain goods and services used in the production of other products that are sold, rented or supplied to others.
business market
142
consists mainly of companies making business in durable goods such as machinery, materials, chemicals, vehicles, office furniture and supplies. The buyers are often manufacturers and the resellers are known as suppliers.
INDUSTRIAL MARKET
143
purchased products and retrade them to their customers for the intention of making profit.
resale markets
144
also known as wholesalers do not change the products they procure.
resale markets
145
a key buyer of goods and services. They normally need supplies to propose bids and usually they grant the contract to the lowest bidder.
GOVERNMENT MARKET
146
includes schools, hospitals, nursing homes, and other institutions that must be supplied with goods and services to people in their care.
INSTITUTIONAL MARKET
147
the prior routine order is made by the business buyer without any adjustments. Simply rebuys same product from the same supplier.
straight rebuy
148
in this situation, business market wants to change its order in some specification of product, its price or terms and so on.
modified rebuy
149
when a business buys an exact product for the first time, this case is called new task buying. The purchase is done for the first time with no purchasing experience
new task
150
quite different from the consumer buying process because this involved in different sets of characteristics and demands.
Business buying process (BBP)
151
The BBP is split into eight stages:
1.Problem Recognition
2.Description of General Need
3.Specification of the Product
4.Search of Supplier
5.Proposal Solicitation
6.Selection of Supplier
7.Order-Routine Specification
8.Performance Review
152
In this stage, the organization that is involved in the business buying process organizes a comprehensive list of the technical specifications of the preferred product through value analysis carried out by the engineering team.
Specification of the Product
153
The buying organization looks for the suppliers to buy with the best one.
Search of Supplier
154
A list of competitive competitive businesses is readied by the buying organization with the use of supplier directories and aid of internet.
Search of Supplier
155
The internet is more and more becoming a platform for such searching these days as the majority of the organizations are entering into virtual world.
Search of Supplier
156
In this stage, the suppliers are asked to submit their proposals.
Proposal Solicitation
157
Some suppliers send only their salesperson or simple catalogs.
Proposal Solicitation
158
It is important that a supplier is known to the buyer, and it can do so by maintaining relationships with the buyer even when later is not buying.
Proposal Solicitation
159
At this stage, the final supplier is chosen from the list of possible suppliers who have submitted their proposals to the buying organizations.
Selection Of Supplier
160
Attributes that serve as basis for selection of potential supplier:
1.Quality of Product
2.Delivery Time
3.Ethical Corporate Behavior
4.Reasonable Price
5.Honest Communication
6.Past Performance & Reputation
7.Repair and Maintenance Services
161
It contains the order having a final list of the specifications, the selected supplier, delivery time, quantity required, price, repair and maintenance services.
Order-Routine Supplier
162
Details of payment and delivery are important.
Order-Routine Supplier
163
This is conducted by the purchasing department.
Order-Routine Supplier
164
This is the last stage of the business buying process
Performance Review
165
The performance of the supplier is reviewed by the buying organizations.
Performance Review
166
It helps in future decision of the business buying process in the form of straight rebuy, modified rebuy or new task buying.
Performance Review
