MIDTERM ALL ALL ALL HAHAHA Flashcards
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.
MARKETING ACCORDING TO PHILIP KOTLER
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.
MARKETING ACCORDING TO PHILIP KOTLER
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.
MARKETING ACCORDING TO PHILIP KOTLER
The performance of business activities that directs the flow of goods and services from producer to consumer or user.
MARKETING ACCORDING TO PHILIP KOTLER
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.
Marketing management
the process of planning, executing, and tracking the marketing strategy of an organization.
Marketing management
This includes the marketing plan, campaigns, strategies and tactics used to create and meet the demand of target customers to drive profitability (Dickerson, 2022).
Marketing management
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.
Market
The physical market where goods and services are traditionally bought and sold.
marketplace
The virtual market where transactions are conducted online
market space
Ten Types of Entities that can be Marketed
1.Goods
2.Services
3.Experiences
4.Events
5.Persons
6.Places
7.Properties
8.Organizations
9.Informations
10.Ideas
Physical goods constitute the bulk of most countries’ production and marketing effort.
goods
Include airlines, hotels, and maintenance and repair people, as well as professionals such as accountants, lawyers, engineers, and doctors.
services
By orchestrating several services and goods, one can create, stage, and market experiences.
Experience
Marketers promote time-based events, such as the Olympics, trade shows, sports events, and artistic performances.
events
Artists, musicians, CEOs, physicians, high-profile lawyers and financiers, and other professionals draw help from celebrity marketers.
persons
Place marketers include economic development specialists, real estate agents, commercial banks, local business associations, and advertising and public relations agencies.
places
are bought and sold, and this occasions a marketing effort by real estate agents (for real estate) and investment companies and banks (for securities).
properties
Universities, museums, and performing arts organizations boost their public images to compete more successfully for audiences and funds.
organizations
actively work to build a strong, favorable image in the mind of their publics.
organizations
Among the marketers of information are schools and universities; publishers of encyclopedias, nonfiction books, and specialized magazines; makers of CDs; and Internet Websites.
informations
Every market offering has a basic idea at its core.
ideas
In essence, products and services are platforms for delivering some idea or benefit to satisfy a core need.
ideas
Companies need to get the attention of _________through marketing its goods or services.
customers
Manufacturing goods and providing services to customers entails cost.
finance
Are the ones who produce the products or render the service.
human resources
Must have marketing knowledge to attract customers.
human resources
Without marketing items produced would not sell and inventories may turn out yield less.
production
With marketing, company would be more noticeable and customers would choose to the company than the rest of its competitors.
competition
Manufacturers find it easier and dependable to make use of marketing to their advantage particularly on what to manufacture or trade.
decision
The changes in marketing go along with the fast transformation in tastes and preferences of consumers
idea
If the marketing function would not be pressured, the economy would become weak.
Economy
states of felt deprivation.
Human needs
Three types of Needs: ELI
- Existing need 2. Latent need 3. Incipient need
Any need of customers which is short-term and is readily obtainable is known as?
existing need
A need of a customer which is there but has not manifested itself because such a product has not been launched.
latent need
A type of need which people want but there is no product to satisfy the need.
incipient need
form of human needs influenced by culture and individual personality
wants
are the choices to gratify a particular need. Every need can be satisfied by using different options.
wants
want for particular products that are supported by the ability and willingness or readiness to buy them
DEMEND (WITH ACCENT KASI)
DEMAND TALAGA TE
types of demand: NNOLDIFOU
Negative Demand
No Demand
Latent Demand
Declining Demand
Irregular Demand
Full Demand
Overfull Demand
Unwholesome Demand
the product may be helpful but the customer does not like it.
Negative Demand
customers are unaware or uninterested in the product.
No Demand
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
there is still a demand for the product but decreases over a period of time.
Declining Demand
demand which is not steady. These products sell occasionally and sell more during peak season while exceedingly low during non-season.
Irregular Demand
market are pleased with the products and people feel like buying from the same company.
Full Demand
occur when the companies manufacturing capacity is inadequate but the demand is above the supply.
Overfull Demand
a demand in which customers should not be using the product, yet the customers desires the product badly.
Unwholesome Demand
an overall ability of a product to gratify need and want.
Utility
It is a guiding concept to select the product.
Utility
The power of product to satisfy a particular need.
Utility
means the price of the product or the monetary value of a product.
Cost
The charges a customer has to pay to avail certain services can be said as a cost.
Cost
is the difference between the customer gains from owning a product and using a product and the cost of obtaining the product.
Customer Value
refers to what a customer wants in a product or service.
Desired Value
is the benefit that a customer believes he received from a product after it was purchased.
Perceived Value
person’s feeling of delight or displeasure as a result of comparing a products perceived performance in relation to his or her expectation.
Satisfaction
Marketing Management Tasks: COSIDERESMADEC
CONVERSIONAL MARKETING
SIMULATIONAL MARKETING
DEVELOPMENTAL MARKETING
REMARKETING
SYNCHROMARKETING
MAINTENANCE MARKETING
DEMARKETING
COUNTER-MARKETING
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
No demand state of a product exists when people are indifferent to such product.
SIMULATIONAL MARKETING
Therefore, marketing must look for ways to connect the benefits of products with the people’s natural needs and interests.
SIMULATIONAL MARKETING
Process of effectively transforming latent demand into an actual demand.
DEVELOPMENTAL MARKETING
Marketer must discover the features people might be seeking later and promote them to the customer.
DEVELOPMENTAL MARKETING
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
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